In a world buzzing with AI hype, how do you separate real innovation from the "bubble of expectations"? With three decades of experience on the frontiers of technology, our guest, a self-described "tech bubble collector", offers a unique, long-term perspective on the cycles of boom, bust, and breakthrough.



Tech investor and entrepreneur Nicklas Bergman joins us to share his insights. He discusses why he's skeptical about the current generative AI hype, the real "data economy advantage," and his work with the European Innovation Council's €10 billion fund to commercialise deep tech.



We discuss:


A tech investor's reality check on the AI "bubble of expectations."


The true "data economy advantage" and its associated privacy risks.


Inside the European Innovation Council's €10 billion deep tech fund.


The key ingredients for successfully commercialising scientific innovation.


What Malaysia can learn from the Nordics to build its tech future.


For tech investors, entrepreneurs, and policymakers, this is an insightful long-term perspective on navigating hype cycles and building a resilient innovation economy. Catch Nicklas at MDX Summit 2025 happening at the Kuala Lumpur Convention Centre from 17-19 Sept 2025.

In a world buzzing with AI hype, how do you separate real innovation from the "bubble of expectations"? With three decades of experience on the frontiers of technology, our guest, a self-described "tech bubble collector", offers a unique, long-term perspective on the cycles of boom, bust, and breakthrough.Tech investor and entrepreneur Nicklas Bergman joins us to share his insights. He discusses why he's skeptical about the current generative AI hype, the real "data economy advantage," and his work with the European Innovation Council's €10 billion fund to commercialise deep tech.We discuss:<ul><li>A tech investor's reality check on the AI "bubble of expectations."</li><li>The true "data economy advantage" and its associated privacy risks.</li><li>Inside the European Innovation Council's €10 billion deep tech fund.</li><li>The key ingredients for successfully commercialising scientific innovation.</li><li>What Malaysia can learn from the Nordics to build its tech future.</li></ul> For tech investors, entrepreneurs, and policymakers, this is an insightful long-term perspective on navigating hype cycles and building a resilient innovation economy. Catch Nicklas at MDX Summit 2025 happening at the Kuala Lumpur Convention Centre from 17-19 Sept 2025.

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Enterprise Explores

A "Tech Bubble Collector's" Guide to the AI Hype

The "buy and wait" era is over. According to Knight Frank Malaysia, 2026 marks a shift toward "value hunting amid volatility." Amy Wong, Executive Director of Research & Consultancy at Knight Frank Malaysia, joins BFM to decode the 2026 outlook. 



With office supply set to drop by 11% this year and over a third in 2027, the market is approaching a critical "decision year" where tenants lose their leverage. We discuss the rise of a "two-tier market," why industrial rents are staying disciplined despite the China+1 boom, and how investors must now manufacture "alpha" through active asset management.



We discuss:




The 2025 Scorecard: How front-loaded global trade and domestic consumption kept the market resilient, and why the 2026 "cool-down" is normalisation, not a hangover.


Industrial "Smarter Space": Why manufacturers are buying land to build rather than renting. Amy explains the shift from sheer scale to high-spec facilities (higher floor loading, automation readiness) to support supply chain diversification.


The Two-Tier Market: How the tech boom and Gen AI are creating a polarisation across sectors. Green, efficient buildings are winning, while older stock faces obsolescence.


The Office "Decision Year": With new office supply dropping sharply in 2026 and 2027, the window for tenants to lock in favorable terms is closing. We discuss the "Stay vs. Go" debate for companies in aging buildings.


Asset Level Alpha: Why market-driven growth is gone. Amy argues that returns must now be "earned" through active retrofitting and repositioning of older assets, rather than passive holding.

The "buy and wait" era is over. According to Knight Frank Malaysia, 2026 marks a shift toward "value hunting amid volatility." Amy Wong, Executive Director of Research &amp; Consultancy at Knight Frank Malaysia, joins BFM to decode the 2026 outlook.&nbsp;With office supply set to drop by 11% this year and over a third in 2027, the market is approaching a critical "decision year" where tenants lose their leverage. We discuss the rise of a "two-tier market," why industrial rents are staying disciplined despite the China+1 boom, and how investors must now manufacture "alpha" through active asset management.We discuss:<ul><li>The 2025 Scorecard: How front-loaded global trade and domestic consumption kept the market resilient, and why the 2026 "cool-down" is normalisation, not a hangover.</li><li>Industrial "Smarter Space": Why manufacturers are buying land to build rather than renting. Amy explains the shift from sheer scale to high-spec facilities (higher floor loading, automation readiness) to support supply chain diversification.</li><li>The Two-Tier Market: How the tech boom and Gen AI are creating a polarisation across sectors. Green, efficient buildings are winning, while older stock faces obsolescence.</li><li>The Office "Decision Year": With new office supply dropping sharply in 2026 and 2027, the window for tenants to lock in favorable terms is closing. We discuss the "Stay vs. Go" debate for companies in aging buildings.</li><li>Asset Level Alpha: Why market-driven growth is gone. Amy argues that returns must now be "earned" through active retrofitting and repositioning of older assets, rather than passive holding.</li></ul>

Lock In or Lose Out? The Looming Office Supply Crunch

According to the Risk in Focus 2026 report, organisations in Southeast Asia correctly rank cybersecurity, business resilience, and digital disruption as their top priorities. Yet, with cybercrime losses in Malaysia crossing RM1 billion, there is a glaring gap between risk awareness and real-world preparedness.



BFM explores this "implementation gap" with Suhailah Abdulla and Philip Satish Rao from the Institute of Internal Auditors Malaysia. They argue that risk policies often look good on paper ("form over substance") but fail because organisations treat cybersecurity as a backroom function rather than "organisational DNA."



We also discuss why Internal Auditors must evolve from financial checkers into "nervous system sensors" for the board, and how to navigate the specific dangers of "Agentic AI" while keeping humans in the loop.



We discuss:




The Preparedness Paradox: Why high risk awareness hasn't translated into fewer breaches, and the danger of "compliance on paper" versus actual implementation.


Cybersecurity as DNA: Why treating cyber risk as IT's problem is a fatal error. Philip gets into the need for adaptive controls that evolve as fast as the hackers do.


AI Governance & "Human in the Loop": How to balance the opportunity of AI with the risk of "Agentic Enterprises." We discuss the necessity of establishing governance frameworks that prevent over-reliance on algorithms.


The Auditor as "Nervous System Sensor": Moving beyond the independent mask. Why modern auditors need engineering and supply chain skills to provide true risk intelligence to the board.


Interconnected Risks: Lessons from COVID-19 on why siloed risk management fails, and why boards must view supply chain, geopolitical, and digital risks through a single Enterprise Risk lens.

According to the Risk in Focus 2026 report, organisations in Southeast Asia correctly rank cybersecurity, business resilience, and digital disruption as their top priorities. Yet, with cybercrime losses in Malaysia crossing RM1 billion, there is a glaring gap between risk awareness and real-world preparedness.BFM explores this "implementation gap" with Suhailah Abdulla and Philip Satish Rao from the Institute of Internal Auditors Malaysia. They argue that risk policies often look good on paper ("form over substance") but fail because organisations treat cybersecurity as a backroom function rather than "organisational DNA."We also discuss why Internal Auditors must evolve from financial checkers into "nervous system sensors" for the board, and how to navigate the specific dangers of "Agentic AI" while keeping humans in the loop.We discuss:<ul><li>The Preparedness Paradox: Why high risk awareness hasn't translated into fewer breaches, and the danger of "compliance on paper" versus actual implementation.</li><li>Cybersecurity as DNA: Why treating cyber risk as IT's problem is a fatal error. Philip gets into the need for adaptive controls that evolve as fast as the hackers do.</li><li>AI Governance &amp; "Human in the Loop": How to balance the opportunity of AI with the risk of "Agentic Enterprises." We discuss the necessity of establishing governance frameworks that prevent over-reliance on algorithms.</li><li>The Auditor as "Nervous System Sensor": Moving beyond the independent mask. Why modern auditors need engineering and supply chain skills to provide true risk intelligence to the board.</li><li>Interconnected Risks: Lessons from COVID-19 on why siloed risk management fails, and why boards must view supply chain, geopolitical, and digital risks through a single Enterprise Risk lens.</li></ul>

Internal Audit, "Stop Hiding Behind Independence"

2025 was a year of "stark contrast" for Malaysia’s private capital markets. While institutional commitments from GLICs like Jelawang Capital, Khazanah, and KWAP signaled continued government support, regional confidence faced significant headwinds. The eFishery scandal cast a long shadow over governance, while giants like Temasek signaled a bearish pivot, cutting back on early-stage investments in favor of safer bets.



Ng Sai Kit, Chairman of the MVCA, joins BFM to wrap up our 2025 Review & 2026 Outlook series. We discuss the regime of "normalisation and discipline," and why the association is rebranding to the Malaysia Private Capital Association (MPCA).



We discuss:


The 2025 Scorecard: Sai Kit characterises the year as one of "normalisation." While GLIC commitments (Khazanah, Jelawang, KWAP, PNB) provided reassurance, the industry’s core constraint remains: capital formation is scaling faster than exits.


The Temasek Pivot: With regional giants like Temasek scaling back on early-stage bets, Sai Kit weighs whether Malaysia can capture this flow or if the "void" signals a deeper structural issue in Southeast Asian VC.


The Exit Bottleneck: The traditional Silicon Valley unicorn model is failing locally. Sai Kit argues for a shift toward incentivising M&A and encouraging mid-sized companies to merge for scale.


What LPs Want Now: The free money is gone. LPs are now demanding "proof of underwriting discipline", treating follow-on investments as new checks rather than automatic support, and rigorous loss management.


Valuation Realities: Sai Kit explains why using headline numbers from funding rounds to calculate fair value is dangerous. We break down why different share classes (with seniority and liquidation preferences) mean the "paper value" often differs from reality.


The "Crowding-In" Strategy: Why Sai Kit believes that government-led funding is healthy for a developing ecosystem, provided it validates rather than replaces private capital.


The Rebrand (MVCA to MPCA): Why the association is dropping "Venture" and "Private Equity” from its name to embrace Private Capital as a whole, more clearly embracing Private Equity (given that it isn’t reflected in the short form name) but also including Private Credit and Venture Debt.


ASEAN Ambitions: Insights into the formation of the ASEAN Private Market Council, aimed at harmonising fragmented fund structures to allow seamless cross-border fundraising across Vietnam, Thailand, and the Philippines.

2025 was a year of "stark contrast" for Malaysia’s private capital markets. While institutional commitments from GLICs like Jelawang Capital, Khazanah, and KWAP signaled continued government support, regional confidence faced significant headwinds. The eFishery scandal cast a long shadow over governance, while giants like Temasek signaled a bearish pivot, cutting back on early-stage investments in favor of safer bets.Ng Sai Kit, Chairman of the MVCA, joins BFM to wrap up our 2025 Review &amp; 2026 Outlook series. We discuss the regime of "normalisation and discipline," and why the association is rebranding to the Malaysia Private Capital Association (MPCA).We discuss:<ul><li>The 2025 Scorecard: Sai Kit characterises the year as one of "normalisation." While GLIC commitments (Khazanah, Jelawang, KWAP, PNB) provided reassurance, the industry’s core constraint remains: capital formation is scaling faster than exits.</li><li>The Temasek Pivot: With regional giants like Temasek scaling back on early-stage bets, Sai Kit weighs whether Malaysia can capture this flow or if the "void" signals a deeper structural issue in Southeast Asian VC.</li><li>The Exit Bottleneck: The traditional Silicon Valley unicorn model is failing locally. Sai Kit argues for a shift toward incentivising M&amp;A and encouraging mid-sized companies to merge for scale.</li><li>What LPs Want Now: The free money is gone. LPs are now demanding "proof of underwriting discipline", treating follow-on investments as new checks rather than automatic support, and rigorous loss management.</li><li>Valuation Realities: Sai Kit explains why using headline numbers from funding rounds to calculate fair value is dangerous. We break down why different share classes (with seniority and liquidation preferences) mean the "paper value" often differs from reality.</li><li>The "Crowding-In" Strategy: Why Sai Kit believes that government-led funding is healthy for a developing ecosystem, provided it validates rather than replaces private capital.</li><li>The Rebrand (MVCA to MPCA): Why the association is dropping "Venture" and "Private Equity” from its name to embrace Private Capital as a whole, more clearly embracing Private Equity (given that it isn’t reflected in the short form name) but also including Private Credit and Venture Debt.</li><li>ASEAN Ambitions: Insights into the formation of the ASEAN Private Market Council, aimed at harmonising fragmented fund structures to allow seamless cross-border fundraising across Vietnam, Thailand, and the Philippines.</li></ul>

A "Tech Bubble Collector's" Guide to the AI Hype

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