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January 19, 2024

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Across Asia, a new wave of second- and third-generation business heirs is redirecting family enterprises toward sustainable investments, challenging traditional profit-centric businesses.

Komal Sahu, Chief of Sustainable Finance at AVPN, the largest network of social investors in Asia, notes that younger generations are recognizing their family’s wealth as a catalyst for positive transformation. By integrating environmental, social, and governance factors into their investments, these heirs aim to drive positive change while maintaining financial viability.

Al Jazeera has shared three business heirs across Asia that exemplifies this:

In Malaysia, 27-year-old Abe Lim, an heir to a lubricant and cleaning products business, departed from her father’s profit-focused approach, despite being groomed to take over the company. Instead, she founded Purpose Plastic, successfully transforming discarded plastic into home decor and other products while emphasizing sustainability.

Image Source: Al Jazeera / Abe Lim

In some cases, the older generation encourages innovative thinking to secure the ongoing success of their businesses. The Lopez family in the Philippines, known for success in telecommunications and energy, divested from coal in 2016 to focus on renewable energy. Marianna Lopez Vargas, partnerships manager at the Oscar M Lopez Center, believes that a complete transition to renewables is achievable with the right incentives.

Singapore-based Fernando Scodro, responsible for his family office’s investment strategy, is educating his family about socially conscious investing, which leads to impactful investments like COGNI, a Brazilian startup focused on energy efficiency.

As these Asian business heirs redefine success, their commitment to sustainable investments signals a profound shift toward a more socially and environmentally conscious business landscape.

Featured Image Sources: Al Jazeera, Esquire PH, X

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Awkwafina Knows Best About How She Is Still More Financially Great Living On $500 A Month

Even though the Crazy Rich Asians actress’ wealth is likely in the millions, she believes that a mere $500 per month is sufficient to cover her expenses.

The 32-year-old actress recently told Harper’s Bazaar that her money philosophy goes back to when she was building her Awkwafina musical and comedy persona, which she used as an outlet for her creativity while she worked a day job in book publicity.

Her grandmother brought her up in a one-bedroom apartment in Queens, New York. Because her family’s restaurant went out of business and they were forced to sell their home, she has developed a greater appreciation for monetary gain than any other aspect of her life.  

Awkwafina remembers that funds were tight at home and that she would stay up late with her grandma, who worried about paying the bills.

She also claims that despite being in a better financial position to support her family and herself, she still maintains a just-the-basics mentality. The actress has been known to buy clothes at Target and not spend much money on anything. She set out with the simple objective of covering her living expenses. 

She explains to Harper’s Bazaar, “I went into this mode off, if I can make $500 a month, that’s all I need.” 

Awkwafina’s motivation and success are attributed mainly to her refreshingly optimistic view of financial considerations. She has kept herself busy acting in the years since, including launching her comedy series on Comedy Central and becoming the first Asian-American actress to win the Golden Globe for best actress for her lead role in the 2019 drama “The Farewell.”

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Chef Tracy Chang Gives Back To The Community Through The Language Of Food

Restaurateur Tracy Chang started the nonprofit Off Their Plate and Project Restore Us through the COVID-19 pandemic in 2020. 

The owner of the Japanese tapas restaurant,  PAGU, started Off Their Plate as a way to feed healthcare workers, and Project Restore Us sends nutritious and culturally appropriate grocery boxes to families living in food deserts. Both groups work to support local kitchens run by women and BIPOC and volunteers.

As a chef, Tracy also finds herself more in tune with customers than ever before. As someone who grew up lactose intolerant, she sources ingredients responsibly and remains mindful of the way guests feel after they leave her restaurant. This is also part of her restaurant’s ethos.

Her grandmother has also influenced Tracy’s cooking. Although her grandmother didn’t speak English, she spoke the language of food really well, said Tracy, and that was something that always resonated with her.

For Tracy, her personal experience has definitely come into play — trained in Spain but worked at a Japanese restaurant, and she grew up with a lot of Japanese and Taiwanese food, “The menu at PAGU is autobiographical and about my experience learning very specific dishes and techniques from people like my grandmother, my mentor and some of the chefs I’ve worked with.” she told TimeOut.

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Young Tech Startup Founders In Asia Make Mental Health Support Accessible To Break Stigma

Breaking down societal stigma and creating a new mental healthcare system for the Asia-Pacific area are two of Theodoric Chew’s objectives, founder of the digital mental health app, Intellect.

Founded in 2019, the mobile app frequently monitors users’ moods, delivers rescue sessions and exercises, and lets them chat with therapists in real-time. 

The 26-year-old explained that mental health is just as important as physical health, “You and I face things like stress, burnout, sleep issues, and relationship struggle as well.” he told CNN, “ That’s where actually a lot of us should start working on our mental wellbeing.”

Since early 2020, the startup serves over 3 million Asia-Pacific users in 15 languages. According to CNN Business, the Singapore-based mobile app has raised $20 million in its Series A funding, the largest amount raised by a mental health start-up in Asia.

Early this year, Singapore and Jakarta-based digital mental healthcare start-up, Ami, has raised at least $3 million from a number of investors, including Meta, the owner of Facebook. The firm was founded by Justin Kim, a Forbes 30 Under 30 Asia alum with Beknazar Abdikamalov.

Both digital mental health companies are targeting employers in their business models, where companies can subscribe to provide staff unlimited, private access to their services.

According to the WHO, depression and anxiety disorders cost the global economy $1 trillion a year in lost productivity. In March, it was reported that anxiety and sadness surged 25% worldwide in the first year of the pandemic.

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Loose Leaf Boba Company Blends Third-wave Coffee And Tea With Cultural Inclusion

Loose Leaf Boba Company is not only well-known for its expert “bobaristas.” but also for its diverse cultural representation including Burmese, Thai, Filipino, and Hispanic. “Going out for boba” was a childhood tradition that assisted the company’s mission of unifying people by normalizing cultural differences.

The brand constantly values cultural inclusivity and also empowers BIPOC, AAPI, women, and the LGBTQ+ community.

Loose Leaf Boba Company’s sharp vision of “Building a Better Boba Company” comes to life every time a customer experiences a foreign favorite, for which they make beverages for customers to try global favorites. This means making tasty beverages like Vietnamese Egg Coffee or Mexican-inspired Guava Atole.

Founded in 2012 by husband and wife duo Thomas and Jasmine Liu in West Covina, the viral third-wave shop has locations across the United States, including Connecticut, California, and Massachusetts.  This bubble tea tycoon has big plans to grow large retail sites in metro Dallas, TX, Northampton, MA, and Hadley, MA.