Why is Temasek launching its own startups?

More: Progress with flying cars and a Gobi-backed VC begins its investing journey [Read from your browser]( Daily Newsletter Hello {NAME} I’m a creature of habit. For the most part, I love routines, and this extends to my leisure time as well; I don’t tend to pick up new interests often. That said, the itch to try something new does happen from time to time, and I dove into the world of tabletop role-playing games for the first time relatively recently. Besides being a player, I’ve also run a game for friends, which is fun in its own storyteller-manipulator way. Apparently, this thirst to try new things happens to sovereign wealth funds as well: Singapore’s Temasek isn’t just investing in large corporations anymore. It has launched some startups of its own, becoming players in the blockchain, cybersecurity, and vertical farming industries, among others. Today we look at:, - Temasek’s [moves in the startup world]( - How partnering with Grab for digital banking has already shown results for Singtel - Other newsy highlights such as the future of flying cars and the first investments of a new Gobi Ventures-backed VC firm  ---------------------------------------------------------------  PREMIUM SUMMARY  Giants can be agile too Singaporean sovereign wealth fund Temasek is putting some serious investment into early-stage startups, launching and running its own enterprises. These moves give it the opportunity to grow alongside the companies, and also gives it deep insights into emerging technologies that could impact its overall investment portfolio. - Spice of life: Temasek’s latest projects are in the varied fields of blockchain technology, recruitment, and B2B marketplaces. It also has its fingers in the cybersecurity and vertical farming pies. - Blockchain as an enabler: Affinidi, Temasek’s blockchain startup, is crafted to adapt to different scenarios. Its technology has been used in the recruitment sector, insurance, and even in verifying Covid-19 swab test results and health credentials. - Adjusted appetite: The early-stage startup world presents many new kinds and levels of risk, but Temasek says that it’s well-placed to address various challenges and gaps. This is due to its long-term view and orientation, its ability to provide capital over longer horizons, and its more patient stance toward a path to profitability. Read more: [The investor’s gambit: Temasek launches its own startups](  ---------------------------------------------------------------  NEWS SPOTLIGHT  Singtel + Grab=shares go up Shares of Singtel jumped after its digital banking venture with Grab was awarded a license to operate in Singapore. The multinational telecommunications conglomerate saw [its stock rise by as much as 11%]( - its biggest jump since October 2008. - The cause to the effect: Late last week, the Monetary Authority of Singapore awarded a digital full bank license to the Grab and Singtel consortium. The two entities had announced their joint bid in December last year, with Grab owning a 60% stake in the consortium entity and Singtel holding a 40% stake. - People moves: Grab and Singtel appointed Charles Wong as the chief executive of their digital bank, who brings with him over 20 years of experience in financial services. The group will also set up a team of 200 people by the end of 2021. - The pitch: The consortium positioned its bid around the financial needs of digital-first consumers as well as small and medium-sized enterprises that face a lack of access to credit.  ---------------------------------------------------------------  IN PARTNERSHIP WITH Pitching competitions provide more than funding The term “pitching competition” brings to mind images of nervous and passionate founders onstage, thoughtful and skeptical judges, and giant novelty checks being awarded to winners. That last one underscores the importance of the prize money to a startup’s future prospects, but winning such competitions really [go beyond that injection of funding](. Awards bring credibility and recognition. Potential clients who were once uncertain about taking a bet on a startup would be encouraged by the seal of approval that winning these competitions provide, while others who have not heard of the startup would learn about them. Taking part in pitching competitions also opens doors to learning and networking opportunities: Participating investors can provide mentoring, and pitch coaches offer tips that founders can add to their arsenal for future deal-making conversations. As Pierluigi Berna, marketing manager at biotech firm Themis Industries, puts it, “You’ll find people who are ready to teach you everything.” In [this article]( you can find out how these benefits played out for Themis and IoT startup Whizpace when they took part in Slingshot, an annual startup pitching competition that takes place during the Singapore Week of Innovation and Technology (SWITCH).  ---------------------------------------------------------------  QUICK BYTES  1️⃣ Going back to the future A lot of attention has been paid to electric cars, but there’s been progress in the field of the original next step in automobility: [Flying cars](. Xpeng Motors, AMSL Aero, and SkyDrive are just a few of the names making strides in the scene, and Morgan Stanley predicted in 2018 that the market's size could reach US$1.5 trillion by 2040. That said, laws and traffic regulations for flying cars will need to be developed, and commercialization at a global scale is another big challenge that needs to be overcome.  2️⃣ A Gobi Ventures-backed Pakistani VC is making moves Techxila Fund I, the maiden fund of Pakistani VC firm Fatima Gobi Ventures, [has invested in five startups](. The companies operate in a variety of industries, from ecommerce and travel to fintech and logistics. All of them are driven to give Pakistani consumers and businesses a boost, the VC firm said in a statement.  3️⃣ More investment pours into the Singapore blockchain scene Enterprise Singapore, the Infocomm Media Development Authority, and the National Research Foundation Singapore [have launched a S$12 million (US$8.9 million) program]( to further strengthen the city-state’s blockchain ecosystem. Supported by the Monetary Authority of Singapore, the Singapore Blockchain Innovation Program will engage close to 75 companies including multinational corporations, large local enterprises, and information and communications technology firms.  4️⃣ Another day, another SpaceX launch SpaceX launched its 21st Commercial Resupply Services mission for NASA to the International Space Station on Sunday using a [brand new variant of its Dragon capsule spacecraft](. This new cargo Dragon has greater carrying capacity and can dock fully autonomously with the Space Station, both of which are improvements over its last iteration.  5️⃣ Facial recognition in public toilets…? Mounting concerns over privacy have pushed Chinese authorities to pause [the use of facial recognition technology in a public loo]( in Guangdong province’s Dongguan city. The technology was used to recognize individuals and limit the amount of toilet paper that could be taken within a certain amount of time.  ---------------------------------------------------------------  EVENTS HAPPENING - Engage and Retain: The Best Practices for Customer Retention on December 10 Hear from experts as they share the strategies used to retain and engage their customers in their businesses. Discover how you can increase your customers’ lifetime value while building amazing relationships with them and boosting your revenue. [RSVP here]( - ** Live Event ** Understanding the M&A process with Singlife-Aviva Singapore merger on December 17 As we close the year, let’s look at the state of startup exits in Southeast Asia and the potential of the region’s startups for building great businesses and selling them to a healthy market. [Hear]( from Walter de Oude, founder and group CEO of Singlife, about the lessons he has learned from the recent Singlife-Aviva Singapore merger, which is valued at US$3.2 billion. *Core and Live subscribers can RSVP at no extra cost! - Magnify China 2020 on December 18 KrAsia's flagship subscriber event aims to help you better understand the evolving business landscape in Asia. This upcoming event will bring you closer to China's noteworthy startups in today's hottest industries: consumption, education, healthcare, and enterprise solutions. You can sign up for free [here](.  ---------------------------------------------------------------  WHO'S HIRING - [Business Development Executive]( at Rimm Sustainability Pte Ltd (Singapore, Singapore) - [Front End Engineer]( at SIRCLO (Tangerang, Indonesia) - [Jr. Hub Manager (Bali)]( at GoWork (Kuta, Indonesia)  ---------------------------------------------------------------  SHARE WITH YOUR FRIEND Share this with a friend to brighten up their day and to keep them in the loop with what’s going on in the region’s tech scene. Feel free to [drop us feedback]( if our newsletter today got you feeling smarter (or if it didn’t).  ---------------------------------------------------------------  Thanks for reading! Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi (or tea). [ADVERTISE]( | [PREMIUM]( | [JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Was this forwarded to you? You can read this everyday when you sign up [here](. Don't want to receive these emails anymore? [Unsubscribe](.  ---------------------------------------------------------------  Today’s edition is written by Winston Zhang, with contributions from Nikita Puri and Miguel Cordon. It’s edited by September Grace Mahino. Copyright © 2020 Tech in Asia, All rights reserved. 51 Bras Basah Rd, #05-5061, Singapore 189554