Global higher education, including that of Asia, has been facing many challenges, notably declining government funding and simultaneously increased influences of neoliberalism on its outlook, aspirations, policies and practices. This reality has put the role and purpose of higher education (HE) under testament, particularly in unprecedented crisis-induced situations such as natural catastrophes and pandemics. This article, while focussing on an Asian context, is situated in the larger picture of HE's responses to crises and what transformations that may be enabled in the process. In unprecedented crisis-induced challenges, how does HE serve the interests of the public and society? Likewise, in this context, how can HE maintain equity and social justice as part of the Sustainable Development Goals (SDGs) agenda? These very questions are critical for many societies and invite serious scholarly examination. Engaged with the literature on HE as a public/private good, HE and neoliberalism, and HE in times of crisis, this article discusses the case of the University of Dhaka -- the leading university in Bangladesh -- in its responses to the COVID-19 crisis (2020-2022). We show how HE as a public good is utmost important as governments everywhere are finding ways to incorporate the SDGs into every aspect of their HE systems. We also posit that the COVID-induced transformations of higher education in the case of the University of Dhaka have proved HE as a public good to be a robust and resilient pillar for fulfilling various stakeholders' needs and aspirations. Such transformations have affirmed the values of humanity, access and equity in HE, and these values are here to stay.