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

Multimedia Correspondent

Updated

Published

November 30, 2022 at 5:30 PM

Catch the latest news reports on The Big Story, The Straits Times’ weekday online news programme.

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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THE BIG STORY: FTX collapse will have 'very limited' impact on Singapore's economy, says Lawrence Wong
Deputy Prime Minister Lawrence Wong said that key financial institutions in Singapore have “insignificant” exposures to cryptocurrency and players in the industry. For more episodes, go to https://str.sg/bigstory #thebigstory #cryptocurrencies #crypto #finance
Posted by The Straits Times on Wednesday, November 30, 2022

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