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Temasek, Kuehne + Nagel to invest in early-stage logistics tech firms
TEMASEK Holdings has its eye on budding logistics and supply chain technology firms worldwide - the latest move in its technology-sector venture plays.
The state investment firm will invest in early-stage companies in this area, in a tie-up with global freight forwarder and logistics provider Kuehne + Nagel.
Temasek and Kuehne + Nagel have signed a memorandum of understanding to make these investments, the Switzerland-based logistics group said in a press release on Monday. The two companies will set up a 50-50 joint venture.
Blockchain - which the meteoric rise in cryptocurrency value has made a buzzword - will be one area of focus for the collaboration, alongside Big Data, predictive analytics, artificial intelligence and robotics.
The joint venture has set its sights on funnelling funds into companies that it thinks could bank on their new technologies and services to transform traditional logistics business models and improve efficiency.
Tan Chong Lee, Temasek's president and its head for Europe and South-east Asia, said in a statement that opportunities arising from technology's growth and industry applications "have been an increasing focus for Temasek".
Meanwhile, Joerg Wolle, chairman of Kuehne + Nagel International, said: "The cooperation combines Temasek's focused and long-term oriented investment strategy and expertise, with Kuehne + Nagel's global logistics network and know-how, creating a win-win situation for all parties.
"For Kuehne + Nagel it is both another important step in the deployment of our digitalisation approach and to shape the future of our industry."