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

ASIA BUSINESS COUNCIL HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY Executive Summary Extraordinary Endeavors in Turbulent Times 5 Temasek (Singapore): Tapping Investment Expertise and Diverse Networks to Help Fight the Virus Among its many initiatives in response to the COVID-19 pandemic, Temasek’s investments in medical initiatives best demonstrate its agility, resourcefulness, and innovation. Widely seen as one of the most sophisticated government-owned investors in the world, the Singapore-based company has been applauded for tapping its diverse networks and expertise to find solutions for global shortages of medical supplies such as swabs, testing equipment, and masks. Collaboration with small and medium enterprises (SMEs) was a recurring theme in Temasek’s initiatives during the pandemic. Not only did this help ramp up local manufacturing capabilities; it also allowed SMEs to thrive in a harsh business envi- ronment. Temasek’s response to the COVID-19 pandemic has no doubt prompted a rethink of the traditional boundaries of philanthropy and social responsibility. Yoma Group (Myanmar): Accelerating Financial Inclusion in a Time of Social Distancing For Myanmar-based conglomerate Yoma Group, the COVID-19 pandemic was a defining moment in its service to the country. Although its acquisition of mobile financial services operator Wave Money was planned before the pandemic, it was the trying times of 2020 that truly underscored the importance of mobile money in promoting financial inclusion in Myanmar. The widespread use of Wave Money was significant in Myanmar because most of the population has no access to banking services. From sending money to family members to distributing government aid, Wave Money was a true game changer, especially since its coverage reaches 91 percent of the country and 90 percent of rural areas. Partnering with the Myanmar government, Wave Money promoted transparency and helped to minimize corruption for relief aid, in fitting with Yoma’s mission to “build a better Myanmar for its people”.