Singaporean investment firm Temasek to set up AI and blockchain-focused groups

Singaporean investment company Temasek is creating new groups to look into the opportunities presented by advanced technologies such as artificial intelligence (AI) and blockchain, Bloomberg reported.

On these lines, the government-backed firm is setting up “experimental pods” to focus on these two areas, an internal memo obtained by Bloomberg revealed. These new groups will be overseen by Chia Song Hwee, the chief operating officer of key management arm Temasek International Pte.

Temasek has been embracing AI and blockchain via its investments in firms engaged in these areas including China’s SenseTime Group Ltd., London-based Eigen Technologies, and global blockchain consortium R3.

In an email to Bloomberg, a Temasek spokesperson said:

“We have been expanding our business coverage and geographic footprint over the past few years. As our operating environment evolves, our focus is on remaining nimble and well-positioned to capture opportunities that deliver sustainable value over the long term.”

In addition, Temasek is also establishing a new Strategic Initiatives unit, which will be led by Tan Chong Lee, who is head of Europe, Middle East and Africa as well as Southeast Asia. This unit will seek “greater agility for opportunistic deals requiring fast turnaround and senior-level assessment,” Bloomberg said referring to the memo.

Previously, reports suggested that Temasek has made an investment in bitcoin mining giant Bitmain. However, it refuted the reports saying, “Temasek is not an investor in Bitmain, and has never had discussions with, or an investment in Bitmain.”