Tracing Temasek's web of influence across SEA's tech ecosystem

Check out our top articles for the week. [Read from your browser]( Top Stories of The Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} I went to North Goa last week, and the trip made me realize how dependent I’ve become on Google Maps. I don’t only use it for directions, but I also rely on it to find restaurants or even book hotels. I’m always amazed by how Google Maps makes it so easy to unearth hidden gems. Just click on the pin mark and you can see photos, customer reviews, and even prices of a quaint eatery or a bed and breakfast. Google’s developers deserve all the kudos for creating such a vital tool that has evolved over the years, thanks in no small part to users providing information. I also tried my hand at map-making to chart and explore the growing influence of Singapore’s Temasek, the state-owned firm that has been around for decades. While it doesn’t even come close to what Google Maps does, I pinpointed as many of Temasek’s own firms, acquisitions, and investments as possible and gave a peek into what each of these companies do. There are several arms and divisions that I honestly didn’t even know about until I started wading through this large body of data. Although the article was first published in November 2022, I was surprised at how many more companies Temasek has invested in, acquired, or launched since then. Clearly, this map needed updating. While Temasek’s influence in the tech startup space has been on the rise, what was new to me was its venture into philanthropy. It now has three firms in the space. In April, the company acquired India-based hospital chain Manipal Health for US$2 billion. Temasek made the deal through its Sheares Healthcare arm. I’m sure Temasek’s web of influence in the tech startup ecosystem will continue to grow, and I hope to regularly update this map. But like Google Maps, I also depend on the contributions of others including you, our readers. So do reach out to me for any pins that I should add to this map. -- [Collin Furtado]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Mapping Temasek’s role in the startup space (updated)]( The Singapore-based investor has launched 28 companies, including 14 investment firms and a venture-building arm, in its quest for disruptive businesses. 2. [SG digibank GXS trails Trust in adoption as deposit cap hampers growth]( According to industry estimates, Trust has close to 60x more monthly active users than GXS even though they launched a day apart. 3. [Carro’s fintech and other verticals get spotlight amid increased operating losses in FY 2022]( Operating losses widened in FY 2022, but the company says it’s on track to achieve a record EBITDA in its current financial year. 4. [Going against Gojek, Grab: lessons from a defunct startup]( Edy Wihardja shares his experience building Antar ID, a short-lived motorcycle ride-hailing firm that once attempted to compete with Grab and Gojek. 5. [Bukalapak’s financial performance in 7 charts]( These charts help visualize the latest financial figures reported by Indonesian ecommerce major Bukalapak. 6. [Ion Mobility secures temporary injunction against ex-COO]( The court order restrains Joel Chang from being involved in the operations of another Singapore-headquartered startup until further orders. 7. [SG firm mints profits from waste management]( An acquisition-fueled growth strategy helped Blue Planet, a waste management firm valued at US$321 million, turn profitable in the last two years. 8. [Indie game studio sees paw-sibility of millions from new title]( Singapore-based The Gentlebros earned US$3.8 million in gross profit from the release of two games with no funding. We look at how it did this. 9. [Exclusive: RedDoorz lays off about 90 employees in ‘non-core’ markets]( The hospitality firm is consolidating its business to focus on Indonesia and the Philippines, which contribute about 95% of its annual revenue. 10. [Rebuilding trust in crypto: Cobo seeks to revamp digital asset storage]( The Fireblocks challenger aims to be the be-all and end-all when it comes to storing digital assets. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - [Tech in Asia’s Product Development Conference 2023]( from May 16 to May 17 Tech in Asia’s Product Development Conference is back! This year’s edition, which will be held in person in Jakarta, will feature over 20 industry leaders, experts, and innovators sharing the latest trends and strategies that can accelerate product development growth. 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