Singapore state investor Temasek Holdings joins Facebook-backed Libra digital currency project

Despite facing intense scrutiny from global regulators, Facebook’s Libra project saw Singapore state investor Temasek Holdings joining the cryptocurrency project.

Financial regulators are worried that the Libra project when launched could erode national control over money.

Late on Thursday, Switzerland-based Libra Association, which manages the Facebook-backed digital currency project, announced Temasek entry into the project.

With its entry, Temasek has emerged as the project’s most prominent backer following payments giants Visa Inc, Mastercard, and PayPal ditched the project earlier.

Libra, which also added cryptocurrency investor Paradigm and private equity firm Slow Ventures to its roster, said Temasek offered a “differentiated position” as an Asia-focused investor.

“Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities and accelerating financial inclusion,” said Chia Song Hwee, Temasek International’s deputy CEO. “Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost effective retail payments”.

The prospect of Facebook’s 2.5 billion users adopting Libra has led to intense scrutiny from global regulators.

Libra is scheduled to be launched sometime this November; it was initially scheduled for launch by the end of June.

Earlier this month, Libra appointed HSBC legal chief Stuart Levey as its CEO.

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