Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

ASIA BUSINESS COUNCIL HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY 7 4 Temasek (Singapore) Extraordinary Endeavors in Turbulent Times security for confidential information. As another example, there is a need for distributed ledgers and blockchains to do transactions safely and to safeguard sensitive information. In the future, there will be an emphasis on digital literacy in the workforce, and this will determine which companies can emerge and evolve, as well as which companies need protecting or nurturing. Finally, COVID-19 has also resulted in the fragmentation of the global supply chain, and more governments and cross-border businesses will seek to ensure independent critical functionality, particularly in smaller countries like Singapore. Business costs will go up, but the cost of not having access to critical capabilities and essential products and services can be catastrophic. So, there will also be a need for more international cooperation, partnership, and education. A global invest- ment firm like Temasek seems well placed to support initiatives on a global scale. Conclusion In many ways, Temasek is a unique organization, wholly owned by the Singapore Government, yet managed according to commercial principles, and deriving its funds from investment returns. In 2020, Temasek showed that it could, among its many endeavors, leverage its investment expertise and diverse networks to bring rapid solutions to the public health crisis. In these highly unusual times, Temasek’s response to COVID-19 no doubt prompts a rethink of the traditional bounds of philanthropy and social responsibility. Endnotes 1 “BioNTech to Raise USD 250 Million in Private Placement.” BioNTech press release. June 29, 2020. https://investors.biontech.de/news-releases/news- release-details/biontech-raise-usd-250-million-private- placement 2 “Temasek-led investor group in US$250 million vaccine bet on BioNTech.” Channel News Asia . June 29, 2020. https://www.channelnewsasia.com/ news/business/covid-19-temasek-investor-group-vaccine- biontech-12881470 3 “PFIZER AND BIONTECH ANNOUNCE VACCINE CANDIDATE AGAINST COVID-19 ACHIEVED SUCCESS IN FIRST INTERIM ANALYSIS FROM PHASE 3 STUDY.” Pfizer press release. Nov. 9, 2020. https://www.pfizer.com/news/press-release/ press-release-detail/pfizer-and-biontech-announce-vaccine- candidate-against 4 Transforming economies, growing middle income populations, deepening comparative advantage, emerging champions. 5 Longer lifespans (healthcare), rising affluence, sustainable living, smarter systems, more connected world, sharing economy.