The Big Story: Temasek’s FTX write-off will not affect contribution to Singapore’s reserves, says Lawrence Wong

DPM Lawrence Wong also has said that spillovers from the collapse of FTX to Singapore’s broader financial system and economy “will be very limited”. PHOTO: REUTERS

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Deputy Prime Minister Lawrence Wong has said that spillovers from the collapse of FTX to Singapore’s broader financial system and economy “will be very limited”.

Replying to questions in Parliament on Wednesday, he added that Temasek and sovereign wealth fund GIC have some investments in the digital asset space, but do not have direct exposure to cryptocurrencies.

Mr Wong, who is also Finance Minister, also said Temasek’s US$275 million (S$377 million) investment loss in FTX will not affect the stream of income from the reserves available for the Government’s Budget, or the Net Investment Returns Contribution.

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