This article appeared in the June 2023 issue of Forbes Asia. Subscribe to Forbes Asia
This article is part of Forbes magazine’s coverage of Malaysia’s richest people in 2023.See full list here.
Malaysian fintech mogul Ngo Peng Oy’s Silverlake Axis, which provides financial software and digital services to banks, is betting on Thailand for faster growth. Since last year, the Singapore-listed company has signed deals with Commercial Bank of Siam, one of the country’s largest financial institutions, and the state-owned Export-Import Bank of Thailand (EXIM Thai).
Thailand is Silverlake’s third-largest market, accounting for 12% of revenue in the fiscal year ending June 2022. Malaysia and Indonesia accounted for 33% and 17% respectively. Overall revenue for the period increased by 18% to 736.5 million ringgit ($165 million), while revenue from Thailand increased by 88%.
In December, Silverlake partnered with Siam Commercial Bank to help reach more microlending customers by reaching out to the unbanked. Thailand has a large population base but is relatively underserved. AutoX, the bank’s micro-lending arm, now offers loan products and services through Silverlake’s cloud-based platform Mobius, providing low cost and fast turnaround. In February, Silver Lake signed a deal to revamp EXIM Thailand’s core system to support its transition to digital banking.
Silverlake also added jobs in Vietnam, Cambodia and the Philippines last year, and recently opened a Dubai office to lead its entry into the Middle East and Africa markets. Silverlake said he will invest $6 billion by 2037 to build regional infrastructure of servers and data centers in Malaysia, where he is one of Amazon Web Services’ local partners. It stands to benefit from the plans of the e-commerce giant.
Goh, who started his career at IBM and founded Silverlake in 1989, has grown his net worth by 8% to $500 million over the past year. The company says it supplies products to more than 70 countries and has eight of the top 20 largest banks in Southeast Asia as customers.