Temasek Holdings Pte, one of the world’s largest state-owned investment companies headquartered in Singapore, is set to undergo a major leadership transition. Lim Boon Heng, who has served as Chairman since August 2013, will step down on October 9, 2024, and will be succeeded by Teo Chee Hean, a prominent former Singapore Cabinet minister.
The announcement was made by Temasek Holdings in an official statement on June 6, 2025. The transition includes additional board changes: Deputy Chairman Cheng Wai Keung and director Stephen Lee will exit on June 30, 2024, followed by director Bobby Chin’s retirement on July 31, 2024.
Teo, aged 70, will join Temasek’s board on July 1, 2024, initially as Deputy Chairman. His political career spans over three decades, having served as Deputy Prime Minister, and most recently as Senior Minister and Coordinating Minister for National Security. Teo retired from politics in May 2025.
Lim, 77, has been widely credited for strengthening board diversity and international representation at Temasek. During his tenure, he led the company’s CEO transition in 2021 and prioritized talent development and corporate governance.
Temasek’s net portfolio value surged from SGD 223 billion (USD 173 billion) in 2013 to SGD 389 billion (USD 301 billion) as of March 2024. The investment firm has expanded its global presence, now operating 13 offices worldwide, with six in Europe and the US.
The firm holds stakes in major global corporations, including BlackRock Inc., Alibaba Group, Mastercard Inc., Standard Chartered Plc, and Tencent Holdings.
Commenting on his new role, Teo stated,
In this era of deepening global uncertainty, we must remain clear minded on critical matters such as international relations, security, and climate change.”
Teo Chee Hean,
This transition marks a new chapter in the leadership of Temasek as it navigates increasingly complex global challenges while strengthening its global investment strategies.
]]>India and Singapore have officially entered into an agreement to collaborate on maritime digitization and decarbonization efforts. The two nations signed a Letter of Intent (LOI) on March 25, 2025, under the Green Digital Shipping Corridor (GDSC), which aims to enhance sustainable shipping practices. This agreement was signed during Singapore Maritime Week, a global event bringing together industry leaders to discuss advancements in the maritime sector.
The Ministry of Ports, Shipping, and Waterways (MOPSW) of India and the Maritime and Port Authority (MPA) of Singapore jointly announced the initiative. The LOI was signed by Teo Ing Dih, Chief Executive of MPA Singapore, and R. Laxmanan, Joint Secretary of MOPSW India. Singapore’s Senior Minister of Transport and Environment, Dr. Amy Khor, and India’s Minister of Ports, Shipping, and Waterways, Sarbananda Sonowal, were present at the signing ceremony.
Advancing Maritime Sustainability
The Green Digital Shipping Corridor (GDSC) is designed to promote digitalization and green technologies in maritime operations. The collaboration will focus on accelerating the adoption of digital solutions and near-zero greenhouse gas (GHG) emission technologies. The agreement also includes identifying key stakeholders who can contribute to these initiatives and formalizing their cooperation through a Memorandum of Understanding (MoU).
The partnership aligns with global efforts to make the shipping industry more sustainable. By leveraging digital advancements, India and Singapore aim to streamline maritime operations, improve efficiency, and reduce carbon emissions. This initiative also strengthens bilateral relations and contributes to the global push for environmentally friendly shipping.
Strengthening Strategic Partnerships
Speaking at the event, Sarbananda Sonowal emphasized that the collaboration will reinforce long-term ties between India and Singapore. “Our participation in Singapore Maritime Week with a high-level delegation reflects our commitment to strengthening cooperation in the maritime sector. This partnership will pave the way for a sustainable and technologically advanced shipping industry.”
Singapore Maritime Week, taking place from March 24 to 28, 2025, is a major event in the global shipping calendar. It is expected to host over 20,000 delegates and exhibitors, showcasing cutting-edge advancements in maritime technology and sustainability. The India-Singapore LOI signing is a key highlight of the event, signifying a step forward in international cooperation on maritime digitalization and decarbonization.
As global shipping faces increasing pressure to adopt sustainable practices, collaborations like the India-Singapore GDSC agreement play a crucial role in shaping the future of the industry. This initiative is expected to set a precedent for other nations to enhance their maritime strategies with a focus on green technology and digital transformation.
]]>Venturi Partners, a Singapore-based investment firm focused on consumer-driven businesses in India and Southeast Asia, has announced the launch of its second fund, with a target corpus of $225-250 million. The firm, founded in 2020, has previously invested in several growth-stage startups such as Country Delight, Livspace, and K12 Techno.
The second fund will focus on high-growth sectors, including retail, education, healthcare, and fast-moving consumer goods (FMCG), with continued emphasis on India and Southeast Asia. Venturi Partners aims to raise $130 million for the fund by the July-September quarter of 2025, leveraging strong support from existing investors.
In April 2022, Venturi raised $180 million from prominent European and Asian family offices for its first fund, which has since been deployed across seven consumer-focused companies spanning education, food and beverage, beauty, retail, and home interiors.
We take an active ownership approach with our portfolio companies, working closely with founders to unlock growth and scale their businesses. With this second fund, we are excited to continue partnering with ambitious entrepreneurs across the region.”
Nicholas Cator, founder of Venturi Partners
Venturi has been instrumental in funding notable Indian startups. In May 2024, it acquired a 5.12% stake in Bengaluru-based edtech startup K12 Techno Services Pvt. Ltd for ₹225 crore ($27 million) from Navneet Education Ltd. Additionally, in 2022, Gurugram-based grocery and milk delivery platform Country Delight secured $108 million in a Series D funding round led by Venturi and Singapore’s state-owned investment firm Temasek.
In February 2025, Venturi also invested $25 million in affordable footwear company JQR (Just Quick Run), acquiring a minority stake.
Market data from Tracxn indicates that 2024 saw a revival in late-stage funding in India, leading to large fundraising rounds in anticipation of IPOs. Mid-market deals also gained momentum, while seed and early-stage funding witnessed a slowdown. Analysts expect this trend to persist, with marquee firms preparing to go public in the near future.
]]>Founded in 2021, Finmo operates a Treasury Operating System (TOS) that helps businesses optimize liquidity management and streamline cross-border transactions. Its platform offers real-time payments, foreign exchange (FX) risk management, enhanced cash flow visibility, and automated compliance solutions. The company holds licenses in Singapore, Australia, and New Zealand and is also registered as a Money Service Business (MSB) in the United States.
This latest funding enables us to scale our platform, enhance our technology further, and expand into new markets. AI-driven capabilities will be a key focus in our future development efforts.”
David Hanna, CEO and co-founder of Finmo
The company is actively hiring for key roles, including head of sales and product manager positions in India and Singapore, as it looks to strengthen its operations.
Finmo’s funding comes amid a surge in fintech investments in Singapore. Recent developments in the sector include Pomelo Group’s acquisition of Arrow Checkout and Funding Societies securing a $27 million equity investment from Japan’s Cool Japan Fund. The latest investment reinforces Singapore’s status as a growing hub for fintech innovation and expansion.
]]>The Government of Odisha, India, and Singapore’s Global Finance & Technology Network (GFTN) have signed a partnership to create a fintech hub in Bhubaneswar. This collaboration aims to foster innovation in insurtech and align with India’s broader goals for financial inclusion and sustainable economic development.
Partnership to Boost Insurtech and Financial Inclusion
The partnership will see the establishment of a Global Competency Centre focused on the development of insurance technology (insurtech). The centre will provide advanced training, foster innovation in insurance products, and create a platform for collaboration between domestic and international companies. This initiative is in line with India’s vision of achieving “Insurance for All” by 2047, aiming to enhance financial accessibility for all citizens.
The project is designed to support the state’s ambition to be a global player in the fintech landscape by providing a collaborative environment for the growth of digital solutions, particularly in the insurance sector.
Key Focus Areas
The fintech hub will focus on the development of advanced insurance products and software solutions, providing training for professionals in insurtech, and fostering partnerships to develop products tailored to local and global needs. Additionally, the hub will launch an annual forum for knowledge sharing and use the global sandbox platform APIX to drive innovation in the insurance and pensions sectors.
Strengthening Odisha’s Digital Economy
The partnership aims to not only drive innovation in the fintech and insurtech space but also support the state’s broader digital economy goals. By facilitating the creation of an integrated platform that merges finance, insurance, and environmental, social, and governance (ESG) factors, the initiative will enhance the state’s digital economy and its global competitiveness.
Statements from Leadership
The state is fostering innovation and supporting startups to position itself as a hub for fintech advancements. In collaboration with GFTN, Odisha aims to leverage global expertise to drive innovation and create tailored fintech solutions.”
Shri Mohan Charan Majhi, Chief Minister of Odisha
This partnership aligns with India’s Viksit Bharat 2047 vision, which seeks to achieve financial inclusion and sustainable economic empowerment, leveraging Odisha’s immense talent and entrepreneurial potential to drive the growth of the state’s digital economy.”
GFTN’s representative
About GFTN
The Global Finance & Technology Network (GFTN) is a Singapore-based organization that focuses on accelerating the development of fintech, insurtech, and other digital solutions in collaboration with governments and businesses worldwide.
]]>In a significant development for foreign investment in the Indian banking sector, the Reserve Bank of India (RBI) has granted approval to Zulia Investments, a subsidiary of Singapore’s state-owned investment firm Temasek, to increase its stake in AU Small Finance Bank. The approval paves the way for Zulia Investments to raise its holding in the bank to as much as 7%, according to a Reuters report.
Zulia Investments had held a 1.37% stake in AU Small Finance Bank as of December 2024, according to filings with the exchange. This move, once executed, would position Zulia as the largest foreign portfolio investor in AU Small Finance Bank, strengthening its footprint in the Indian financial market.
The financial terms surrounding this stake expansion remain undisclosed, but the approval requires that the transaction be completed by February 12, 2026.
AU Small Finance Bank, which operates primarily in the retail banking space, has been attracting significant foreign investments, and this latest move by Temasek’s subsidiary adds to the growing interest in India’s banking sector.
With Zulia Investments poised to increase its stake, the deal highlights the continued attractiveness of India’s rapidly expanding financial sector to global investors.
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