Singapore's Temasek in for long haul with in-house startups

Like most air carriers, Singapore Airlines has suffered during the coronavirus pandemic. But since December, passengers flying the airline from Jakarta or Kuala Lumpur have received a lift from a digital health tool developed by a small startup owned by Temasek -- Singapore's state-owned global investment giant. Singapore Airlines is one of a number of carriers using travel pass software from Affinidi, one of Temasek's little-known startups. The software verifies the authenticity of flyers’ COVID-19 test results. One of its main features is that it supports different health passports, making it simple for airlines to screen passengers. Temasek has been a prolific investor in tech companies. But what differentiates Affinidi from Temasek's other holdings is that it is homegrown, established by the state-owned investor as part of a move to fund ventures at the earliest possible stage. Temasek is not just backing promising young companies, it is also making them. "As an investor, we have full flexibility to either invest in existing solutions or create new ones, depending on the opportunities we have identified," said Chia Song Hwee, deputy CE of Temasek International. Temasek International is the commercial arm of Temasek Holdings, created to undertake investments so that its parent can focus on stewarding Singapore's reserves. This month Temasek International is expected to reveal the performance of its portfolio over the 12 months to March.<br/>