Joel Neoh stepped down from his position as CEO of Fave, one of Malaysia’s most well-known fintech companies, in March 2023. He co-founded Fave in 2015, and prior to that, started several other companies including deals platform Groupon Malaysia and media startup Says. 

On June 5, the Gen.T honouree announced on his LinkedIn profile that he has joined Prenetics Global as chief consumer officer, as well as its consumer health business CircleDNA as managing director.

Hong Kong-started Prenetics is a genomic and diagnostic testing company that is co-founded by fellow Gen.T honouree Danny Yeung. The company was listed on the Nasdaq through a special purpose acquisition company (SPAC) with Adrian Cheng’s Artisan Acquisition in May 2022.

In July 2023, Neoh launched an early-stage fund called First Move that is focused on investing in consumer-focused startups across Southeast Asia. Since its launch, the fund has backed seven ventures, such as Giggly Coco (Indonesian F&B), Scentses & Co (Malaysian perfume), and Evolut Commerce (Singaporean health and beauty).

Read more: Prenetics SPAC is now trading on Nasdaq

When we caught up with Neoh on his last day at Fave at the end of March, he shared his gratefulness for his time at the company: “You never truly plan for your last day at your company,” he said. “I am grateful for my journey so far. Over the years, I have met many people who are now part of Fave. They will continue to contribute to the company's growth and strength.”

After leaving, Neoh shared that he will concentrate on investing in the country’s next wave of entrepreneurs. “My goal is to empower others and help them realise their dreams. I want to positively impact the ecosystem by investing in people and their ideas.” Over the years, Neoh has invested in startups across different industries including media, fintech and healthcare.

While he said 2023 would be a challenging year for entrepreneurs, he believes that certain industries will thrive. The rise of digital banks, he said, has made fintech an increasingly important industry.

Read more: What venture capitalist Kent Ho looks for before funding a startup

He also sees consumer goods as another sector that will continue to grow significantly. “Since the Covid pandemic, more people are comfortable buying online and trying new local brands. This has made it easier for local companies to compete with imported, premium brands. As a result, food, fashion, and essential companies are developing and distributing their products more efficiently,” he said.

As advice to other founders, Neoh shared that there is more than one way to achieve success. “Most startups in the broader economy must be prudent. I anticipate a lot of successful pivots during this period. Startups must be thoughtful and resourceful, and work on ideas with a proven track record.” He added that there is a lot of hard work that needs to be done, but “I'm excited to see more high-quality startups coming out from Malaysia.”

See more honourees from Malaysia on the Gen.T List.