Deep Dive

In 1993, Tong Kooi Ong began assembling a financial platform through PhileoAllied Berhad. The process started with the acquisition and restructuring of Linatex Process Rubber, followed by the integration of Petra Finance and Phileo Peregrine Securities.

A critical step was the takeover of Co-operative Central Bank, a distressed institution that provided access to a valuable commercial banking licence. This move reflected Tong’s early recognition that control over financial infrastructure would define future competitiveness.

In 1994, the group expanded further by integrating Malaysian operations of United Overseas Bank and establishing PhileoAllied Bank. The strategy combined rapid consolidation with regulatory positioning to build a full service financial institution.

In the same year, Tong founded The Edge Malaysia. This dual expansion into banking and media was strategic. While the bank managed capital flows, the media platform controlled financial information, creating a complementary ecosystem.

In 1995, PhileoAllied Bank introduced PALDIRECT, an online banking and stock trading platform. At a time when internet adoption was still limited, the system enabled clients to execute trades remotely, effectively bypassing traditional brokerage intermediaries.

In 1996, the bank expanded its digital offerings with PALWORLD and oneACCOUNT, integrating transactional banking with investment and deposit features. These innovations significantly improved efficiency and challenged established banking practices.

In 1999, despite the lingering effects of the Asian financial crisis, PhileoAllied Bank reported a net profit of RM214 million. This demonstrated the commercial viability of its technology driven model.

In 2001, Malaysia underwent a government led banking consolidation exercise. Despite its performance, PhileoAllied Bank was not selected as a core anchor bank and was ultimately acquired by Maybank.

The outcome highlighted the limitations of innovation within a tightly regulated environment. Structural considerations outweighed technological advancement in determining the industry’s direction.

In 2002, following the divestment, Tong pivoted into media by acquiring Gemtech Resources and forming Nexnews. He injected The Edge Malaysia into the platform, while Vincent Tan contributed theSun newspaper.

This created a combined media entity balancing premium financial journalism with mass circulation. The model achieved significant reach, with daily circulation exceeding 300000 copies at its peak.

In 2008, strategic differences led to a split. Berjaya Corporation acquired control of Nexnews, which was later renamed Berjaya Media. Tong retained full ownership of The Edge Malaysia, which continued as an independent financial publication.

In 2020, Berjaya Media faced financial distress and was classified under PN17 before eventually being delisted from Bursa Malaysia. This marked the end of the joint media structure established nearly two decades earlier.

In 2023, a new chapter emerged with the launch of GX Bank. Backed by major regional players including Grab Holdings, Singtel, and Kuok Group, the bank represents a new generation of digital financial institutions.

Notably, Tong Kooi Ong holds a minority stake of 2.93% in GX Bank. While modest in size, the investment symbolically reconnects him to the digital banking space he helped pioneer decades earlier.