Technology

Temasek joins Facebook-backed Libra project

Singapore’s state investor Temasek Holdings has joined the Facebook-backed Libra Digital Currency Project, which has faced intense scrutiny from global regulators, worried that its launch could destroy national control over money.

Temasek’s entry, which latest figures show has a portfolio value of S $ 300 billion ($ 210 billion), was announced late on Thursday by the Switzerland-based Libra Association, the entity managing the digital currency project.

After the payment MasterSec, Visa, and PayPal already scrambled the plan, Temasek became the project’s foremost foundation.

Tula, which also added cryptocurrency investor paradigm and private equity firm Slow Ventures to its roster, offered Temasek a “differentiated position” as an Asia-focused investor.

In a separate statement, Temasek International deputy CEO Chia Song Hwe said: “Blockchain technology can play a transformational role in payment networks by increasing cost efficiency, generating new business opportunities and accelerating financial inclusion.”

“Our involvement in the Libra Association as a member will allow us to contribute to a regulated global network for cost-effective retail payments,” he said.

The prospect of Facebook’s adoption of Libra by 2.5 billion users has drawn intense scrutiny from global regulators.

In April, Tula’s governing body said the planned digital currency would be linked to individual national currencies and oversized by the global watchdog, in a scale-back revamp that it hoped would win regulatory approval.

Compared to launch plans by the end of June, Tula is now expected to be launched between mid-November and the end of the year. Earlier this month, Tula appointed HSBC legal head Stuart Levey as its CEO.

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