Singapore's Temasek investment fund says crypto is off the table, will focus on AI

Singapore’s state-owned concern firm, Temasek Holdings, said it volition prioritize AI investments implicit crypto owed to regulatory uncertainty and the lingering interaction of a $275 cardinal write-off from the illness of crypto speech FTX successful 2022.

The firm, with an concern portfolio valued astir 518 cardinal Singapore dollars ($400 billion), plans to summation its AI vulnerability from 6% of its portfolio successful the archetypal 4th of 2026 to 15% by 2031, Nagi Hamiyeh, president of Temasek Global Investments, told CNBC connected Wednesday The AI concern rhythm has conscionable begun and volition proceed for decades, helium said, portion cautioning that valuations successful immoderate parts of the manufacture person tally up of fundamentals.

Temasek, the state's largest concern conveyance aft GIC Private Ltd., is inactive dealing with the deed it took pursuing the collapse of FTX. That implosion and different failures exposed anemic user protections successful Singapore, prompting the cardinal bank, the Monetary Authority (MAS), to plaything toward stricter supervision, a determination that resulted successful higher compliance costs and slower licensing, among different challenges.

“We don’t person straight any, immoderate concern successful crypto,” Hamiye said. “I can’t forecast what happens successful the future, and the relation that crypto is going to play successful the main economy, depending connected the antithetic regulations that mightiness happen.”

Hamiyeh said Temasek is continuing to research blockchain exertion and its imaginable to alteration the existent system adjacent arsenic it focuses connected artificial quality adoption and the improvement of a commercialized AI ecosystem.

“Not each concern needs frontier models,” helium said, adding that “it’s each astir the applications, and it’s each astir the companies that clasp AI and physique a moat.”