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Vandana Malik
May 15, 2020
by Vandana Malik

Temasek Holdings Joins Facebook’s Libra Project Amid Uncertainty

Temasek
Temasek Holdings which is a state investor based in Singapore has recently joined the Libra project by Facebook. Libra is a digital currency project by Facebook which is currently facing regulatory difficulties from global regulators. This announcement by Temasek of joining Libra is coming amid the huge uncertainty which is surrounded around the project. According to various financial authorities and global regulators, Libra will result in undermining the control over money.

Temasek became one of the most prominent backers of the project 

The joining of Temasek with Libra has been announced by the Libra Association based in Singapore on Thursday i.e. May 14. According to the latest figures, the company has a portfolio value of around $210 billion. Some payment giants have also backed the project like Visa, PayPal, Mastercard and now after these huge firms, Temasek also becomes one of the most prominent including these payment giants as well.

Chia Song Hwee, CEO of Temasek has said that blockchain technology has completely transformed the complete payments network. It has completely enhanced cost-efficient manners and also accelerated the whole financial market by introducing new opportunities for doing business.

A contribution towards a global regulated network

Libra is offering a completely differentiated position as it has also added some other crypto investors like Paradigm along with Temasek. Not only this, but there is one private equity firm also named as Slow Ventures.

According to Hwee, this is going to be a great collaboration of his firm with Libra. It will also give an opportunity for Temasek to contribute to a global regulated network. This is also going to play a major role for the cost-effective retail payments. Libra Association is making various appointments and collaboration for a successful launch of its digital currency. Recently it has also appointed Stuart Levey who is the legal chief at HSBC as its CEO.

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    Temasek Holdings Joins Facebook’s Libra Project Amid Uncertainty
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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