On the morning of October 27, 2022, the nation awoke to a sea of blue. Over 700 stores, major malls, MRT stations – even buses – were draped in Pantone 2727C, the signature hue of yuu Rewards Club.  

Various teams behind the launch had worked through the night, peeling back massive white sheets from posters and walls for the big reveal, as others tested QR codes and barcodes of the yuu app with point-of-sale machines, remembers Sng Ren Yeong, then-CEO of minden.ai. The Temasek venture had developed yuu Singapore in a strategic partnership with regional retail conglomerate DFI Retail Group.  

“We wanted to deliver surprise and delight – and despite the challenges of delivering at that scale, across multiple locations, and overnight – that’s exactly what we did,” he says.  

The beauty of yuu is that it integrates several brands on a single intuitive platform, says Ren Yeong. “Temasek wanted yuu to meet real consumer needs, so it partnered with brands they engaged with in their daily lives. For those brands, it provided a way to boost consumer engagement and drive sales.” In just 100 days, 1 million people had signed up, earning and redeeming points across popular brands like Cold Storage, Guardian, 7-Eleven, BreadTalk and SingTel.  

But the value of yuu runs deeper than just rewards. As more transactions flow through the system, yuu uses AI and machine learning to learn and adapt, personalising offers and ​benefits for clients, and unlocking long-term value for businesses.  

 “It has been a process of discovery, running different models to see what can create the largest impact for both the consumer and the business,” says Ren Yeong. 

 “Seeing consumers’ positive reactions, the buzz created, that was fantastic.” 

Delivering impact through AI

The idea for yuu goes back to 2018, when Temasek was considering how foundational technologies like AI, Blockchain, Cybersecurity and Digital Services ​could transform its portfolio ​businesses.​

As the potential for data to fuel AI became clearer, Temasek’s Deputy CEO Chia Song Hwee issued a team-wide challenge: create projects that could facilitate data collaboration between partners and create new revenue opportunities for all.

Ren Yeong, who had developed a love for statistics and game theory while studying economics at the London School of Economics, jumped right in. The career leap he had made in 2012 – from the military and then a hedge fund into Temasek’s Portfolio Management team as an Associate Director – had also ​forced an understanding of how to “break open” a sector for a closer look at what worked and what didn’t.

He began exploring options for how data collaborations could be facilitated, with shared benefits. Replacing “siloed and broken” loyalty points systems with a unified, smart, and secure alternative seemed a promising place to start.

While it began as a side project, the potential of AI soon ignited a consuming interest, and by 2020, Ren Yeong was intrigued enough to move to Temasek’s nascent and multidisciplinary “AI Pod” as a Director. He became Managing Director a year-and-a-half later.

“AI was still really at the fringe then – developments like ChatGPT, which would push AI into public consciousness, would only happen much later. But I was curious about the business impact AI could deliver, and was drawn to the idea of creating next-generation companies.”

He ended up doing just that when he agreed to double-hat as minden.ai’s CEO in April 2022, working with its team to bring yuu Singapore, its flagship product, to life six months later.

“We had a tight timeline, a small team, and a big challenge. It was a period of high tension, not least because technology prefers phased roll-outs to ‘big bang’ launches,” he laughs. 

In a tight symphony, contracts were locked in, marketing mechanics were put into place, and comedic contractor Phua Chua Kang was brought on board to deliver the campaign’s “earworm-worthy” sonic loop of “I want nobody, nobody but yuu!”.

Closer to the launch, “secret” town halls were held to excite outlet staff, who proudly donned yuu’s signature blue t-shirts, and filmed their own versions of the “yuu dance” – the steps of which became a social media phenomenon in their own right. 

“There was a lot of unity behind yuu Singapore when it launched. And zero glitches on the technical side,” Ren Yeong remembers. 

Today, yuu has some 1.7 million members, can be used across over 1,000 outlets in Singapore, and has brought on new partners that include Gojek, foodpanda and Great Eastern. The team now hopes to bring in even more brands, and is assessing the potential of scaling regionally.

“It’s still a work in progress. The world of AI and machine learning is changing so fast that we meet almost every week to discuss how we can experiment further and explore new business models that could bring value to consumers and businesses.”

Beyond the blue

Ren Yeong, who handed the reins of minden.ai to Chen Peng in September 2023, is now back with the team he still calls “the Pod”. He continues to oversee minden.ai’s evolution, as well as that of Aicadium, which partners with portfolio companies to scale AI, and Resaro.ai, an AI assurance firm. He also champions AI investments and the build-out of AI capabilities across Temasek and its portfolio.

What drives him now is the thrill of being on the “AI inflection point”.

“We are in the early innings of an AI platform shift… In the near future, AI will be so ubiquitous it will be assumed. So how do we move faster, experiment with it, and [leverage] new business models that emerge with AI’s proliferation? How do we turn AI into a force for economic and social good while deploying it in a safe and assured manner?

“The innovative human spirit that resides within Temasek is a foundation that we can harness to create next-generation businesses while building the capabilities of their future leaders. Sitting where I am, we’re literally watching the future unfold. I am sure there will be even more exciting opportunities in the next 50 years.”