Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Singapore state investor Temasek joins Facebook's Libra project

Published 15/05/2020, 02:52
© Reuters. Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration taken
TEM
-
MA
-
V
-
META
-
PYPL
-

SINGAPORE (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) has joined the Facebook-backed Libra digital currency project which has faced intense scrutiny from global regulators worried its launch could erode national control over money.

The entry of Temasek, which latest figures show has a portfolio value of just over S$300 billion ($210 billion), was announced by the Switzerland-based Libra Association, the entity managing the Facebook-led (O:FB) effort, late Thursday.

Temasek becomes one the project's most prominent backers after payments giants Mastercard (N:MA), Visa Inc (N:V) and PayPal (O:PYPL) earlier ditched the scheme.

Libra, which also added cryptocurrency investor Paradigm and private equity firm Slow Ventures to its roster, said Temasek offered a "differentiated position" as an Asia-focused investor.

In a separate statement, deputy CEO of Temasek, Chia Song Hwee, said: "Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities and accelerating financial inclusion."

"Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost effective retail payments," he said.

Earlier this month, Libra appointed HSBC legal chief Stuart Levey as its CEO.

© Reuters. Shadow of a 3D-printed Facebook Libra cryptocurrency logo is seen near cryptocurrency representation in this illustration taken

($1 = 1.4236 Singapore dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.