run for the roses
ut the company’s making headway elsewhere. In Indonesia, Thailand and Vietnam, it pioneered a “reverse-ATM” network through which consumers can deposit cash into online wallets from cybercafes and mom-and-pop stores. AirPay, a mobile-payments service that debuted in August 2014, now has an annualized gross transaction value of $510 million, according to Nash.
"The market for wallets in Southeast Asia is fragmented and there is no dominant player yet," said Atul Malik, former CEO of Citibank Hong Kong who currently advises financial-technology startups. "Airpay has a good chance of becoming the best in class pan-Southeast Asia payment service provider"
In May, Li made his way back to Stanford for his 10-year class reunion as a virtual unknown. Seated on a panel alongside other alumni, Li described Garena’s business. When he was done, Adrian Li, a former classmate and founder of Jakarta-based Convergence Ventures, remembers grabbing the microphone and telling the audience: “By the way, guys, Forrest’s company is most likely the most valuable company any of us created.”
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