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May 16, 2020

Singapore Sovereign Fund Temasek Joins Facebook-Backed Libra

The Swiss-based Libra Association (May 16) said that Singapore’s state-owned investment company Temasek (Temasek) has joined the Facebook-backed Libra project to seek to establish a worldwide digital payments network.

Temasek is one of the three new members announced by the association, including cryptocurrency investment firm Paradigm and private equity group Slow Ventures, both based in California.

Dante Disparte, vice chairman of the association, said: “The addition of these three new members to the Libra Association demonstrates our commitment to building a diverse organizational group that will contribute to Libra’s governance, technical roadmap and release preparations. ”

Chia Song Hwee, Temasek ’s Deputy Chief Executive Officer, said: “Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments.”

Libra is a high-profile project initiated by Facebook. It was originally scheduled to start this year, but has been severely criticized by some of the most influential financial institutions in the world.

Libra supporters believe that it can help people outside the banking system by reducing the cost of multiple payments and transactions. Critics say this may disrupt the global monetary system and currency market.

 

source: https://www.thestar.com.my/news/regional/2020/05/16/singapore-sovereign-fund-temasek-joins-facebook-backed-libra

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