Singapore’s Sovereign Wealth Funds
Through Temasek and GIC, the government of Singapore stewards its economic assets and helps achieve long-term strategic outcomes that also quietly shape global tastes and trends.
Sovereign wealth funds are state-owned investment funds tasked with stewarding and growing the state’s wealth for long-term use. The government of Singapore owns and runs two sovereign wealth funds with an estimated total of assets under management of about $1 trillion. With a net portfolio value of about $300 billion, Temasek Holdings operates like an active equity investment firm and wholly or part-owns many of Singapore’s most important companies, as well as holds shares in major foreign corporations like BlackRock.1 GIC instead operates like a passive asset management company and, though it doesn’t officially disclose figures, is estimated to manage between $700-800 billion of assets.2 The two funds contribute up to 20% of Singapore’s government budget and serve as mechanisms for implementing Singapore’s overall geopolitical and economic strategy, with notable repercussions for the global strategic landscape as well.
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Singapore is an affluent maritime city-state of 5.4 million people, whose economy depends on globalization and the country’s strategic location on the Strait of Malacca, where most trade between East Asia and the rest of the world transits. Through a combination of social technologies like dynastic rule, generalist civil service, and a one-party state through the ruling People’s Action Party (PAP), Singapore’s government is a live player. The government’s long-term national strategy aims for self-preservation of the tiny country through a combination of white-collar economic growth in fields that don’t require more people or space, such as finance, software, and automation, as well as autarky in basic necessities like agriculture, energy, and defense.
The government pursues its strategy through conventional institutions like ministries, diplomatic corps, and the military, but it also uses its two sovereign wealth funds to influence the global economy in a direction favorable to Singapore. Both funds primarily invest abroad and strive for competence and professionalism according to the norms of London and Wall Street finance. Though the government officially does not influence their financial decision-making, in reality the leadership of both funds are stacked with political insiders with close ties to the PAP and the faction of Prime Minister Lee Hsien Loong, who has ruled Singapore since 2004 and whose father Lee Kuan Yew founded the country.
What Assets the Funds Own and Manage
Temasek serves something of a dual role as both the owner of important Singaporean companies, as well as an active investor in foreign companies. Due to its former role, this means many of Singapore’s key companies are actually state-owned through Temasek. In fact, much of Singapore’s basic economic infrastructure, in everything from energy to transport to communications, is actually state-owned, especially through the sovereign wealth funds. For example, Temasek wholly owns PSA International, which owns and operates the Port of Singapore, the second-largest port in the world by container shipping volume after only the port of Shanghai.3
It is not unusual for governments to own or operate key national economic assets, whether these are nuclear power plants, arms factories, or shipping canals. But for a country as small as Singapore, there is arguably only enough space in many industries for just a single company that can benefit from economies of scale. Such natural monopolies are then state-owned, but the state ownership is laundered through a sovereign wealth fund to create accountability and incentives for profitable and competent management, giving control over these assets to financial professionals rather than bureaucrats or military figures.
Temasek also wholly owns: Pavilion Energy, a liquefied natural gas (LNG) supply and trading company; Singapore Power, the country’s only electrical and gas utility company; SMRT Corporation, a public transport provider; Mediacorp, a television and radio conglomerate; and three separate firms that invest, manage, and develop real estate internationally. Temasek majority-owns Singapore Airlines, the national telecommunications company Singtel, and two engineering and infrastructure firms, Sembcorp Marine and ST Engineering, which combined have a wide variety of expertise in everything from offshore oil rigs to defense and aerospace.
Temasek further owns substantial minority shares in yet more important Singaporean companies, like a 29% share in DBS Bank, one of Singapore’s three largest banks, and a 40% share in SATS, which runs services for Singapore’s Changi Airport, the country’s main international airport and one of the busiest airports in the world. The airport itself is wholly owned directly by the finance ministry, rather than the sovereign wealth funds. Temasek also has a 16% stake, the largest of any shareholder, in Standard Chartered bank, a London-based bank that does not conduct retail banking in the United Kingdom, but derives the vast majority of its profits from Asia and Africa.
Internationally, Temasek has minor shareholdings in a wide array of important financial institutions, as well as both Chinese and American tech companies. For example, the fund has a 7% stake in the Dutch financial services company Adyen, which is in many ways a key competitor to U.S. company Stripe. It also has a 3.4% stake in giant asset manager BlackRock, which has a close relationship with the U.S. government. This makes Temasek the largest foreign shareholder in BlackRock and the third-largest outside shareholder overall, behind only fellow U.S. giant asset managers Vanguard and State Street.4
On the U.S. side, Temasek owns very small stakes below 1% in Visa, Mastercard, and PayPal. The value of these stakes is in the hundreds of millions, however, and represent some of Temasek’s most valuable foreign shareholdings, along with stakes in Airbnb, Nvidia, Roblox, VMWare, DoorDash, Amazon, and more.5 On the Chinese side, Temasek also owns small stakes in China’s top e-commerce and social media companies, including Alibaba, Tencent, JD.com, and Meituan. Notably, Temasek also owns 1-2% stakes in two of China’s largest state-owned banks, China Construction Bank Corporation and Industrial and Commercial Bank of China.
Temasek also has notable investments in biotech and pharmaceutical companies in Germany and South Korea. It has a 3% stake in Bayer, one of Germany’s oldest and largest chemical and pharmaceutical companies, as well as a 2% stake in BioNTech, the German company which partnered with Pfizer to produce one of the most-used COVID-19 vaccines in 2020. It also has a 4% stake in South Korean biopharmaceutical company Celltrion, whose founder is one of the wealthiest people in the country.6 Temasek also has a notable 35% stake in the Indian subsidiary of Schneider Electric, a giant French electrical equipment manufacturer.
In contrast to Temasek, GIC is more opaque and passive. It is far larger by assets and its name originally stood for “Government of Singapore Investment Corporation.” With nearly 1500 employees, the fund has pursued a strategy of increasing private equity and real estate investments since 2013.7 As of March 2022, 37% of GIC’s portfolio was in nominal bonds and cash, 17% in private equity, 16% in emerging market equities, 14% in developed market equities, and 10% in real estate. By region, GIC is notably heavily invested in the United States, which makes up 37% of its portfolio. Adding the United Kingdom, the Eurozone, and Japan pushes the percentage up to 56%, meaning GIC is very much financially invested in the U.S.-aligned developed world. Asian investments, including China but excluding Japan, make up only 25%.
GIC has reportedly made significant investments over the years in Silicon Valley software companies like Stripe, Zoom, Brex, and Snowflake.8 Overall, the foreign investments of GIC and Temasek suggest that the government of Singapore is informed and bullish on the global financial and consumer technology sectors, especially in the United States, but also in Asia and Europe. While the sovereign wealth funds have made some limited bets on companies in South or Southeast Asia, these do not rise to the status of an overarching strategy based on economic development in the region.
This is largely expected, since like any nationally important fund, the funds are mainly tasked with stewarding their endowments with relatively safe bets, rather than taking risky bets that may or may not pay off. Both funds have performed decently over their histories, with GIC reporting a 20-year real return of 4.2% above global inflation, and Temasek reporting a total shareholder return of 14% since inception.9 These are nowhere near mind-blowing figures, but show success at the mission of preserving the government’s financial wealth. This does not, however, mean that the funds cannot be used to make riskier or more strategic investments when the government of Singapore deems necessary.
Personnel, Leadership, and Relationship to the Government
Temasek was founded in 1974 to manage assets previously owned directly by the government, including naval yards and steel mills. GIC was founded in 1981 by Goh Keng Swee, one of Singapore’s founding fathers, who was then serving as deputy prime minister and central bank chairman under Lee Kuan Yew. Goh wanted GIC to more effectively manage and grow Singapore’s foreign currency reserves and budget surpluses. Both Temasek and GIC are special “fifth schedule” companies that are wholly owned by the government through the Ministry of Finance and require the President of Singapore’s approval to appoint board members or draw down financial reserves.
Alongside the central bank, the two sovereign wealth funds provide regular funding to the general budget of the government through the so-called “net investment returns contribution,” which is capped at 50% of returns on assets or investment income.10 For 2022, the contribution is expected to be about $16 billion, equivalent to about 20% of the government’s budget.11 While other countries as diverse as Russia, Saudi Arabia, and Norway use their sovereign wealth funds to fund government budgets—in 2021 the Norwegian fund reached 25% of the national budget12—Singapore is unique because the fund is not primarily capitalized by oil or gas revenues.
In terms of personnel, both GIC and Temasek employ financial professionals from the wider financial sector. Temasek’s investment executives are a mix of both local Singaporean and U.S., British, and European professionals, with alumni from large global banks like Citigroup, Goldman Sachs, and Barclays. The CEO of GIC since 2017 has been Lim Chow Kiat. He has spent his entire career at GIC, first joining 1993 as a portfolio manager and rising up the ranks. All of GIC’s top executives have had essentially the same career path, joining GIC decades ago. All are Singaporeans.
Officially, the government is not involved whatsoever in the day-to-day operational and financial decision-making of either GIC or Temasek. In practice, it is. In one very prominent example, from 2002 to 2021, the executive director and CEO of Temasek was Ho Ching, the second and current wife of Prime Minister Lee Hsien Loong, whom she married in 1985 and with whom she has two children. Ho was responsible for reorienting Temasek away from domestic investment to a more international outlook focused on long-term returns.13 In 2021, Dilhan Sandrasegara took over as CEO of Temasek from Ho Ching. A lawyer by training, Sandrasegara was a managing partner at a prominent Singaporean law firm before joining Temasek in 2010 and rising through the ranks. Sandrasegara seems like a conventional civil servant and an unobjectionable choice for the top post.
However, the deputy CEO of Temasek since 2019, Chia Song Hwee, has had a notably diverse career.14 He began his career working for the U.S.-based oilfield services giant Schlumberger, which has been a key player in the U.S. fracking boom. Chia was an executive for Schlumberger’s drilling operations in Asia. In 1996, he joined Chartered Semiconductor, Singapore’s essentially state-owned semiconductor manufacturing company, whose long-time chairwoman was none other than Ho Ching.15 Serving in multiple different executive roles, in 2002 he then became the president and CEO of Chartered Semiconductor and remained in that role until it was acquired by GlobalFoundries in 2009. Chia then became chief operating officer of GlobalFoundries until 2011, when he joined Temasek. He served as Temasek’s chief operating officer before being promoted to deputy CEO.
It seems likely that Chia is a long-time ally of Ho Ching. Although the average personnel of the sovereign wealth funds are drawn from the wider Singaporean and global financial sectors, it only takes a few well-placed executives at the top, who are key personal allies of Singapore’s political elite, to steer these institutions in the desired direction. Since the funds are run like professional financial firms in the private sector, rather than like government bureaucracies, it is much easier for executives at the top to exercise actual control over the institutions.
The chairman of Temasek’s board of directors is 75-year-old Lim Boon Heng, who has served in that position since 2013. Lim is a notable ally of former Singaporean prime minister Goh Chok Tong—who was prime minister from 1990 to 2004 between the elder and younger Lees—who brought him into politics in 1980, having known him as a colleague in Singapore’s shipping industry. Lim simultaneously had a career as a functionary and later Secretary-General of Singapore’s national trade union, as well as a political career in Singapore’s parliament and the position of minister without portfolio during Goh Chok Tong’s tenure as prime minister. From 2004 to 2011, Lim served as the chairman of the People’s Action Party.
The rest of the board includes prominent Singaporean businesspeople and former civil servants, but it also includes exactly four very prominent foreign members, one each from China, the U.S., Europe, and Southeast Asia. Fu Chengyu is the former chairman and CEO of China National Offshore Oil Corporation, and more recently the former chairman of Sinopec, China’s largest state-owned oil and gas refining conglomerate and the fourth-largest company in the world by revenue, after only Walmart, Saudi Aramco, and Amazon.16
Jaime Augusto Zobel is the chairman of Ayala Corporation, one of the largest and oldest conglomerates in the Philippines, as well as chairman of one of the country’s major banks and of one of its major telecommunications providers. Despite being Filipino by nationality, Zobel is of Spanish-German descent and his company is a family business that goes back to the 19th century. Peter Voser, a Swiss executive, is the chairman of the Swiss-Swedish conglomerate ABB, which is one of the world’s most important manufacturers of industrial robots and other electrical equipment. From 2009 to 2013, he was also CEO of oil major Royal Dutch Shell, one of Europe’s single largest corporations.
The American Robert Zoellick, finally, is a professor at Harvard University’s Kennedy School of Government, who formerly served in the administrations of both Presidents George H. W. Bush and George W. Bush, the latter time as U.S. Trade Representative (2001-2005) and Deputy Secretary of State (2005-2006). He then served as President of the World Bank from 2007 to 2012. Zoellick was a prime candidate to be Mitt Romney’s Secretary of State, should he have won the presidency in 2012.
These prominent and very specific appointments are a notable indicator of Singapore’s independent foreign policy based on balancing between the U.S. and China to preserve a globalized economy. The symbolism of the former chairman of China’s largest state-owned company serving alongside a former U.S. cabinet member on the board of Singapore’s state holding company gives a very clear picture of the kind of world Singapore wants.
In contrast, GIC’s board of directors is heavily stacked with Singapore’s top political leaders. To begin with, the chairman is none other than Lee Hsien Loong himself. The deputy chairman is Tharman Shanmugaratnam, one of Lee’s close allies and the serving head of Singapore’s central bank. Heng Swee Keat and Teo Chee Hean, who, with Shanmugaratnam, make up Singapore’s three “coordinating ministers” are also on the board, as is Lawrence Wong, the finance minister, deputy prime minister, and Lee’s explicitly-named successor. GIC’s international advisory board includes executives from German financial giant Allianz, the U.S. investment firm Bridgewater Associates, and Sutter Hill Ventures, one of the oldest venture capital firms in Silicon Valley.
Notably, GIC is also partially responsible for managing the $544 billion in funds held by the Central Provident Fund (CPF), Singapore’s mandatory pension and social benefits scheme. The CPF invests in guaranteed “Special Singapore Government Securities,” the proceeds of which are then invested by the government through the central bank and GIC, though not through Temasek.17 Since the funds are “commingled,” it is unclear how much exactly is managed by GIC, but GIC has over time grown in importance compared to the central bank. For example, a new law passed in 2022 allowed about $137 billion in reserves to be effectively transferred from central bank management to GIC.18
Singapore Uses its Funds for Strategic Investments
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The government of Singapore makes strategic investments through its sovereign wealth funds to support Singapore’s national geopolitical and economic strategy. The opaqueness and passive nature of GIC makes it difficult to untangle examples from GIC, but it is clear at Temasek, which is both an active investor and relatively transparent about its dealmaking.
Singapore imports over 90% of its food consumption and has less than 1% of its tiny amount of land dedicated to agriculture. As a result, the city-state is highly vulnerable to any pressure on its food supply. In 2019, the government launched the new Singapore Food Agency with the goal of increasing self-sufficiency in food to 30% of consumption by 2030. This plan will necessarily depend on novel technologies and techniques like indoor vertical farming or creating food from insects and algae, rather than standard agricultural practices that require lots of land.
Since 2015, Temasek’s life sciences and agriculture investments have more than quadrupled from about $6 billion to about $27 billion, now making up about 10% of the entire fund’s portfolio.19 Temasek was an “early investor” in the U.S. company Impossible Foods, which is perhaps the most prominent company selling plant-based substitutes for meat, for example through the “Impossible Burger.”20 In 2019, Temasek led Impossible Foods’ $300 million Series E funding round.21 Between 2018 to 2022, Temasek also invested in multiple rounds of funding for the French company InnovaFeed, which manufactures animal feed from insects.22 InnovaFeed has raised a cumulative total of at least $450 million.23 Temasek has also invested in the Israeli startup Aleph Farms, which “3D prints” animal meat by growing animal cells in a lab.24
Such food substitutes are typically marketed in developed countries as better alternatives since their production purportedly requires fewer carbon emissions that affect global warming, or because they are morally superior to food production that requires slaughtering animals. Food substitutes have been often promoted by governments as a form of rationing during wartime. In this case, it is notable that one of the largest funders of this new global industry is in fact a relatively tiny but wealthy government that wishes to be prepared for a war footing due to its unique geographical characteristics.
Consumers of such food substitutes in the developed world are thus, each in a small way, subsidizing the war plans of Singapore’s government. Temasek has not only invested in speculative food substitutes, but also in companies working on new methods for irrigation, indoor farming, fish farming, and more, all of which could help support Singapore’s food supply. But this shows the influence the Singaporean government can have on consumer preferences and even agriculture in the wider world through the investments of its sovereign wealth funds.
Temasek has also been a major investor in cryptocurrency. It invested a total of $275 million in the cryptocurrency exchange FTX, which eventually collapsed and whose founder Sam Bankman-Fried is facing criminal fraud charges in the U.S.25 Through the Singaporean venture fund Vertex Ventures, which Temasek has heavily backed and was at one point a full subsidiary, the sovereign wealth fund has also invested in Binance, currently the largest cryptocurrency exchange by volume. In 2022, Temasek also led a $200 million funding round for the cryptocurrency exchange company Amber Group, as well as a $110 million round for the “blockchain gaming” and non-fungible token (NFT) company Animoca Brands.26
Cryptocurrency holds a lot of promise for Singapore, since it is in many ways an entirely new and unusually profitable sector of finance, which has otherwise become more bureaucratic and less able to produce returns, even as Singapore’s future economic growth will heavily depend on the financial sector. Compared to most countries, Singapore has already implemented a relatively developed legal framework for cryptocurrency companies and tokens.27 Deputy Prime Minister Lawrence Wong has said Singapore has no aspirations to become a cryptocurrency hub, but only to be “a responsible and innovative digital asset player.”28 Such seemingly cautious language about cryptocurrency is in fact fairly aggressive by the standards of governments. Singapore is reportedly one of the few countries where more than 10% of the population owns cryptocurrency.29
Temasek’s investments have, on occasion, unintentionally led to the downfall of neighboring governments. In 2006, Temasek used a series of shell companies and local intermediaries to purchase 96% of Shin Corporation, Thailand’s leading telecommunications provider. The deal was deliberately designed to circumvent the spirit, though not the letter, of Thai laws regarding foreign purchase and ownership of companies, especially those that had state concessions like Shin Corporation.30
Moreover, the founder and owner of Shin Corporation was Thaksin Shinawatra, the then-serving prime minister of Thailand and the country’s only democratically-elected prime minister to serve a full term in office. The sale of a company perceived as a national asset to a foreign government became a major scandal in Thailand. Factions opposed to Shinawatra quickly organized protests and, just a few months later, he was overthrown in a coup by Thailand’s powerful military, which continues to rule Thailand to the present day.
The political fallout of the acquisition was almost certainly unintentional on the part of Temasek, which has since largely divested of its shares, including by selling to its own subsidiary Singtel, which now owns 25% of the renamed corporation.31 But it illustrates how Temasek can allow the Singaporean government to successfully acquire strategically important companies in neighboring countries. This leverage as both an owner and potential investor allows Singapore to use its financial strength to make up for its lack of demographic, industrial, and military strength when maintaining a balance of power with its neighbors.
Despite being dwarfed by them in both size and population, Singapore is consistently one of the largest foreign investors in its neighbors in Southeast Asia. For example, Singapore was the top source of foreign direct investment for Indonesia in 2018, the second-largest source for Malaysia in 2021, and the third-largest for Thailand in 2017.32 Asia as a whole made up 53% of Singapore’s outward foreign direct investment in 2021, with South and Southeast Asia combined making up a quarter of all outward investment.33
The Future Strategy of Singapore’s Sovereign Wealth Funds
Temasek’s official investment strategy focuses on the four areas of “digitisation, sustainable living, future of consumption, and longer lifespans.”34 While the first three are relatively conventional and comport with Singapore’s broader economic strategy, the focus on longevity and its consequences is more unique. With a total fertility rate of 1.1 in 2021, Singapore had the lowest fertility rate of any country in the world, except for South Korea at 0.8.35 Singapore is an aging society, with the median age of Singaporean citizens being about 43 years old in 2022.36 This is also on par with South Korea or Switzerland.37
Temasek has made some investments in biotech and longevity companies already and is likely to be a major backer of this field in the future.38 It is also a somewhat tacit admission that Singapore neither knows how nor intends to raise its fertility rate and is instead switching tack to increasing “healthspan” and lifespan. This is a somewhat negative indicator for the prospects of raising fertility rates for many other aging developed societies, since Singapore lacks neither financial means nor competent government coordination.
GIC, meanwhile, is preparing for investing in “a world of transition.”39 The fund takes note of rising global inflation, rising interest rates, and the knock-on effects of Russia’s 2022 invasion of Ukraine as ongoing factors that must be taken into account. GIC believes that we may see the return of “stagflation” i.e. high inflation combined with low growth, and notes that U.S. equities have had very high valuations for an extended period of time.
This outlook comports with Prime Minister Lee Hsien Loong’s own statements about the near-future global economic environment. It is notable that this outlook is fundamentally pessimistic, not just about near-term economic prospects, but also about U.S.-China relations and globalization. The ultimate implication is that more major wars and conflicts are likely to break out, perhaps even between the U.S. and China directly. This pessimism underscores why Singapore’s government might attempt seemingly absurd goals for autarky, like increasing domestic agricultural output in a densely-populated and wealthy city-state.
Perhaps surprisingly, Temasek currently seems skeptical on investing in artificial intelligence, despite the fact that AI in many ways promises to solve Singapore’s white-collar economic growth problem. In late 2022, it dumped all its shares in TSMC, the world’s premier chip manufacturer.40 It holds a very minor stake in Nvidia, which it has recently reduced slightly.41 In July 2023, Temasek’s top investment officers said that they viewed generative AI as a nascent field with a lot of hype, that Temasek has “very small” investments in this area, and that they believed it made more sense to invest in companies that would use AI rather than those that develop it.42
Counterintuitively, while the active investor Temasek is skeptical, the passive investor GIC seems more bullish and is actively looking for “opportunities” in the area.43 The fund’s 2023 Bridge Forum in San Francisco hosted speakers including a good number of top investors and executives in Silicon Valley’s artificial intelligence sector, including OpenAI investor and Microsoft board member Reid Hoffman, venture capitalist Marc Andreessen, and DeepMind cofounder Mustafa Suleyman.44 The discrepancy in strategy shows that Temasek and GIC can pursue differing strategies; Temasek’s reticence may be indicative of being burned on its cryptocurrency investments like FTX, which were also hyped by Silicon Valley, or of a deeper skepticism of AI.
Through Lee Hsien Loong and his close allies, Temasek and GIC have been live players and functional institutions in recent decades. Whether they remain so will thus depend on Singapore’s political leadership rather than its nominal executives. For now, Lee seems to be coordinating with younger members of the People’s Action Party like Lawrence Wong to effect a smooth succession of power and skill. Lee is 71 years old and, like his father who died at 91, is likely to remain a powerful figure and mentor even if he officially retires from government.
Whether in food, cryptocurrency, or in its neighbors, Singapore’s investments through its sovereign wealth funds have been a useful mechanism for achieving strategic outcomes, especially abroad, while also fulfilling the core function of stewarding and even growing the government’s assets. They are a notable case study in how governments and political elites can utilize ostensibly apolitical or non-governmental institutions to achieve their long-term goals.
According to Temasek. See here: https://www.temasek.com.sg/en/our-investments/our-portfolio
David Ramli, “Singapore’s GIC Says 60/40 Portfolio Starting to See Value,” Bloomberg, July 26, 2022, https://www.bloomberg.com/news/articles/2022-07-26/singapore-s-gic-says-60-40-portfolio-starting-to-restore-value
According to Temasek. See here: https://www.temasek.com.sg/en/our-investments/our-portfolio
According to Yahoo Finance as of September 1, 2023. See here: https://finance.yahoo.com/quote/blk/holders/
“Temasek Dumped High Risk U.S. Biotech and Crypto-Related Stocks by June 30, 2023,” SWFI, August 15, 2023, https://www.swfinstitute.org/news/99098/temasek-dumped-high-risk-u-s-biotech-and-crypto-related-stocks-by-june-30-2023
According to Forbes. See here: https://www.forbes.com/profile/seo-jung-jin/
According to GIC’s 2021-22 annual report. See here: https://www.gic.com.sg/wp-content/uploads/2022/07/GIC_AR_2021-22_PRINT.pdf
Allistair Barr, “How Singapore's giant sovereign wealth fund is investing in generative AI technology,” Business Insider, May 9, 2023, https://www.businessinsider.com/singapore-sovereign-wealth-fund-investing-in-generative-ai-gic-2023-5
According to Temasek. See here: https://www.temasek.com.sg/en/our-financials/portfolio-performance#total-shareholder-return; According to GIC. See here: https://report.gic.com.sg/investment-report.html
According to Singapore’s Ministry of Finance. See here: https://www.mof.gov.sg/policies/reserves/how-do-singaporeans-benefit-from-our-reserves
Ibid.
Rachel Fixsen, “Norway’s government may change the rule limiting its use of SWF money,” IPE, February 4, 2022, https://www.ipe.com/news/norways-government-may-change-the-rule-limiting-its-use-of-swf-money/10057856.article
Angela Cummine, “How Temasek has driven Singapore’s development,” East Asia Forum, February 17, 2015, https://www.eastasiaforum.org/2015/02/17/how-temasek-has-driven-singapores-development/
“Temasek names Chia Song Hwee as deputy CEO in raft of management changes,” Reuters, November 8, 2019, https://www.reuters.com/article/temasek-holdings-moves-idUSL3N27O2PT
“Chartered names new chief executive,” EDN, June 25, 2002, https://www.edn.com/chartered-names-new-chief-executive/
According to Singapore’s Ministry of Finance. See here: https://www.mof.gov.sg/policies/reserves/is-our-cpf-money-safe-can-the-government-pay-all-its-debt-obligations
David Ramli and Chanyaporn Chanjaroen, “Singapore’s GIC Set to Manage Extra $137 Billion in Reserves,” Bloomberg, January 12, 2022, https://www.bloomberg.com/news/articles/2022-01-12/singapore-s-gic-set-to-manage-extra-137-billion-in-reserves
David Ramli, “The $290 Billion Fund Helping Make Tiny Singapore an Agricultural Powerhouse,” Bloomberg, July 25, 2022, https://www.bloomberg.com/news/articles/2022-07-25/singapore-s-290-billion-fund-temasek-is-helping-avert-a-food-crisis
Ibid.
Danielle Isaac, “Temasek joins Impossible Foods' US$300m Series E funding round,” Singapore Business Review, 2019, https://sbr.com.sg/food-beverage/news/temasek-joins-impossible-foods-us300m-series-e-funding-round
“InnovaFeed raises additional €40M with Temasek and Creadev,” InnovaFeed, November 29, 2018, https://innovafeed.com/en/innovafeed-raises-additional-40meuro-with-temasek-and-creadev/
“Innovafeed Raises US $250M (€250M) in Series D Financing Round to Accelerate Growth,” Business Wire, September 20, 2022, https://www.businesswire.com/news/home/20220920005959/en/Innovafeed-Raises-US-250M-%E2%82%AC250M-in-Series-D-Financing-Round-to-Accelerate-Growth
Vanesa Listek, “Asia’s Largest Food Companies Drive Bioprinted Meat in Asia with Aleph Farms,” 3DPrint.com, September 29, 2021, https://3dprint.com/285400/asias-largest-food-companies-drive-bioprinted-meat-in-asia-with-aleph/
According to Temasek. See here: https://www.temasek.com.sg/en/news-and-resources/news-room/statements/2022/statement-FTX
Zinnia Lee, “Singapore Crypto Firm Amber Group Hits $3 Billion Valuation In Funding Round Led By Temasek,” Forbes, February 22, 2022, https://www.forbes.com/sites/zinnialee/2022/02/22/singapore-crypto-firm-amber-group-hits-3-billion-valuation-in-funding-round-led-by-temasek/; Helen Partz, “Animoca confirms $110M round led by Temasek, plans new acquisitions,” CoinTelegraph, September 8, 2022, https://cointelegraph.com/news/animoca-confirms-110m-round-led-by-temasek-plans-new-acquisitions
For further reading, see here: https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/singapore
Kimberly Lim, “Temasek suffered ‘reputational damage’ over FTX losses, conducting internal review: Singapore DPM Lawrence Wong,” South China Morning Post, November 30, 2022, https://www.scmp.com/week-asia/economics/article/3201569/temasek-suffered-reputational-damage-over-ftx-losses-conducting-internal-review-singapore-dpm
Suntharee Lhaopadchan, The politics of sovereign wealth fund investment: the case of Temasek and Shin Corp., Journal of Financial Regulation and Compliance, Vol. 18, No. 1, 2010, pp. 15-22.
“Temasek seeks to sell $3.1 billion stake in Thailand’s Shin Corp to SingTel: sources,” CNBC, February 17, 2014, https://www.cnbc.com/2014/02/17/temasek-seeks-to-sell-31-billion-stake-in-thailands-shin-corp-to-singtel-sources.html; According to MarketScreener. See here: https://www.marketscreener.com/quote/stock/INTOUCH-HOLDINGS-16195081/company/
According to SingStat. See here: https://tablebuilder.singstat.gov.sg/table/TS/M082271
According to Temasek. See here: https://www.temasek.com.sg/en/our-investments/how-we-invest
According to the World Bank. See here: https://data.worldbank.org/indicator/SP.DYN.TFRT.IN?most_recent_value_desc=true
Dawn Tan and Jalelah Abu Baker, “Big investors pour funds into longevity research, accelerating growth in field,” Channel News Asia, January 4, 2023, https://www.channelnewsasia.com/business/investment-reverse-ageing-research-biotech-3182226
According to GIC. See here: https://report.gic.com.sg/investment-report.html
Jiaxing Li, “Temasek cuts losses on TSMC stake as Buffett makes a US$4.1 billion bet top chip maker will come good, SEC filings show,” South China Morning Post, November 15, 2022, https://www.scmp.com/business/markets/article/3199672/temasek-cuts-losses-tsmc-stake-buffett-makes-us41-billion-bet-top-chip-maker-will-come-good-sec
“Temasek Dumped High Risk U.S. Biotech and Crypto-Related Stocks by June 30, 2023,” SWFI, August 15, 2023, https://www.swfinstitute.org/news/99098/temasek-dumped-high-risk-u-s-biotech-and-crypto-related-stocks-by-june-30-2023
Justin Ong, “Temasek Holdings cautious over investing in 'nascent' generative AI tech, reports 5.2% fall in net value of portfolio,” Today, July 12, 2023, https://www.todayonline.com/singapore/temasek-cautious-ai-investment-records-fall-net-investment-2209186
Allistair Barr, “How Singapore's giant sovereign wealth fund is investing in generative AI technology,” Business Insider, May 9, 2023, https://www.businessinsider.com/singapore-sovereign-wealth-fund-investing-in-generative-ai-gic-2023-5
See here: https://bridgeforum.io/speakers/