According to Bloomberg, Temasek will set up “experimental pods” that will explore the potential applications of AI and blockchain. Apparently, Temasek’s move to invest in AI and blockchain related projects shows that these technologies are viable.
The Singapore-based firm sees blockchain and AI as the bedrock for future developments. Furthermore, Bloomberg claimed that Temasek’s chief operating officer of Temasek international Pte, Chia Song Hwee will lead the new groups.
This development is definitely not Temasek’s first go at the AI and blockchain space. In this year alone, Temasek actively participated in a series of funding rounds for AI startups. In April, the firm participated in a series C funding round for China’s SenseTime Group. The funding round raised $600 million and the startup is presently the world’s most valuable AI-based startup.
Also, Temasek led a series a funding round for Eigen Technologies, a London-based startup that is focusing on using AI to extract unstructured data. In the blockchain sphere, Temasek invested in the DLT-based consortium, R3, which is focusing on utilizing DLT for seamless intrabank transactions.
Temasek’s Business Restructure
Clearly, it seems that Temasek is now looking to fully invest its resources and funds in these technologies. And the firm is going through a great deal of restructuring in order to adapt to the new technological trends. The restructuring is vital to the long-term goals of Temasek as it gives them the opportunity to align their businesses with the ever-growing digitized world.
Temasek confirmed this in an email reportedly sent to Bloomberg. According to the email,
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.
Furthermore, Temasek has created a new unit that will help the firm attain greater agility in securing deals. As mentioned in the memo sent to Bloomberg, Tang Chong Lee will oversee the newly created Strategic Initiatives unit. Presently, Mr. Lee is Temasek’s head of Europe, Africa, and Middle East operations. In addition, the memo stated:
As the investment landscape becomes more competitive and complex, we are now seeing more situations where we would benefit from collaboration and specialized capabilities wider than our traditional sector and market team approach,
The Global AI And Blockchain Trend
At the moment, the blockchain and AI technology are the trending technologies in the world. Consequently, we have seen an explosion of projects and startups that are focusing on the disruptive power of both technologies.
More impressively, some have taken it a step further by looking for ways to combine the power of both technologies. We can safely say that Temasek falls under the latter category and its restructured approach will give it an edge.
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