Key Takeaways
- • Malaysian crypto investor Jeff Yew, former head of Binance Australia and current CEO of Monochrome Asset Management, is exploring plans to establish a technology campus at Forest City in Johor following the forced closure of Balaji Srinivasan's Network School in July 2026.
- • Yew's proposed campus would adopt a "Malaysia first" approach, contrasting with Srinivasan's Network School model, potentially offering a strategic repositioning for the troubled US$100 billion Forest City development that has underperformed its futuristic city ambitions.
- • Network School, which enrolled hundreds of entrepreneurs, school leavers, and professionals over nearly two years, was ordered to close by Malaysian authorities following a public dispute with Srinivasan; students were forced to leave the country.
- • Monochrome Asset Management, Yew's current firm, manages an Australian-listed Bitcoin ETF with approximately A$128 million (US$90 million) in assets under management, demonstrating his institutional investment credentials in the crypto sector.
- • The potential revival of Forest City's tech campus presents a strategic opportunity for Malaysia to advance its technology economy ambitions beyond data centre development, while providing an alternative vision to Srinivasan's international-focused model.
Summary
Jeff Yew, a Malaysian crypto investor and former Binance Australia executive, is evaluating plans to establish his own technology campus at Forest City in Johor, Malaysia's troubled US$100 billion waterfront development. The proposal would revitalize the tech infrastructure left vacant by the abrupt collapse of Balaji Srinivasan's Network School, which Malaysian authorities ordered closed in late July 2026 following a public falling-out with government officials.
Network School, founded by Srinivasan—a prominent crypto investor and former Coinbase chief technology officer—operated for nearly two years as an experimental educational hub and entrepreneur community. The institution attracted hundreds of participants, including school leavers, graduates, professionals, and young families, who enrolled in a curriculum combining practical skills training with ideological education on the intersection of technology and society. Despite drawing significant interest from the international tech community, Srinivasan frequently downplayed the venture's Malaysian location, referring to it simply as being "near Singapore." This positioning, combined with reported tensions over visa and immigration matters involving Israeli nationals, ultimately triggered regulatory scrutiny that resulted in the revocation of the school's license and the forced departure of all students from Malaysia.
Yew's counterproposal distinguishes itself through what he describes as a "Malaysia first" approach—a deliberate pivot from Srinivasan's more internationally-oriented model. Yew currently heads Monochrome Asset Management, which operates an Australian Securities Exchange-listed Bitcoin exchange-traded fund holding approximately A$128 million (US$90 million) in assets. His investment profile and institutional credentials in the cryptocurrency sector position him as a credible alternative steward for a similar venture. The proposed campus could provide Forest City with a meaningful economic anchor, as the sprawling development has struggled to achieve its positioning as a futuristic metropolis despite its substantial capital investment.
The potential revival initiative carries broader implications for Malaysia's technology economy strategy. Beyond data centre operations, the country has sought to establish itself as a regional hub for innovation and entrepreneurship. Yew's campus concept, if realized, could advance these objectives while incorporating greater alignment with local regulatory frameworks and government priorities—a structural advantage over its predecessor. Forest City, conceived as a man-made island development by Chinese state-owned China Communications Construction Company, has faced persistent challenges in attracting sufficient commercial and residential tenancy to justify its massive development costs.
Network School, founded by Srinivasan—a prominent crypto investor and former Coinbase chief technology officer—operated for nearly two years as an experimental educational hub and entrepreneur community. The institution attracted hundreds of participants, including school leavers, graduates, professionals, and young families, who enrolled in a curriculum combining practical skills training with ideological education on the intersection of technology and society. Despite drawing significant interest from the international tech community, Srinivasan frequently downplayed the venture's Malaysian location, referring to it simply as being "near Singapore." This positioning, combined with reported tensions over visa and immigration matters involving Israeli nationals, ultimately triggered regulatory scrutiny that resulted in the revocation of the school's license and the forced departure of all students from Malaysia.
Yew's counterproposal distinguishes itself through what he describes as a "Malaysia first" approach—a deliberate pivot from Srinivasan's more internationally-oriented model. Yew currently heads Monochrome Asset Management, which operates an Australian Securities Exchange-listed Bitcoin exchange-traded fund holding approximately A$128 million (US$90 million) in assets. His investment profile and institutional credentials in the cryptocurrency sector position him as a credible alternative steward for a similar venture. The proposed campus could provide Forest City with a meaningful economic anchor, as the sprawling development has struggled to achieve its positioning as a futuristic metropolis despite its substantial capital investment.
The potential revival initiative carries broader implications for Malaysia's technology economy strategy. Beyond data centre operations, the country has sought to establish itself as a regional hub for innovation and entrepreneurship. Yew's campus concept, if realized, could advance these objectives while incorporating greater alignment with local regulatory frameworks and government priorities—a structural advantage over its predecessor. Forest City, conceived as a man-made island development by Chinese state-owned China Communications Construction Company, has faced persistent challenges in attracting sufficient commercial and residential tenancy to justify its massive development costs.
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