There’s more to Yuu than meets the eye

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Hello reader,

Today’s newsletter looks at Yuu, a consumer rewards program here in Singapore. It’s got quite the marketing campaign going on, with actor Gurmit Singh taking on the mantle of his most iconic character, contractor Phua Chu Kang, to promote the program via a catchy tune.

I’ve got the Yuu app on my phone and a membership with the company, but I’m definitely not a power user. I don’t really shop at Yuu’s partners, which include Cold Storage and Guardian, so having the app is just part of my weak attempts at trying to maximize whatever rewards I can. Every penny counts, right?

For what it’s worth, I currently have a whopping 165 points on Yuu, which is equivalent to the grand sum of S$0.82 (US$0.60). Do you see what I mean when I’m not a power user?

However, while I’m not big on Yuu (yet), over 1 million people use the app in Singapore each month. And there seems to be a lot more going on with it than meets the eye.

Today we look at:

• Yuu, the Temasek-backed consumer loyalty program
• Foodtech decacorn Swiggy’s IPO plans
• Other newsy highlights such as Nvidia’s US$700 million acquisition of an AI startup and ShopBack’s expansion into New Zealand

Premium summary

Nobody, nobody, but Yuu

Image credit: Timmy Loen

Launched in October 2022, the consumer rewards program Yuu has over 1 million monthly active users in Singapore – over 15% of the country’s population – and has been downloaded almost 1.2 million times as of March 2024. We take a closer look.

• Behind Yuu: Yuu is the product of Minden.ai, a joint venture between Singapore state-owned investment firm Temasek and Hong Kong-based DFI Retail Group, which owns and operates retailers such as Cold Storage, Giant, and 7-Eleven in Singapore.
• The reason for Yuu: On the surface, the Yuu rewards program appears to be another loyalty program seeking to address a fragmented rewards space. However, the firm says it uses AI to deliver a “hyperpersonalized consumer experience.” It also claims to be “unrivaled” among loyalty programs in Singapore in terms of strength, appeal, and value to customers.
• Spending on Yuu: Marketing for the rewards platform has entailed significant costs so far. According to ACRA filings, Minden Singapore made a net loss of US$13.5 million for the financial year ending March 2023 against a revenue of US$2.6 million. It was the first financial year in which the firm reported revenue since its incorporation in September 2021.

Read more: Demystifying Yuu, the Temasek-backed consumer loyalty program

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