Temasek Review 2023

Our Stories

Building a Portfolio for Generations

At a time of heightened volatility, our response has been to ensure that with each disruption, we don’t just recover, we emerge stronger.

Across our markets, we not only fortify our portfolio companies to withstand shocks, but position ourselves for growth by looking ahead. We stay on top of trends that impact business models and consumption patterns, anticipate the innovations tomorrow’s challenges demand, and address gaps to drive inclusive growth.

Temasek empowers resilient and sustainable growth — today, and for generations to come.

  • When COVID-19 grounded the international aviation industry, Temasek’s S$15 billion rights issue to Singapore Airlines (SIA) not only allowed it to weather the turbulence but demonstrated the confidence our national carrier needed to raise additional funding.

    SIA could keep its fleet operational, retain staff, and focus on the future. It also underwent a major digital transformation. This ensured that post-crisis, SIA would be ready to soar. By March this year, the airline saw passenger capacity climb back to almost 80% of pre-pandemic levels.

    “Our capital enabled SIA to navigate the pandemic, and allowed it to stay the course on its transformation journey. We continue to work with SIA to strengthen its long term competitiveness, benefitting not just SIA passengers, but all Singaporeans and businesses that rely on the air connectivity that the aviation industry brings.”

    Loy Kiet Ying

    Director, Portfolio Development

  • Economic success in China has brought with it longer lifespans, rising levels of affluence, and growing demand for quality healthcare. But these have come up against a scarcity of medical resources, and mounting pressure to bring healthcare costs down.

    Guided by long term structural trends, Temasek is supporting the growth of Carebridge Holdings, which owns and operates an international tertiary general hospital in Shanghai, and is rapidly expanding. In addition to building a sister hospital in Beijing, it is growing its network of community clinics and digital reach.

    Temasek also supports innovation in areas like medical devices and biotech, creating synergies between its portfolio companies to accelerate development.

    “Healthcare is something every generation needs, whether the elderly, children, or those in between. Investments in these areas have the potential to deliver stable returns over the long term... and also allow us to do good while doing well.”

    Andy Zeng

    Director, Investment (Shanghai)

  • While steel is a key element of urban infrastructure, iron and steel making are among the biggest emitters of carbon globally, responsible for around 10% of emissions each year. Our partnership with Electra supports the development of a novel process that significantly reduces carbon emissions by refining iron ore at low temperature using intermittent renewable energy.

    The deep science solutions we support through the work of our Emerging Technologies team require an investment of both capital as well as patience to mature and scale, but the potential returns are immense — including for people and planet.

    “If you think about how much time we have left to mitigate the impact of climate change, it is clear that we need to move now. Heavy industries such as iron and steel will take time to change, and require investors who are able to make the longer term investments that allow novel technologies to grow and reach their full potential.”

    Aubrey Keller

    Vice President, Emerging Technologies

  • Temasek’s Financial Services team identified payments as a key driver of digital transformation. Encouraged by its sound fundamentals and early success, Temasek made an initial investment in 2014 and later scaled its interest in Adyen, now a leading global payment services company.

    Adyen’s unified commerce offering, which integrates online, mobile, and in-store payments, has eased digital adoption for merchants to deliver a seamless payment experience to their customers.

    “Financial services permeate our everyday lives, from how we shop to how we pay, as well as how we save and invest. We have the ability to invest in the growth and innovation of financial services, which catalyses financial solutions that have widespread impact on people's everyday lives.”

    Connie Chan

    Head, Financial Services