Cover Datuk Ng Yih Pyng, managing director of Tomei Consolidated Berhad joined The Business Circle in March 2024 (Photo: Tomei)
Datuk Ng Yih Pyng, managing director of Tomei Consolidated Berhad joined The Business Circle in March 2024 (Photo: Tomei)
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Managing director of Tomei Consolidated Berhad, Datuk Ng Yih Pyng shares how The Business Circle by UOB Malaysia is helping to realise his late father’s vision for sustainable growth
In March 2024, UOB Malaysia launched a Malaysian chapter of The Business Circle to empower the next generation of Asian family-led businesses to fast-track growth. The Business Circle first launched in Singapore in 2019 and Thailand last year. The initiative has gathered a community of over a thousand family-run organisations, ranging from large corporations to small and medium enterprises (SMEs) across the Asian region, including Malaysia. Members of The Business Circle enjoy exclusive access to knowledge exchange across industries. It also opens doors to region-wide networking opportunities for potential collaborations and personalised financial solutions from the Bank.
A member of The Business Circle, Datuk Ng Yih Pyng, managing director of Tomei Consolidated Berhad, shares his insights into his business journey, the challenges of running a jewellery empire and his impressions of how UOB Malaysia’s initiative continues to benefit Tomei’s long-term interests.
Above Datuk Ng Yih Pyng joined the family business in 1991
Datuk Ng Yih Pyng joined the family business in 1991
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Ng, the son of the late founder Tan Sri Datuk Dr Ng Teck Fong, knew from childhood that he would follow in his father’s footsteps. He joined the family business in 1991 after graduating with a degree in finance and a Master’s in Business Administration from Iowa State University, USA. “I had never even thought about working for any other company, the day after I returned from university, I went into the office,” Ng shares.
In the early 1990s, the company had around 50 employees across five stores. “UOB Malaysia has supported our company from as far back as when my father was at the helm,” Ng remembers the first bankers his father introduced him to were at UOB, cementing his trust early in his career.
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Ng’s vision was to see Tomei listed as a publicly traded company. “When you want to list a company, it has to meet high standards of governance, and this was one of my goals.” Tomei successfully listed in 2006, and Ng was appointed to his current role shortly after. Since then, he has overseen the group’s overall management and business development.
Above Tomei’s late founder, Tan Sri Datuk Dr Ng Teck Fong (fourth from left)
Tomei’s late founder, Tan Sri Datuk Dr Ng Teck Fong (fourth from left)
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As Ng implemented structured new practices, he was relieved to have the support of new and seasoned staff in embracing his plans, especially as his efforts began to yield results. “Our culture is that staff are like part of the family, and they were just as invested in seeing the company grow,” Ng says. He is proud to have second-generation staff on his team whose parents worked for his father in their time. “My father always said he wanted to see the future generations lead a better life than he had, and I do feel responsible towards many families to ensure the business succeeds for their sake.”
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Today, the company boasts a workforce of around 200 at its headquarters and close to 1000 employees at the group level. “The whole group comprises two listed companies—Tomei Consolidated Berhad and XY Precious Metals Berhad, our 70 per cent subsidiary. It is involved in gold refinery, manufacturing, distribution and the export of gold jewellery.” These companies distribute to more than 400 jewellery shops in and out of Malaysia, with further plans to expand into a gemological college business. “At the end of the day, we hope to build an ecosystem to deliver the best experience to our customers.”
UOB has always been supporting Tomei’s journey for decades. We wouldn’t be what we are today without that support.
Reflecting on his father’s advice, Ng acknowledges that his father never pressured him to expand. “My father always said achieving sustainability is most important, and you need to grow a company’s strength before investing to grow it in size.” Living by those words, Ng has always prized maintaining trust and transparent communication within the company and with shareholders, reassessing approaches when needed.
When UOB Malaysia invited Ng to join The Business Circle, he accepted immediately. “UOB has always been supporting Tomei’s journey for decades. We wouldn’t be what we are today without that support. They have given us a lot of good business advice, and that has helped us to make better business decisions,” Ng says. He views The Business Circle as an effective platform to expand business networks and explore opportunities.
Above Datuk Ng Yih Pyng believes in the importance of building trust in business
Datuk Ng Yih Pyng believes in the importance of building trust in business
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“Through The Business Circle, I have connected with businesses I wouldn’t otherwise have a chance to meet. It’s a pleasant experience to be in the company of reputable businesses invited through UOB.” Ng has been especially pleased to be able to introduce himself to those familiar with his brand, even if not prior customers.
“The first thing in business is building trust. I always believe in taking an interest in the needs of others, becoming friends and, from there, allowing potential business relationships to flourish. Where trust is there from the beginning comes ease in building relationships that can be fruitful for all,” Ng says. He is pleased for the exposure as The Business Circle has opened the door to potential new customers, ensuring that Tomei can continue to pursue new opportunities as it continues to strengthen, innovate and raise the standards of jewellery production on an international scale.
Credits
Images: courtesy of Tomei
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