As a child, David Yong spent hours in his family’s timber warehouses in Singapore, fascinated by the smell of freshly cut wood, rhythmic sounds of saws and the bustling activity of workers.
Accompanying his father, Yong Ing Fatt, on business trips, he was struck by the stark contrast between the dusty, chaotic streets and the luxury of The Strand Hotel. During this time, Myanmar was struggling under a military regime and economic hardship. Suffering from a suspension of foreign aid, dwindling trade, and foreign debts exceeding $5.5 billion, the country once known as the Golden Land had seemingly lost its lustre.
Amid this turmoil, then eight-year-old Yong stood observing his surroundings. “The sofas were dirty,” the now 37-year-old Singaporean recounts, reflecting on the challenging environment where his father saw new opportunities.
Yong Ing Fatt was a commodities trader who ventured into Myanmar’s timber industry in the early 1990s. He founded Evergreen Teak Trading, focusing on exporting Burmese teak, which is prized for its durability and rich lustre. This move introduced Yong to the business world at a young age.
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“I remember running around the warehouses, watching my father negotiate deals and manage operations,” Yong says. Little did he know that those early experiences would shape him into the entrepreneur and entertainment personality he is today.
Expanding Evergreen
Yong joined the family business in 2014, just as Myanmar imposed a ban on raw timber exports, a move that threatened to shutter Evergreen’s core business. “We couldn’t export. All our stock was stuck in Myanmar. There was a real need to evolve and diversify,” Yong told The Peak in May.
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Instead of giving up, Yong pivoted to timber processing and manufacturing, creating high-end teak furniture. This vision turned a potential disaster into a thriving business, with custom pieces fetching tens of thousands of dollars.
Despite the company’s success, Yong was not content, leading him to diversify The Evergreen Group’s portfolio to include finance, real estate, and lifestyle products.
“Growing up in a family business can be both a blessing and a challenge,” Yong says. “I wanted to honour my family’s legacy while also carving out my own path.”
Expanding into the financial sector, Evergreen Group Holdings focused on financing in Indochina. Under Yong’s leadership, the company acquired a significant stake in Malaysian investment banker UBB Investment Bank (UBBIB), bolstering its portfolio.
“Acquiring UBBIB was a turning point,” Yong explains. “It allowed us to diversify our investments and establish a stronger presence in the financial sector. It was about creating a sustainable future for Evergreen.”
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The acquisition was not just a business move, but a statement of intent, he adds. It showed his vision to enhance digital banking and fund management capabilities, leveraging UBBIB’s local expertise and Evergreen’s innovative solutions. This way, the company could create a formidable presence in Southeast Asia’s investment banking sector, drive sustainable economic development, and create opportunities for growth.
“Our goal is to provide innovative financing solutions that meet the needs of our future customers and partners and contribute to the economic growth of Malaysia and the region while moving into the untapped potential in financing Asia’s underbanked regions,” Yong says.
Venturing into K-pop
But Yong didn’t stop there, as his interests extended beyond traditional business. In 2023, he made headlines after investing in Attrakt, the agency behind rising K-pop group Fifty Fifty. He also held auditions in Singapore and Thailand to find prospective new members for the group.
View reel here
View reel here
Speaking with Singapore Business Review, Yong said that when he entered the K-pop industry, he was often asked how his business background would align with this new venture. His response to this question: “I think the key is to see business and art not as opposing forces but as complementary to each other. Behind every creativity and innovation there needs to be an experienced business development and management process.”
For Yong, K-pop is “more than just music; it’s a cultural force”. “Investing in this industry was a way to combine my love for music with my business expertise,” he adds. “It’s about expanding K-content business globally while supporting talent and bringing unique experiences to fans worldwide.”
Yong established a K-pop label, Evergreen Entertainment, in Seoul this year. The agency has already signed with a number of notable artistes, including Christinna Kuan and Jam Republic.
But his involvement in K-pop extends beyond financial investments; he has immersed himself in the culture, releasing two singles: In My Pocket in 2022 and Maybe Love in 2023, amassing millions of views on YouTube. He has also built relationships within the industry, offering him unique networking opportunities with top Korean celebrities.
Yong’s participation in multiple facets of the industry — from music production to artiste management — has allowed him to blend his business acumen with his artistic endeavours.
In the pipeline for Yong is Waterbomb Singapore, set to take place in August 2024. This will mark the K-pop festival’s first edition in Southeast Asia, and Yong hopes this will cement his position as a major force in the K-entertainment scene.
“The different cultural experiences and the people that I meet all contribute to my creative juices,” Yong says. “I hope to share more of it through my music and work. I enjoy trying new things and breaking boundaries.” He adds that challenging himself with new endeavours and aspiring for new heights inspires him to be more creative and a better leader.
Super Rich in Korea
Yong’s career recently took a new turn when he was featured in the Netflix series Super Rich in Korea. The reality show gave viewers an inside look at his life, including his forays into the K-pop world. The show offers an intimate look into the lives of South Korea’s elite, with Yong’s journey from the boardroom to the stage highlighted among the central storylines.
“Being a part of Super Rich in Korea was an incredible experience,” Yong shares. “It was an opportunity to showcase my journey and the challenges I’ve faced along the way. The series highlights the balance between business and personal life, and I hope it inspires others to pursue their passions.”
The series has garnered significant attention, with many viewers drawn to the portrayal of Yong’s persona and lifestyle. Speaking on recent media coverage of the series, he says: “There were various inaccurate reports about our group and myself … Our focus remains on the journey ahead.”
‘Authenticity is key’
At the heart of Yong’s success is a genuine personality and leadership philosophy, he says, adding that he has built strong relationships across various industries by staying true to himself. “Authenticity is key,” he says. “People appreciate honesty and transparency. I’ve always believed in leading by example and fostering a collaborative environment.”
Yong describes his leadership style as being characterised by empowerment and inclusivity, which has cultivated a culture of growth and continuous improvement in his organisations.
And despite his various ventures, he takes a focused approach to things, from closing deals to collaborating on music projects. “Balancing these different aspects of my life requires discipline and time management,” he notes. “I believe in being fully present in whatever I’m doing, whether it’s a business meeting or a creative session in the studio.”
Yong has also committed to giving back to the community. In 2020, he founded the Evergreen Foundation, which focuses on humanitarian and environmental causes. The foundation has set aside funds for healthcare subsidies in Cambodia, and is involved in social enterprises in Singapore and South Korea.
“Giving back is a fundamental part of my philosophy,” Yong explains. “We have earned money from society, and it’s only right to contribute to its betterment. The Evergreen Foundation is a way for us to make a positive impact on the world.”
Looking ahead
Yong notes that the roles he has carved for himself and the successes he has had so far are mostly his machinations. “I wasn’t going to only be a full-time lawyer,” he said in a May interview. “I knew that in business, if you don’t have legal knowledge, you get short changed a lot.”
Yong’s knowledge of the law has been instrumental in his handling of his family business and, perhaps, endowed him with the ability to juggle his multiple interests. Still, he remains driven by a desire to explore new opportunities and make a lasting impact.
“I’m always looking for new challenges,” he says. “There’s so much more to achieve and so many more stories to tell. I want to continue pushing boundaries and inspiring others to do the same.”
