Singapore’s State Investment Firm Temasek Holdings Pte is planning to form new groups using artificial intelligence (AI) & blockchain technologies. The firm wants to set up the group so that it can explore different opportunities with the help of these innovative technologies. For this venture, the company is creating “experimental pods” through which Temasek will focus on AI and blockchain technologies.
According to the company, these two technologies show a long-term trend impacting multiple geographies and industries. The Chief operating officer of key management arm at Temasek International, Chia Song Hwee will lead this new group.
State investment firm planning several organizational changes
The state investment firm from Singapore announced several organizational changes that will take effect from October 1 along with the launch of experimental pods. A spokesman of the S$308 billion Temasek firm confirmed the news. In April this year, the company participated in a series of C funding of $600 million for the most valuable AI startup in the world, the Chinese SenseTimeGroup Ltd. The company also led a series A round for Eigen Technologies, a firm based in London in June this year. Eigen helps in automating the unstructured data extraction.
Tamesek also invested in a blockchain R3 which also has backing from a group of banks that want to use distributed ledger technology (DLT) in their operations. According to the spokesman at Temasek, “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.”
Temasek to set up new Strategic Initiatives unit
The company is also planning to set up a new strategic initiatives unit that will seek greater agility especially for the opportunistic deals that require senior-level assessment and fast turnaround. Led by the head of the Middle East, Europe, Southeast Asia, and Africa, Tan Chong Lee, the unit will also pull in resources from other parts of the company.
The company stated in its memo that with the investment landscape becoming more complex and competitive, they are now witnessing more situations where the company can derive advantage from collaboration and specialized capabilities.