Linkbal (TSE: 6046), Japan’s “Amazon for events in creating encounters with people” – H.E.R.O. Innovators Insights from CEO Yoshihiro Kazumasa | H.E.R.O. HeartWare | 10 September

Imagine going to your baseball/soccer match or a manga/animation event and also having the opportunity to enjoy engaging encounters with like-minded friends and your potential future lifelong partner?

Founded in 2011 and listed in April 2015 by Yoshihiro Kazumasa, Linkbal Inc (TSE: 6046) is “Japan’s Amazon for events” as the largest events ecommerce site platform of “creating encounters with people” through its “Town Con Japan” ( and “City Bar Con Japan” ( with 1.34 million registered members (vs 355k and 1 million members in 2014 and Aug 2017 respectively) and more than 100,000 annual events posted (vs 12.2k events posted in 2014). Linkbal achieved an operating profit margin of 22.8% and ROE (= EBIT/ Equity) of 42.8% by focusing on creating deep user engagement and recurring revenue repeatability for its niche target user group of singles aged between 20 and 45 who do not have partners, which is estimated to be around 10 million people, and the male-to-female ratio for its 1.34 million members base is relatively balanced at 51.5%: 48.5%.

Linkbal is now expanding beyond the singles vertical into new categories such as interactive events for participants with common hobbies, sports, travel, pets, learning/ education, etc, and to those aged above 45 and the seniors markets. Linkbal’s event EC platforms include its own unique large-scale “Love Fes” event held nationwide on the 2nd and 4th Saturday of every month, as well as regular sponsored events by major companies (eg gaming giant Capcom, Animax Broadcast Japan, Japan Airlines, sports companies such as Fukuoka Softbank Hawks) and municipalities to ensure reliable results. Around 65% of the revenue come from events posted by other companies as at the latest 3Q2018 results, up from the contribution ratio of 27% in 1Q2016. Linkbal generates its recurring revenue from participation fee for its own events, as well as event posting fee, customer attracting fee and sponsorship fee for events organized by other companies.

Linkbal also introduced in Apr 2018 a monthly subscription-based service Marriage Free Pass for single females to participate in targeted events posted on Town Con Japan’s site (the number of events subscribers can apply simultaneously is three) and currently has over 15,000 paying subscribers. Linkbal also operates Couplink (, an online dating application used by 1.2m event participants. Linkbal also operates Konkatsu Japan (, a comparison site of marriage counselors and marriage agencies for motivated members participating in the Town Con Japan events and income is generated from brokerage fee; and Koigaku (, a “Love School” information content site to support Town Con Japan event participants and the public who have questions and troubles with love and dating and to support the love experience to be a success, and income is generated from companies that posted ads.

CEO Kazumasa shared enthusiastically on how they are helping to solve society’s problem and their multi-year growth journey ahead based on the large growth margin gap between the latent demand of 10 million people and its 1.34 million user base: “In December 2011 we established Linkbal in order to connect the world and to make society happy as a platform of ‘encounters’. According to data from the Ministry of Health, Labor and Welfare, the population of unmarried men and women aged between 20 and 45 who are the subjects of our service is about 19 million people, of which those who do not have a partner is about 10 million. Currently, Japan’s declining birthrate problem is a major social phenomenon to be solved by both the public and private sectors. In response, Linkbal is built on the creation of encounters through the operation of the event EC site ‘Town Con Japan‘ where we have 1.34 million members. We are like an ‘event version of Amazon’. Amazon expanded from the company’s own sales of books to the sale of products handled by other companies to make it into a marketplace in order to raise the conversion rate of the materials put on the site. We are not only holding our own company events but also selling the events planned by other companies on the site. We are concentrating on creating a mechanism to further enhance the event appeal. Our ‘City Bar Con’ gourmet events is for the purpose of eating and drinking at different restaurant establishments. For the store side, there is economic merit as it is possible to secure sales in the time zone of Saturdays and Sundays and holidays around 2 p.m. till dinner time when there are few customers. We are aiming at a technology company that made ‘events’ key products.”

Supported by serving its growing event creators and membership base, Linkbal achieved a 58%, 134% and 132% absolute increase in sales, operating profit and EBITDA in the recent 3 years to US$24.5m, US$5.6m, US$5.7m respectively for its latest 12 months results on a ROE of 42.8%, propelling a 316% increase market value over the past three years to US$142m. On 7 August 2018, Linkbal announced its 3Q results (April to June) in which sales and operating profit increased 10.8% and 2.2-fold to 719 million yen and 217 million yen respectively. Operating income margin improved significantly from 15.4% in the same period last year to 30.2%. 9M cumulative (October-June) operating profit increased 45.7% to 497 million yen. The number of visitors to the “Town Con Japan” site increased steadily and the number of members exceeded 1.34 million as of the end of June. The number of Town Con Japan event participants exceeded 300,000 in the recent 3Q results, an increase of 32.6% yoy. Linkbal continued to strengthen the publication of “Hobby Con / Experience Con” targeted at event participants with common hobbies such as anime, professional sports team, music, and highly topical events such as “Nippon Craft Beer Festival“. For instance, Linkbal first announced in Oct 2016 that it will co-host the “11th Ani ☆ Con” for animation lovers in collaboration with Animax Broadcast Japan which operates the animation specialty channel “Animax“, the first and largest 24-hour network in the world dedicated to anime. The event was a popular event in which a cumulative total of about 10,000 participants. Linkbal went on to co-host Ani Con for 3 consecutive years.

CEO Kazumasa stressed the importance of benefiting the society through its business activities: “We launched the ‘City Con Assistance Project’ that provides the know-how of town management. Even in local shopping streets that are stagnant, it will be booming at once by opening up an event. In Town Con Japan events, young people overflow the streets of the city, together with local people, as well as people in neighboring towns and villages. It was said that people gathered and became crowded like a festival. With the cooperation of Shimane prefecture and Japan Airlines, we also performed a City Bar Con event for 1 day and 2 nights. This effect spread in the word of mouth and consultations from municipalities have been successive. Mr. Hiroyasu Masuda, former Minister for Internal Affairs and Minister for Regional Innovation, commented about the policy of regional creation in a lecture that local regional economy can be made self-reliant through promotion of settlement of young people in suburban and rural areas to have households and to raise about two children to revitalize regional economy. 3% of event participants in ‘Town Con Japan’ participated in marriage and engagement, which turned out to be as high as the major marriage company. The economic ripple effects to restaurant establishments and wedding operators are estimated to be over 140 billion yen annually. Town Con is not only a place for unmarried singles encounters but also attention is being paid to the regional revitalization and economic revitalization effects.” CEO Kazumasa also shared happily how he had benefited personally from participating in its own events: “Although I also participated in many events when I was single, I was able to meet my wife at one of the barbecue events on Town Con Japan. Taking advantage of our own experience, we are making efforts not only to provide a meeting place but also to plan ‘Town Con’ with a high matching rate of success.”

CEO Kazumasa commented on its growth strategy along three axes: “We are conscious of strengthening three points, ‘rich content’, ‘differentiation’, ‘high sense of security and reliability’, which are the source of the value of the event EC site. In order to provide a place for further encounters to people all over the country, we are stepping up to strengthen the event platform along the three axes of (1) expansion of the event publication area, (2) expansion of the event publication category, and (3) expansion of the event publication time zone. We will continue to pursue corporate growth by developing new services and strengthening existing services by making full use of technology to support various forms of encounter. Users of our site are currently in their 20s and 30s. More generally, there are people in their 40s and 50s and seniors over 60s who are seeking encounters as well. In the future it is the direction to expand the participation layer by creating events that expand categories, such as sports, travel, learning. Concrete examples of events include ‘Sports Con’ that promote encounters and exchanges through sports, such as walking and running, and events with cultural schools.”

When asked about Linkbal’s data analytics capabilities, CEO Kazumasa shared about how the teamwork between the engineer team and marketing team working has been the driving force for the company to achieve exponential growth, “In order to make the ‘Town Con’ and ‘City Con’ a success, it is necessary to merge business and users well, and the site exists as a tool for that. In other words, it means that it is a business model with a site, not just a site to support sales and event management. The web team has a wide range of expertise in development and operation. For example, in the case of development, the marketing team presents market trends and trend data, and the engineer creates contents accordingly, from membership registration, user acquisition to payment settlement. It is no exaggeration to say that we are a company where engineers play a leading role. It is no doubt that the teamwork between the engineer team and marketing team played the center role of the company and became the driving force to achieve unusual rapid growth and is one of our greatest strengths.” Linkbal is also exploring integrating IoT (Internet-of-Things) technology to introduce real-time matching events to provide greater value for its members. On 13 Feb 2018, Linkbal announced a demo experiment of real-time matching service using Sigfox’s global IoT LPWA (low-power wireless access) network standard (first introduced in France since 2009 and deployed in 60 countries) in collaboration with Kyocera Communication System. In this demo experiment, when a participant wanted to eat with someone else while eating at a restaurant, when you press a button provided inside the shop, a notice is sent to participants’ smartphone, and after watching the notice, those who wanted to participate will apply through the app.

CEO Kazumasa also shared the moving story about how his growing up years and overseas studying period in California and Oxford helped inspire the founding of Linkbal which was born during the recessionary period following the Great East Japan Earthquake on March 11, 2011: “Since I was a child, I kept holding the feeling of ‘I want to go abroad, especially America’. My parents were separated and divorced and I felt to live in the United States liberates me from the cramped situation. My father’s company went bankrupt at the age of 18, and I got off to college. Meanwhile, I had a chance to go to the United States in the early twenties. I wanted to jump out of Japan and began to go to University of California’s Department of Business Economics & Political Science, but I faced the problem of having to earn all my living expenses and tuition by myself. When I temporarily returned to Japan during the university holidays, the old clothes boom came. College students asked me, “You live in the USA, can you send me one box of old clothes from America to try?’ Then this business did well. I went back and forth by car every two days to Los Angeles, which was 150 km away from Santa Barbara, to collect old clothes. I became friends with local wholesalers and various foreigners, and they bring the old clothes to me with a single phone call. I was able to pay the university’s tuition and living expenses, and I was able to graduate from university without problems. I went on to do my MBA at Oxford University. In 2008, I was invited by the president of Hamilton Lane, the world’s largest gatekeeper for private equity, to set up the Japan office. It is about a year before the Lehman shock. If the Lehman shock happened a little earlier, I may not have been in Hamilton Lane. I worked for about four years at the company and founded Linkbal in December 2011.”

“Oxford’s MBA class has a big influence on the establishment of Linkbal. The MBA class was an ‘entrepreneur class’. It was a unique class that made a team of 7 to 8 people who assembled business model ideas and hopefully can start a business. So, I got an idea of a real estate portal site and was made the team leader. Then, as a result of repeated research on the portal site, visiting a real estate portal site company in London, listening to Pete Flint, founder of Trulia, a famous real estate portal site in the United States, who came to Oxford to share his story, I realized the greatness of the portal site. There were also numerous opportunities to hear lectures from many famous entrepreneurs who came, such as Steve Wozniak, one of Apple’s co-founders, former US President Carter, and famous investor George Soros. This MBA project was the reason to connect the importance and necessity of IT, which had been vaguely conscious until then, with business.”

“Because I lived long in the West in my school days and work, I was accustomed to a beer drinking pub crawling culture, especially in the city of Oxford during my MBA. Actually, this experience leads to the ‘City Bar Con Japan’ events EC portal in Linkbal now. Even after I came back to Japan, I was still single, and I was participating in wine events. However, there were few events and parties that made us feel the ‘hospitality heart’, such as talking to a friend and introducing friends. I started holding events as part of my hobby. At first, we held a home party of about 15 people. Participants increased so that it could be held at 300 people every month, 500 people at times, which was the starting point of the current business. The turning point was the Great East Japan Earthquake on March 11, 2011. After that, Japan as a whole was not energetic and the self-restraint mood was also spreading. I learnt about the existence of an event that was held in suburban areas where hundreds of young people gathered to interact while eating and drinking at different restaurants and pubs, and the area gets healthy. I wanted to cheer up and energize Japan where many young people come to town in events. At that time, it was held at 10 local places in the district, but the naming was not unified and there was no portal site, so it was hard to obtain information. In order to attract customers, I thought that it is necessary to unify the naming of events and to create a portal site that connects participants and event organizers. We launched ‘Town Con Japan’ in June 2011 as a portal site that shows the events situation.”

“Initially I started from a room in a studio apartment in Tsukiji and ran it at home. I have never had the experience of creating a website. When setting up the site, I read books such as website creation and web design. At the beginning of the site, the number of events posted was very small and it was accessed by several people per day. I was repeating the trial and error experimenting of ‘How can I see more users?’ In order to promote the Town Con events, I started planning events myself to increase the number of events, and we started to attract customers. When I started publishing our own events, I was flooded with applications. About half a year after the launch during Oct to Nov 2011, ‘Town Con Japan’ was picked up on media such as television. It was broadcast almost every night at the golden time and began to gather attention from society at once. As a result of this, Town Con Japan was recognized and the number of users on the site has increased rapidly. It was around that time that I began to think ‘Maybe it would be a great portal site.’ We moved to an office building and rapidly increased employees. Since then, thanks to the good luck, such as the timing of the growing tide of concern for declining birthrate and the blessings of many cooperating companies, event organizers of Town Con have steadily increased in all parts of the country and we had requests for business tie-ups from major companies such as Panasonic, JAL (Japan Airlines), Yahoo Japan.”

With the upcoming high-profile IPO of the Eventbrite, which is not profitable and has been losing money since 2016, at a valuation of US$1.8 billion, what are the similarities and differences between Linkbal and Eventbrite?

Eventbrite was launched in 2006 by Kevin and Julia Hartz with Renaud Visage, the chief technical officer. Hartz made his money the Silicon Valley way: he was a seed investor in PayPal. He also founded Xoom, a service for international remittances that had an IPO in 2012 and was acquired by PayPal in 2015. The Hartzes and Visage saw an opening in the ticketing market: the do-it-yourself event organizers who might not otherwise use a ticketing service by using a democratic tool. Eventbrite doesn’t focus on Live Nation (NYSE: LYV)/ Ticketmaster’s arena, festival, and amphitheater business which dominate the large live music and entertainment event venues across the country and the world. The equivalent of Ticketmaster in Japan is PIA Corp (TSE: 4337), which is Japan’s largest ticket operator. PIA Corp has a different business model which is more transactional in nature for large-scale events and concerts etc, and it has thin operating profit margins of 0.9%. Three investors – Tiger Global, Sequoia Capital, and T. Rowe Price – own nearly half of Eventbrite’s shares.

  • Revenue modelEventbrite’s revenue comes from ticket sales. They charge a 2.5% fee of the ticket price on every sale in addition to a $0.99 fee on each ticket sold. This only applies to paid tickets through the platform – about one-third of the tickets that they issue. Eventbrite is free to use when the tickets to the event are free. That means of the 203 million tickets in 2017 by more than 700,000 creators across 3 million events in 170 countries, only about 71 million were paid. Revenue outside of the United States was up to 30% in 2017, up from 18% in 2012. Linkbal generates its recurring revenue from participation fee for its own events, as well as event posting fee, customer attracting fee and sponsorship fee for events organized by other companies. While Linkbal had a smaller revenue scale than Eventbrite (US$255.5m), Linkbal is profitable (operating profit US$5.6m) with an operating profit margin of 22.8% and ROE of 42.8%, as compared to the loss-making Eventbrite at the EBIT and EBITDA level, although Eventbrite generates US$24.8m in positive operating cashflow.
  • Customer acquisition cost and cost structure: Eventbrite claims they don’t have to spend much toward onboarding event creators onto the platform which is very easy to use, and limited support is needed for these creators. “Our single global system combined with self-service functionality allows us to reduce cost of operations and optimize service delivery,” Eventbrite said in their prospectus. 95% of creators sign themselves up and accounted for 54% of revenue. However, for that other 46% of revenue contributed by 5% of their creators, the company has to essentially send out a sales team to these target creators who are popular and big enough to be hosting events with substantial paid ticket sales. In 2017 and the first half of 2018, Eventbrite paid about US$6.3 million and US$9 million signing on these creators respectively. Note that Eventbrite gross margin is 59.2% vs Linkbal’s 81.7%, and Eventbrite SG&A expense as a percentage of its gross profit is 98% vs Linkbal’s 72%.
  • Acquisitions and goodwill in balance sheet: Over the past five years, Eventbrite has made nine acquisitions. The most significant of those acquisitions was acquiring Ticketfly from Pandora in June 2017 for US$200 million. Less than two years prior to that, Pandora had acquired Ticketfly for about US$335 million. From a balance sheet perspective, a significant portion of Eventbrite’s assets are goodwill due to the acquisitions (US$239m goodwill out of US$637.6m total assets). Eventbrite’s acquisition spree had been financed by US$95.4m in long-term debt and US$352m in preferred stock, and it had an accumulated retained losses of US$254m. 67% of Linkbal’s total assets comprise of cash and Linkbal does not carry any debt. Eventbrite had a substantial accounts payable of around US$280m at 90.7% of its current liabilities, an amount which is also bigger than its US$255m revenue; accounts payable is 4.7% of current liabilities and 0.85% of revenue for Linkbal.
Thus, while both Eventbrite and Linkbal focus on the “middle market”, which Julia Hartz summed up: “Not birthday parties and not Taylor Swift at Madison Square Garden, but everything else in between”, we believe under-the-radar innovator Linkbal offers far more compelling sustainable risk-adjusted exponential returns than the high-profile Eventbrite.

CEO Kazumasa expressed confidence in the journey ahead: “Town Con business is an increasingly growing business in the future as a platform of “encounters” where we contribute to the declining birthrate and our job is to make people happy. Our company is a small ship that we rowed right now in the ocean. I would like to make it a passenger ship soon and to travel around the world as well. Let’s grow together while doing exciting voyages!” We find inspirations in CEO Kazumasa’s equanimity and “growth mindset” over the hardships he faced and overcame, looking at both good things and bad things that happen as experiences for growth: “‘Life is experiences’ is my motto. Everything is inevitable, not coincidental, I think that good things and bad things happen with reasons. I think that all experiences are for our growth. I am thankful that I gained the opportunities and experiences for growth.”

Intrigued and want to read more? Download this week’s H.E.R.O. HeartWare: Weekly Asia Tech News with brief highlights of the inspiring entrepreneurial stories of tech leaders in Asia whom we have been monitoring over the past decade in our broader watchlist of over 200 listed Asian tech companies and our focused portfolio of 40 HERO Innovators who reveal their problems and successes behind building the company. Inspired by Brandon Stanton’s photo-journalistic project Humans of New York which collects and highlights the street portraits and moving stories of people on the streets around us who were doing things that changed lives and made a difference in the city but often went unnoticed, we have curated a collection of Hear the Heart of the H.E.R.O. stories on our website which we aim to update with refreshing and uplifting new stories weekly. Please check them out and give us your valuable feedback so that we can improve to make them better for you.

It started with rethinking a few questions. Question No. 1: Can the megacap tech elephants still dance? Or is this the better question: Is there an alternative and better way to capture long-term investment returns created by disruptive forces and innovation without chasing the highly popular megacap tech stocks, or falling for the “Next-Big-Thing” trap in overpaying for “growth”, or investing in the fads, me-too imitators, or even in seemingly cutting-edge technologies without the ability to monetize and generate recurring revenue with a sustainable and scalable business model? How can we distinguish between the true innovators and the swarming imitators?

Question No. 2: What if the “non-disruptive” group of reasonably decent quality companies with seemingly “cheap” valuations, a fertile hunting ground of value investors, all need to have their longer-term profitability and balance sheet asset value to be “reset” by deducting a substantial amount of deferred innovation-related expenses and investments every year, given that they are persistently behind the innovation cycle against the disruptors, just to stay “relevant” to survive and compete? Let’s say this invisible expense and deferred liability in the balance sheet that need to be charged amount to 20 to 30% of the revenue (or likely more), its inexactitude is hidden; its wildness lurks and lies in wait. Would you still think that they are still “cheap” in valuation?

Consider the déjà vu case of Kmart vs Walmart in 2000s and now Walmart vs Amazon. It is easy to forget that Kmart spent US$2 billion in 2000/01 in IT and uses the same supplier as Walmart – IBM. The tangible assets and investments are there in the balance sheet and valuations are “cheap”. Yet Kmart failed to replicate to compound value the way it did for Walmart. Now Walmart is investing billions to “catch up” and stay relevant. Key word is “relevancy” to garner valuation.

We now live in an exponential world, and as the Baupost chief and super value investor Seth Klarman warns, disruption is accelerating “exponentially” and value investing has evolved. The paradigm shift to avoid the cheap-gets-cheaper “value traps”, to keep staying curious & humble, and to keep learning & adapting, has never been more critical for value investors. We believe there is a structural break in data in the market’s multi-year appraisal (as opposed to “mean reversion” in valuation over a time period of 2-5 years) on the type of business models, the “exponential innovators”, that can survive, compete and thrive in this challenging exponential world we now live in. Tech-focused innovators with non-linear exponential growth potential are the most relevant multi-year investment trend and opportunity.  

During our value investing journey in the Asian capital jungles over the decade plus, we have observed that many entrepreneurs were successful at the beginning in growing their companies to a certain size, then growth seems to suddenly stall or even reverse, and they become misguided or even corrupted along the way in what they want out of their business and life, which led to a deteriorating tailspin, defeating the buy-and-hold strategy and giving currency to the practice of trading-in-and-out of stocks. On the other hand, there exists an exclusive, under-the-radar, group of innovators who are exceptional market leaders in their respective fields with unique scalable business models run by high-integrity, honorable and far-sighted entrepreneurs with a higher purpose in solving high-value problems for their customers and society whom we call H.E.R.O. – “Honorable. Exponential. Resilient. Organization.”, the inspiration behind the H.E.R.O Innovators Fund, (surprisingly) the only Asian SMID-cap tech-focused fund in the industry.

The H.E.R.O. are governed by a greater purpose in their pursuit to contribute to the welfare of people and guided by an inner compass in choosing and focusing on what they are willing to struggle for and what pains they are willing to endure, in continuing to do their quiet inner innovation work, persevering day in and day out. There’s a tendency for us to think that to be a disruptive innovator or to do anything grand, you have to have a special gift, be someone called for. We think ultimately what really matters is the resolve — to want to do it, bring the future forward by throwing yourself into it, to give your life to that which you consider important. We aim to penetrate into the deeper order that whispers beneath the surface of tech innovations and to stand on the firmer ground of experience hard won through hearing and distilling the essence of the stories of our H.E.R.O. in overcoming their struggles and in understanding the origin of their quiet life of purpose, who opened their hearts to us that resilience and innovation is an art that can be learned, which can embolden all of us with more emotional courage and wisdom to go about our own value investing journey and daily life.

As the only Asian SMID-cap tech-focused listed equities fund in the industry, we believe we are uniquely positioned as a distinctive and alternative investment strategy for both institutional and individual investors who seek to capture long-term investment returns created by disruptive forces and innovation without herding or crowding to invest in the highly popular megacap tech stocks, and also provide capital allocation benefit to investors in building optionality in their overall investment portfolio.

The H.E.R.O. HeartWare Weekly highlights interesting tech news and listed Asian emerging tech innovators with unique and scalable wide-moat business models to keep yourself well-informed about disruptive forces and innovation, new technologies and new business models coming up, and the companies that ride on and benefit from them in some of the most promising areas of the economy in Asia as part of our thought leadership for our ARCHEA Asia HERO Innovators Fund to add value to our clients and the community. Hope you find the weekly report to be useful and insightful. Please give us your candid feedback and harshest criticisms so that we can improve further to serve you better. Besides the BATTSS (Baidu, Alibaba, Tencent, TSMC, Softbank, Samsung), do also tell us which Asian tech entrepreneurs & CEOs whom you admire and respect and why – we will endeavor to do up profiles of them for sharing with the community. Thank you very much and have a beautiful week ahead.

Warm regards,
KB | | WhatsApp +65 9695 1860


About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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