With its strategic boldness, remarkable speed, and notable cross-disciplinary nature, Calvin Cheng’s rise reads like a manual for reinvention. He started out among the flashbulbs and runways of Asia’s modeling circuits, not in a tech startup pitch deck or a corporate boardroom. During his tenure as Asia-Pacific head of Elite Model Management from 2001 to 2004, Cheng demonstrated exceptional foresight in planning regional expansion, especially by initiating projects in India when the luxury economy in Southeast Asia was only starting to diversify. Despite being glamor-driven, this early stage of his career set the stage for something far more profitable.
Cheng made the brilliant decision to start her own business when she established Looque Models and then progressively moved into licensing international fashion contests like Ford Models Supermodel of the Year in China and Malaysia. His 2015 merger of his ed-tech business with ReTech in China, however, marked a significant turning point and would help him advance toward capital markets. He assisted in guiding the business to a public listing on the Australian Securities Exchange just two years later, indicating a transformation that was not only incredibly successful but also well-timed to coincide with Asia’s tech investment boom.
| Category | Details |
|---|---|
| Full Name | Calvin Cheng Ern Lee |
| Date of Birth | September 24, 1975 |
| Nationality | Singaporean |
| Education | BA in PPE, MSc in Industrial Relations (Oxford University) |
| Key Roles | Former Nominated Member of Parliament, Asia Head of Elite Models, Co-Chairman of ReTech |
| Business Ventures | Looque Models, Web3 Holdings, Anchored Coins |
| Diplomatic Role | Honorary Consul of Serbia to Singapore |
| Estimated Net Worth | $50–100 million (as of 2025) |
| Reference | Straits Times |
Cheng established himself at the forefront of digital finance long before it was trendy by branching out into stablecoins and blockchain technology. He made his surprisingly successful entry into the NFT and fan-token economy through Web3 Holdings FZE just before the cryptocurrency markets experienced a second renaissance. He later launched the AEUR and ACHF stablecoins, which are based on the Euro and Swiss Franc, respectively, through Anchored Coins, formerly known as Damoon Technologies. He became one of the few Southeast Asian entrepreneurs to achieve such global fintech credibility when these were introduced on major blockchains with regulatory approval from Switzerland’s FINMA.
This financial change has coincided with an increase in public awareness in recent years. For example, Cheng’s reputation went beyond business when he was appointed as the first Honorary Consul of Serbia to Singapore in 2022. His position combines advocacy for investments with cultural diplomacy, reflecting a larger trend in which private business owners assume quasi-diplomatic roles. People like Jack Dorsey and Richard Branson, who went from starting businesses to influencing international conversations, seem remarkably similar to this intersection of influence and enterprise.
Calvin Cheng’s story isn’t without conflict, though. His frank remarks on religion and security on Facebook have occasionally sparked heated debates. Singapore’s Media Literacy Council, where he was then serving, criticized him in 2015 for his divisive comments about targeting terrorists’ children. His remarks regarding Palestinian activists during a contentious Meet-The-People session in March 2025 have since sparked widespread indignation. Masagos Zulkifli and Lawrence Wong, among other ministers, openly disassociated themselves from his beliefs, highlighting the stark difference between private and public opinion.
Despite criticism, Cheng is unwavering. He apologized in public on April 10 and clarified that his comments were misguided and not intended to offend Singapore’s Muslim community. Notably, he held a meeting with religious leaders at Woodlands’ Yusof Ishak Mosque, which was symbolic but showed an effort at rapprochement. However, he also declared that he would take legal action against public figures and The Online Citizen, among other platforms and people, for allegedly misrepresenting his statements.
Despite all of his controversial incidents, Cheng’s financial plan has been incredibly effective and resilient. His forays into digital engagement, cryptocurrency, and education demonstrate an astute understanding of industries poised for upheaval. He creates infrastructure around trends rather than merely identifying them. He differs from fleeting influencers or opportunistic investors in his capacity to combine vision and execution.
Not only does Calvin Cheng amass wealth, but his purposeful reimagining of his mission is what makes him so captivating. His career, which has seen him transition from modeling mogul to digital diplomat, reflects the quick changes in what is considered relevant in contemporary Asia. Entrepreneurs are increasingly expected to serve as cultural brokers, public thinkers, and even political provocateurs in addition to building businesses.
Cheng’s profile shows how private wealth can be converted into soft power in the context of changing influence economies. Though they may disagree with his rhetoric, his strategic vision is rarely questioned. His journey provides a powerful, if sometimes volatile, blueprint for aspiring business leaders, particularly in Southeast Asia: invest early, adapt quickly, and reframe the narrative when needed.
