Temasek-backed tech venture launches new rewards platform for everyday shopping

SINGAPORE: With a new rewards platform launching on Thursday (Oct 27), shoppers in Singapore could soon use a single app to redeem rewards on everyday spending at Cold Storage, Giant, Guardian, Singtel and BreadTalk Group F&B outlets.

The yuu Rewards Club is a free platform created by minden.ai, a tech venture founded and backed by Temasek. 

DFI Retail Group, which operates Cold Storage, Giant and CS Fresh supermarkets as well as the Guardian and 7-Eleven outlets, also has a stake in the venture. 

On the platform, members can earn 1 yuu point for every dollar spent at the more than 1,000 participating places, said minden.ai in a press release on Wednesday. 

Every 200 yuu points can be used to offset S$1 on purchases at participating outlets, said CEO of minden.ai Sng Ren Yeong. 

The points can also be used to redeem deals and rewards from the participating brands. 

For example, 10 yuu points could net you a small hot coffee at Toast Box. Individuals who opt to save up for bigger redemptions could use 2,400 yuu points to redeem a free month of HBO Go subscription with Singtel. 

There will be no cap to the number of yuu points that can be accumulated. 

“The yuu Rewards Club was created to give consumers greater choice, convenience and flexibility, such that we can reward them for their everyday purchases,” said Mr Sng. 

“We hope to allow consumers to accumulate and earn points as they shop everyday purchases and be able to redeem them for meaningful rewards across this network,” he added.

According to a survey of 1,000 Singapore residents, 60 per cent of them said they were increasingly looking to join a loyalty or rewards programme to save money, said minden.ai in a press release. 

“It is also opportune that this platform addresses the everyday purchase habits for consumers, and we are happy that we are doing our part today to help consumers stretch their dollar to offset some of the inflationary pressures that they face in today’s inflationary environment,” said Mr Sng. 

72 per cent of respondents were looking for cost savings on purchases, and two-thirds of respondents wanted the ability to redeem points on everyday spending, the survey showed. 

Participating outlets and brands include Cold Storage, CS Fresh and Giant supermarkets, Guardian and 7-Eleven outlets. The yuu platform can also be used at the Mandai Wildlife Reserve parks - the Singapore Zoo, the Night Safari, River Wonders and Jurong Bird Park. 

Members can also earn yuu points at BreadTalk, Toast Box, Food Junction, Food Republic, Food Opera, Butter Bean and Thye Moh Chan, as well as on Singtel products. 

There are also offers specific to each brand. For example, if customers use the yuu platform at Giant, they could redeem offers like double the number of points on fresh vegetables and fruits, laundry items, rice, milk and cream, and triple the points on Meadows brand items. 

All of these offers can be stacked in the same transaction, and will automatically apply when individuals shop at the participating outlets, said Mr Sng. 

“We are happy to welcome more partners to come on board. Today we have some of Singaporeans’ favourite household brands that really are very consumer-centric in prioritising to reward their consumers. We hope to welcome more brands in time to come that equally focus on consumers as well,” said Mr Sng. 

To start earning yuu points, consumers need to download the yuu app, which is now available on the Apple App Store, Google Play Store and Huawei App Store. 

After they register for their yuu account, they will have a unique ID. Before paying at participating partners, they should scan their unique QR code or barcode. Members can see their point balance on the app and use the points to offset purchases or redeem rewards. 

Cashiers at the participating outlets have been trained to assist consumers who may be interested in joining the platform, said Mr Sng. 

Responding to a question on why minden.ai opted to focus on rewards and offers over cashback, Mr Sng noted that different consumers have different preferences. 

“Some consumers prefer cashback discounts, others prefer to accumulate and earn points so they can redeem it for meaningful rewards,” he said. 

“You may use your points to offset purchases, but if you save and accumulate them to a certain amount, you may find a reward for which there’s a big discount for, that you can redeem your points for,” he added. 

When brands know about the demand for such rewards, they may also be able to purchase them at a cheaper price or deliver these items at a greater scale, he added. 

As customers interact with the platform over time, minden.ai hopes to leverage technology to personalise the rewards, said Mr Sng. 

“If we understand both the consumer preferences as well as what’s available within our partner inventory network, they can reward the consumers in a much more meaningful way by making the rewards not only relevant but rewarding as well,” he added. 

minden.ai has also partnered with DBS and PAssion Card on the platform. 

DBS will launch a new DBS yuu credit card on Thursday, and these users can earn up to 30 times the points when they shop and make payment with this card at partner stores. 

Individuals who have a PAssion card or PAssion POSB debit card can also link their cards to the platform. Spending with the debit card or tapping the PAssion card at DFI outlets also earns yuu points. 

After accumulating yuu points, members can also choose to donate them to community projects and charitable causes such as PAssion CARES, a pay-it-forward initiative driven by the People’s Association via the yuu app, said minden.ai in the press release.