Reportedly half a million application forms were snapped up within hours by punters eager to board the bandwagon. Indeed, investors are pumping billions of dollars into Asia's mushrooming Internet stocks, anxious to get in on the international gold rush. On the surface, it would appear to be a colossal waste of money. Many of the region's Internet startups offer little more than the most rudimentary services.
Assets are few and revenues are scant.
And it is not just because the Net and e-commerce are clearly here to stay. Significantly, the advent of the Internet is spurring reforms in the region's corporate landscape along lines that international economic experts have been advocating since the Crisis descended in 1997. The changes, however, are being driven by market forces rather than any high-profile requirements by the International Monetary Fund or government initiatives. In other words, the Internet revolution is altering the way Asia does business - but through the back door. The evidence is all over the place, from restructuring to compensation policies to management practices.