For centuries, "nation" and "state" were inseparable. You needed physical territory to have a nation. But what if that is no longer true?



Nirbhay Handa, CEO of Multipolitan, argues that we are witnessing the "unbundling" of sovereignty. He draws a critical distinction between a Nation State (defined by borders and politics) and a Nation (defined by shared values and community).



Through the "Nation as a Service" model, countries like Estonia and Palau are allowing users to "log in" to their legal and commercial infrastructure without ever setting foot on their soil.



We dive into the Digital State Project to explore how this shift is creating a new class of "Multipolitans", location-independent entrepreneurs who treat jurisdictions like products.



We also distinguish the vital difference between E-Residency (subscribing to corporate laws) and Golden Visas (buying physical entry), and explore why the world is splitting into "Legacy Titans" (New York, London) and "Builder Cities" (Singapore, Dubai), and where Malaysia’s Network School fits in.

For centuries, "nation" and "state" were inseparable. You needed physical territory to have a nation. But what if that is no longer true?Nirbhay Handa, CEO of Multipolitan, argues that we are witnessing the "unbundling" of sovereignty. He draws a critical distinction between a Nation State (defined by borders and politics) and a Nation (defined by shared values and community).Through the "Nation as a Service" model, countries like Estonia and Palau are allowing users to "log in" to their legal and commercial infrastructure without ever setting foot on their soil.We dive into the Digital State Project to explore how this shift is creating a new class of "Multipolitans", location-independent entrepreneurs who treat jurisdictions like products.We also distinguish the vital difference between E-Residency (subscribing to corporate laws) and Golden Visas (buying physical entry), and explore why the world is splitting into "Legacy Titans" (New York, London) and "Builder Cities" (Singapore, Dubai), and where Malaysia’s Network School fits in.

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

Unbundling The Nation State?

In the last four years, Southeast Asia’s electricity demand has surged by 24%. Yet, despite the falling cost of renewables, nearly 80% of that new demand was met by coal and gas. The problem isn't the technology, it's a "locked-in" market structure that indirectly blocks the green transition

Alexandre Salesse, Partner at BCG, explains how the "Single Buyer" model and "Take or Pay" contracts have created a reliability gold standard at the cost of future flexibility.

He also unpacks the four critical reform levers needed to modernise the grid without triggering blackouts or investor flight.



Learn about:




The Physics of Power: Why electricity is a unique commodity that requires a perfect "bicycle balance" between production and consumption.


The "Sunk Cost" of Coal: How long-term contracts force utilities to prioritise fossil fuels they’ve already paid for, leaving no room for cheaper solar.


Unbundling for Competition: The necessity of separating power purchasers from plant owners to resolve built-in conflicts of interest.


The ASEAN Power Grid: Why it took 14 years to negotiate one wind farm and how a regional framework could fast-track future cross-border projects.


Targeted Subsidies: Moving away from hidden "blanket" subsidies toward transparent, time-bound support for those who need it most.


Avoiding Wishful Thinking: Why Southeast Asia shouldn't aim for immediate, Western-style liberalisation, but rather incremental "flexibility levers."

In the last four years, Southeast Asia’s electricity demand has surged by 24%. Yet, despite the falling cost of renewables, nearly 80% of that new demand was met by coal and gas. The problem isn't the technology, it's a "locked-in" market structure that indirectly blocks the green transitionAlexandre Salesse, Partner at BCG, explains how the "Single Buyer" model and "Take or Pay" contracts have created a reliability gold standard at the cost of future flexibility.He also unpacks the four critical reform levers needed to modernise the grid without triggering blackouts or investor flight.Learn about:<ul><li>The Physics of Power: Why electricity is a unique commodity that requires a perfect "bicycle balance" between production and consumption.</li><li>The "Sunk Cost" of Coal: How long-term contracts force utilities to prioritise fossil fuels they’ve already paid for, leaving no room for cheaper solar.</li><li>Unbundling for Competition: The necessity of separating power purchasers from plant owners to resolve built-in conflicts of interest.</li><li>The ASEAN Power Grid: Why it took 14 years to negotiate one wind farm and how a regional framework could fast-track future cross-border projects.</li><li>Targeted Subsidies: Moving away from hidden "blanket" subsidies toward transparent, time-bound support for those who need it most.</li><li>Avoiding Wishful Thinking: Why Southeast Asia shouldn't aim for immediate, Western-style liberalisation, but rather incremental "flexibility levers."</li></ul>

Why Solar Can’t Beat Coal, Yet: Fixing SEA’s Power Market

What does it really take to turn innovation into consistent delivery? In this episode, the focus shifts from capital and programmes to the people behind the progress. Because while funding can accelerate ideas, it is talent, skills, and experience that determine whether companies can execute, compete, and grow.



We speak to Ts. Hj. Mohammad Hazani Hj. Hassan, Group CEO, MTDC, about why talent development sits at the centre of Malaysia’s innovation journey, how companies build capability through real-world environments and advisory support, and what it takes to raise standards across industries. From hands-on training and technology centres to industry-aligned learning and execution support, this conversation explores how strengthening talent can help turn innovation into long-term, sustainable growth.

What does it really take to turn innovation into consistent delivery? In this episode, the focus shifts from capital and programmes to the people behind the progress. Because while funding can accelerate ideas, it is talent, skills, and experience that determine whether companies can execute, compete, and grow.We speak to Ts. Hj. Mohammad Hazani Hj. Hassan, Group CEO, MTDC, about why talent development sits at the centre of Malaysia’s innovation journey, how companies build capability through real-world environments and advisory support, and what it takes to raise standards across industries. From hands-on training and technology centres to industry-aligned learning and execution support, this conversation explores how strengthening talent can help turn innovation into long-term, sustainable growth.

Talent as Infrastructure: Building the Capability Behind Innovation

In 2025, Malaysia had 59 IPOs raising US$1.4 billion, the highest volume in the region, but when we look at the money, Singapore raised US$2 billion with just 13 deals. So Malaysia won on volume, but Singapore won on value.

Wong Kar Choon from Deloitte Malaysia joins BFM Enterprise Explores to unpack the structural differences driving this divide. While Bursa Malaysia has become the region's engine for SME growth, with 44 of those 59 listings occurring on the ACE Market, Singapore continues to be the "global capital gateway" for high-value institutional deals in the region



We discuss:




The Valuation Gap: Why Malaysia’s domestic-driven market supports volume but caps valuations, unlike Singapore’s access to global funds.


ACE Market Dominance: With 44 out of 59 listings occurring on the ACE Market, we ask if Malaysia is becoming a "volume factory" for small caps rather than a home for regional champions.


The "Silicon Valley" Paradox: Why the narrative of Malaysia as the "Silicon Valley of the East" hasn't translated into a wave of semiconductor listings, and whether the real value is locked in MNCs and Private Equity.


"Real Tech" vs. "PowerPoint Tech": The new criteria for 2026, where investors demand profitability and cash flow over growth stories.


The 2026 Playbook: How Malaysia can move from "Recovery" to "Reinvention" by attracting foreign institutional capital and hosting marquee IPOs in AI and data infrastructure.

In 2025, Malaysia had 59 IPOs raising US$1.4 billion, the highest volume in the region, but when we look at the money, Singapore raised US$2 billion with just 13 deals. So Malaysia won on volume, but Singapore won on value.Wong Kar Choon from Deloitte Malaysia joins BFM Enterprise Explores to unpack the structural differences driving this divide. While Bursa Malaysia has become the region's engine for SME growth, with 44 of those 59 listings occurring on the ACE Market, Singapore continues to be the "global capital gateway" for high-value institutional deals in the regionWe discuss:<ul><li>The Valuation Gap: Why Malaysia’s domestic-driven market supports volume but caps valuations, unlike Singapore’s access to global funds.</li><li>ACE Market Dominance: With 44 out of 59 listings occurring on the ACE Market, we ask if Malaysia is becoming a "volume factory" for small caps rather than a home for regional champions.</li><li>The "Silicon Valley" Paradox: Why the narrative of Malaysia as the "Silicon Valley of the East" hasn't translated into a wave of semiconductor listings, and whether the real value is locked in MNCs and Private Equity.</li><li>"Real Tech" vs. "PowerPoint Tech": The new criteria for 2026, where investors demand profitability and cash flow over growth stories.</li><li>The 2026 Playbook: How Malaysia can move from "Recovery" to "Reinvention" by attracting foreign institutional capital and hosting marquee IPOs in AI and data infrastructure.</li></ul>

Unbundling The Nation State?

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