Singapore's Temasek, one of the world’s biggest institutional investors, has thrown its support behind the Facebook-led digital currency Libra in a development that could help breathe new life into the under-fire project.
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Singapore’s Temasek throws weight behind Facebook’s Libra
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The state-backed investment company’s inclusion in the Libra Association, announced late on Thursday, comes after the association last year lost a number of high-profile members over concerns it could threaten the financial system, as well as privacy and money-laundering fears. Temasek’s participation makes it the first Asia-based member as well as the first state-backed investor to become involved in the project. Singapore is recognised as a financial technology hub in Asia and the government has encouraged and supported crypto-related technologies and financial technology innovation.
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