SINGAPORE, May 15 (Reuters) – Singapore state investor
Temasek Holdings has joined the Facebook-backed Libra
digital currency project which has faced intense scrutiny from
global regulators worried its launch could erode national
control over money.

The entry of Temasek, which latest figures show has a
portfolio value of just over S$300 billion ($210 billion), was
announced by the Switzerland-based Libra Association, the entity
managing the Facebook-led effort, late Thursday.

Temasek becomes one the project’s most prominent backers
after payments giants Mastercard, Visa Inc and
PayPal earlier ditched the scheme.

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.

In a separate statement, deputy CEO of Temasek, Chia Song
Hwee, said: “Blockchain technology can play a transformative
role in payments networks by enhancing cost efficiencies,
creating new business opportunities and accelerating financial
inclusion.”

“Our participation in the Libra Association as a member will
allow us to contribute towards a regulated global network for
cost effective retail payments,” he said.

Earlier this month, Libra appointed HSBC legal chief Stuart
Levey as its CEO.
($1 = 1.4236 Singapore dollars)
(Reporting by John Geddie and Anshuman Daga; Editing by Himani
Sarkar)