Temasek-backed firm rides AI boom to $55.5m revenue

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In focus

• ​​Temasek-backed Temus makes bank as SG enterprises adopt AI
• Southeast Asia’s digibank race gets a fresh reality check
• From earlier coverage: How a profitable BNPL startup made its digibank push

Hello reader,

Consulting firms have had a tough year, from Deloitte getting caught using an AI chatbot for an Australian government report worth US$290,000 to McKinsey reporting a lower-than-expected global revenue growth for 2024 at 2%.

Many are laying off staff, blaming the slowdown in demand and restructuring efforts as they integrate AI. Overall, it looks like the industry, like many, is facing a crisis as AI adoption becomes more mainstream.

But Singapore-based Temus appears to be bucking that trend.

The Temasek-backed consulting firm’s mandate is to help companies in Singapore and across Asia Pacific with their digital transformation needs, from cloud migration to building AI tools. Over the past year, AI has become a key growth engine, as I noted in today’s first Top Story. In 2024, Temus’ revenue jumped 56% to US$55.5 million.

The region’s rush toward digital transformation is also reshaping its digibank landscape.

Southeast Asia is about to see a new player go public, with Superbank set to list on the Indonesia Stock Exchange this month. And unlike many Indonesian tech firms that have debuted on the IDX, it’s doing so as a profitable company.

With that in mind, we’ve refreshed our landscape map of the digibank sector. While Superbank is in the black, many other digital banks across the region are still struggling to turn a profit.

In a landscape defined by cutbacks and caution, Temus and Superbank serve as reminders that growth hasn’t disappeared. It’s just become harder to earn.

Elyssa Lopez, tech journalist

Top Stories

1️⃣ Temasek-backed Temus rides AI wave to 56% revenue surge in 2024

Temus Singapore CEO Lai Yee Ng / Photo credit: Temus

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