Temasek Holdings is near a deal for a significant minority stake in VFS Global, people familiar with the matter said, in a transaction that could value the visa outsourcing and technology services firm at about $7 billion including debt, according to a report by Bloomberg.

The Singapore state-owned investor is set to acquire about 20 per cent in closely held VFS controlled by US alternative asset manager Blackstone Inc., the people said, asking not to be identified because the deliberations are private. Temasek and Blackstone are hammering out the details of a deal that could be announced as soon as Monday.

Blackstone will retain the majority stake in VFS after the deal, according to the people. The deliberations are ongoing and no final decisions have been made, they said.

Representatives for Blackstone and Temasek declined to comment.&nbsp;

Blackstone has been considering alternatives, including a full or partial sale in VFS after receiving interest from investors, including sovereign wealth funds, Bloomberg News reported on Friday. One of those options was said to be the addition of a minority investor to help raise cash and boost growth, the people said.

Headquartered in Zurich and Dubai, VFS Global provides governments with administrative solutions to process passport applications and visa consular services, its website says. Founded in 2001 by its chief executive officer, Zubin Karkaria, the company has processed over 294 million applications since its inception, with around 141 million biometric enrollments since 2007.

VFS has a big presence in India, processing visa applications for the US consulate across cities.

In 2022, Blackstone acquired a majority stake in VFS from EQT AB for an undisclosed amount. The Swedish investor retained a minority stake in the business, along with the Kuoni and Hugentobler Foundation.

Temasek's net portfolio value reached S$389 billion ($288 billion) as of March, from S$382 billion a year earlier, with its investments comprising listed as well as unlisted assets worldwide.

Temasek Holdings is near a deal for a significant minority stake in VFS Global, people familiar with the matter said, in a transaction that could value the visa outsourcing and technology services firm at about $7 billion including debt, according to a report by Bloomberg.

Temasek Holdings is near a deal for a significant minority stake in VFS Global, people familiar with the matter said, in a transaction that could value the visa outsourcing and technology services firm at about $7 billion including debt, according to a report by Bloomberg. The Singapore state-owned investor is set to acquire about 20 per cent in closely held VFS controlled by US alternative asset manager Blackstone Inc., the people said, asking not to be identified because the deliberations are private. Temasek and Blackstone are hammering out the details of a deal that could be announced as soon as Monday. Blackstone will retain the majority stake in VFS after the deal, according to the people. The deliberations are ongoing and no final decisions have been made, they said. Representatives for Blackstone and Temasek declined to comment. Blackstone has been considering alternatives, including a full or partial sale in VFS after receiving interest from investors, including sovereign wealth funds, Bloomberg News reported on Friday. One of those options was said to be the addition of a minority investor to help raise cash and boost growth, the people said. Headquartered in Zurich and Dubai, VFS Global provides governments with administrative solutions to process passport applications and visa consular services, its website says. Founded in 2001 by its chief executive officer, Zubin Karkaria, the company has processed over 294 million applications since its inception, with around 141 million biometric enrollments since 2007. VFS has a big presence in India, processing visa applications for the US consulate across cities. In 2022, Blackstone acquired a majority stake in VFS from EQT AB for an undisclosed amount. The Swedish investor retained a minority stake in the business, along with the Kuoni and Hugentobler Foundation. Temasek's net portfolio value reached S$389 billion ($288 billion) as of March, from S$382 billion a year earlier, with its investments comprising listed as well as unlisted assets worldwide.

Temasek reportedly close to acquiring stake in Blackstone-owned VFS

In yet another investor exodus from China to India, Singapore state investor Temasek has announced plans to invest up to $12 billion over three years in India's growing sectors of financial services and healthcare to offset losses in &nbsp;underperforming Chinese economy, according to sources quoted by Reuters.

This announcement comes at a time when Indian stock markets are witnessing record highs amid IPO boom. The country accounts for 7 per cent of Temasek's global exposure. This is lower than the 22 per cent investments in the United States and 19 per cent in China. But Mohit Bhandari, company's managing director for India investments, revealed that the company is bullish on India in the long term. Temasek deployed $3 billion in the fiscal year ending on March 31, its largest annual investment so far.

'We are cognizant of the current economic and the geopolitical tensions that exist in China and to that extent we will align our portfolio accordingly,' he said.

Temasek has already revealed how their United States and India assets are helping to counter below-par numbers in the second-largest economy of the world. The cautious approach comes amid China's trade tensions with the US and the EU which is further hurting investor sentiments.

Temasek's current investments in India include HDFC Bank, Ola-electric and Manipal hospitals. India's healthcare and hospital chains are attracting major investments from foreign investors.

In yet another investor exodus from China to India, Singapore state investor Temasek has announced plans to invest up to $12 billion over three years in India's growing sectors of financial services and healthcare to offset losses in underperforming Chinese economy, according to sources quoted by Reuters.

In yet another investor exodus from China to India, Singapore state investor Temasek has announced plans to invest up to $12 billion over three years in India's growing sectors of financial services and healthcare to offset losses in underperforming Chinese economy, according to sources quoted by Reuters. This announcement comes at a time when Indian stock markets are witnessing record highs amid IPO boom. The country accounts for 7 per cent of Temasek's global exposure. This is lower than the 22 per cent investments in the United States and 19 per cent in China. But Mohit Bhandari, company's managing director for India investments, revealed that the company is bullish on India in the long term. Temasek deployed $3 billion in the fiscal year ending on March 31, its largest annual investment so far. 'We are cognizant of the current economic and the geopolitical tensions that exist in China and to that extent we will align our portfolio accordingly,' he said. Temasek has already revealed how their United States and India assets are helping to counter below-par numbers in the second-largest economy of the world. The cautious approach comes amid China's trade tensions with the US and the EU which is further hurting investor sentiments. Temasek's current investments in India include HDFC Bank, Ola-electric and Manipal hospitals. India's healthcare and hospital chains are attracting major investments from foreign investors.

Temasek pivots to India with $12 billion investment plan

Temasek Holdings, Singapore’s state-owned wealth management fund, has punished its senior staff responsible for investing $275mn in the cryptocurrency exchange FTX. The company has decided to cut the pay of the staff involved in the decision-making process. However, it was not revealed how much the salaries were reduced.

The fund poured in $210 million in FTX in the first investment round in October 2021 and $65 million in the second round in January 2022. The company said it made the investment only after evaluating the performance of the exchange for eight months and finding that it was profitable.&nbsp;

Watch:&nbsp;Cryptocurrencies tumble over failed FTX deal&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/cryptocurrencies-tumble-over-failed-ftx-deal-532915/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

However, the exchange collapsed in October 2022, with FTX filing for bankruptcy the following month. It is speculated that FTX investors lost a whopping $8 billion in the crypto exchange bloodbath.&nbsp;

<h2>Our reputation took a big hit: Temasek</h2>

In a statement released on Monday, Temasek said that it was disappointed with the outcome of the investment decision. “The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced," the company said, adding that it had a negative impact on the reputation of the company.

As of March this year, Temasek’s total holdings were worth more than $298 billion. So, the money invested in FTX amounted to a small percentage of Temasek’s total investments.

<a href="https://www.wionews.com/business-economy/ftx-japan-says-it-would-allow-customers-to-withdraw-assets-564124">Also Read |&nbsp;FTX Japan says it would allow customers to withdraw assets</a>

However, Singapore’s Deputy Prime Minister Lawrence Wong suggested in December that the investment had caused damage to the fund’s reputation. "The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this," he said.

<h2>How did FTX collapse?</h2>

FTX, a cryptocurrency exchange platform, experienced a dramatic rise and fall in a short period of time. Founded by Sam Bankman-Fried in 2019, FTX quickly gained popularity among customers and attracted significant investment from venture capitalists, reaching a valuation of $32 billion by January 2022.

However, in November 2022, it was revealed that FTX had been involved in major fraud. Instead of customers' funds being held by FTX, they were redirected to accounts controlled by Alameda Research, a cryptocurrency trading firm. This discovery caused FTX to unravel, leading to significant losses for customers and investors.

FTX's balance sheet leaked to the public, showed a lack of transparency and poorly labeled entries, with liabilities far exceeding assets. FTX had not produced audited balance sheets or followed standard financial reporting procedures.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

&nbsp;

Temasek Holdings, Singapore’s state-owned wealth management fund, has punished its senior staff responsible for investing $275mn in the cryptocurrency exchange FTX.

Temasek Holdings, Singapore’s state-owned wealth management fund, has punished its senior staff responsible for investing $275mn in the cryptocurrency exchange FTX. The company has decided to cut the pay of the staff involved in the decision-making process. However, it was not revealed how much the salaries were reduced. The fund poured in $210 million in FTX in the first investment round in October 2021 and $65 million in the second round in January 2022. The company said it made the investment only after evaluating the performance of the exchange for eight months and finding that it was profitable. Watch: Cryptocurrencies tumble over failed FTX deal × However, the exchange collapsed in October 2022, with FTX filing for bankruptcy the following month. It is speculated that FTX investors lost a whopping $8 billion in the crypto exchange bloodbath. Our reputation took a big hit: Temasek In a statement released on Monday, Temasek said that it was disappointed with the outcome of the investment decision. “The investment team and senior management, who are ultimately responsible for the investment decisions made, took collective accountability and had their compensation reduced," the company said, adding that it had a negative impact on the reputation of the company. As of March this year, Temasek’s total holdings were worth more than $298 billion. So, the money invested in FTX amounted to a small percentage of Temasek’s total investments. Also Read | FTX Japan says it would allow customers to withdraw assets However, Singapore’s Deputy Prime Minister Lawrence Wong suggested in December that the investment had caused damage to the fund’s reputation. "The fact that other leading global institutional investors like BlackRock and Sequoia Capital also invested in FTX does not mitigate this," he said. How did FTX collapse? FTX, a cryptocurrency exchange platform, experienced a dramatic rise and fall in a short period of time. Founded by Sam Bankman-Fried in 2019, FTX quickly gained popularity among customers and attracted significant investment from venture capitalists, reaching a valuation of $32 billion by January 2022. However, in November 2022, it was revealed that FTX had been involved in major fraud. Instead of customers' funds being held by FTX, they were redirected to accounts controlled by Alameda Research, a cryptocurrency trading firm. This discovery caused FTX to unravel, leading to significant losses for customers and investors. FTX's balance sheet leaked to the public, showed a lack of transparency and poorly labeled entries, with liabilities far exceeding assets. FTX had not produced audited balance sheets or followed standard financial reporting procedures. WATCH WION LIVE HERE ×

Singapore’s Temasek Holdings punishes its senior staff for investing millions in now-collapsed FTX

The case of a maid called&nbsp;Parti Liyani&nbsp;battling the&nbsp;millionaire chairman of&nbsp;Changi Airport Group,&nbsp;Liew Mun Leong has gripped&nbsp;Singapore.

The chairman of Singapore's airport operator has stepped aside after he faced a public backlash when a judge cleared an Indonesian maid accused of stealing from his family and criticised the case.

The scandal involving&nbsp;Liew&nbsp;Mun&nbsp;Leong&nbsp;has sparked a storm of anger and raised questions about how the system treated one of the city-state's best-known businessmen compared with a low-paid domestic helper.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/world/malaysian-activist-fights-for-right-to-go-hijab-free-as-singapore-debates-headscarf-discrimination-329388">Malaysian activist fights for right to go hijab-free, as Singapore debates headscarf discrimination</a>

With calls mounting for him to quit following last week's ruling,&nbsp;Liew&nbsp;announced late Thursday he was bringing forward his retirement from his role as chairman of Changi Airport Group.

"I do not wish my current situation to be a distraction," the 74-year-old said, adding he was also stepping aside from positions at several other companies, including as an adviser to state investor Temasek.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/singapore-central-bank-studying-reports-on-suspicious-bank-transfers-329375">Singapore central bank studying reports on suspicious bank transfers</a>

The case began in 2016 when the&nbsp;Liew&nbsp;family fired Parti Liyani and accused her of stealing Sg$34,000 ($24,800) worth of items from them, including watches and clothes.

She denied the charges, but was initially found guilty and sentenced to more than two years in jail.&nbsp;

But on appeal, a High Court judge overturned the verdict, saying the&nbsp;Liew&nbsp;family had an "improper motive" in filing charges against her.

It emerged in court the maid was about to lodge a complaint with authorities that she had to clean the home and office of&nbsp;Liew's son, in addition to the businessman's house, which is illegal.

The judge said there was reason to believe the filing of the charges was aimed at pre-empting this move, and questioned the credibility of&nbsp;Liew's son Karl as a witness.

He also criticised the handling of evidence by detectives, and prosecutors and the police subsequently launched a probe.

In a statement,&nbsp;Liew&nbsp;said that "my family members and I cooperated fully with the police and gave statements and evidence when required", adding he respected the court's decision.

Criticism had been growing following the court's decision, with one Facebook commentator saying he was "really angry" at the case.

"Not only shame himself, he shame CAG (Changi Airport Group) and Singapore," he wrote.&nbsp;

The affluent financial hub is home to about 260,000 domestic helpers, who mostly come from poorer Asian countries such as Indonesia and earn salaries far below the average Singaporean.

The case of a maid called Parti Liyani battling the millionaire chairman of Changi Airport Group, Liew Mun Leong has gripped Singapore. The chairman of Singapore's airport operator has stepped aside after he faced a public backlash when a judge cleared an Indonesian maid accused of stealing from his family and criticised the case.

The case of a maid called Parti Liyani battling the millionaire chairman of Changi Airport Group, Liew Mun Leong has gripped Singapore. The chairman of Singapore's airport operator has stepped aside after he faced a public backlash when a judge cleared an Indonesian maid accused of stealing from his family and criticised the case. The scandal involving Liew Mun Leong has sparked a storm of anger and raised questions about how the system treated one of the city-state's best-known businessmen compared with a low-paid domestic helper. Also read: Malaysian activist fights for right to go hijab-free, as Singapore debates headscarf discrimination With calls mounting for him to quit following last week's ruling, Liew announced late Thursday he was bringing forward his retirement from his role as chairman of Changi Airport Group. "I do not wish my current situation to be a distraction," the 74-year-old said, adding he was also stepping aside from positions at several other companies, including as an adviser to state investor Temasek. Also read: Singapore central bank studying reports on suspicious bank transfers The case began in 2016 when the Liew family fired Parti Liyani and accused her of stealing Sg$34,000 ($24,800) worth of items from them, including watches and clothes. She denied the charges, but was initially found guilty and sentenced to more than two years in jail. But on appeal, a High Court judge overturned the verdict, saying the Liew family had an "improper motive" in filing charges against her. It emerged in court the maid was about to lodge a complaint with authorities that she had to clean the home and office of Liew's son, in addition to the businessman's house, which is illegal. The judge said there was reason to believe the filing of the charges was aimed at pre-empting this move, and questioned the credibility of Liew's son Karl as a witness. He also criticised the handling of evidence by detectives, and prosecutors and the police subsequently launched a probe. In a statement, Liew said that "my family members and I cooperated fully with the police and gave statements and evidence when required", adding he respected the court's decision. Criticism had been growing following the court's decision, with one Facebook commentator saying he was "really angry" at the case. "Not only shame himself, he shame CAG (Changi Airport Group) and Singapore," he wrote. The affluent financial hub is home to about 260,000 domestic helpers, who mostly come from poorer Asian countries such as Indonesia and earn salaries far below the average Singaporean.

The case of this maid battling a millionaire has gripped Singapore

Singapore&nbsp;political figure Brad Bowyer on Monday corrected a&nbsp;Facebook&nbsp;post&nbsp;questioning the independence of state investment firms following a government request, in the&nbsp;first&nbsp;use of the country's new "fake news"&nbsp;law.

Bowyer used "false and misleading" statements alleging the government influenced decisions made by state investors<a href="https://www.wionews.com/business-%26-economy/singapores-temasek-reports-record-235-bn-portfolio-150518"> Temasek Holdings</a> and<a href="https://www.wionews.com/india-news/bank-lic-gic-unions-to-protest-against-govt-policies-tomorrow-151379"> GIC</a>, according to a statement on the official government fact-checking website.

Bowyer said he had placed a correction notice with a link to the government statement above his&nbsp;Facebook&nbsp;post&nbsp;following a request to do so under the Protection from Online Falsehoods and Manipulation Act (POFMA).

"I have no problem in following that request as I feel it is fair to have both points of view and clarifications and corrections of fact when necessary," Bowyer said in a statement on&nbsp;Facebook.

"In general, I caution all those who comment on our domestic politics and social issues to do so with due care and attention especially if you speak from any place of influence."

Bowyer, a naturalized&nbsp;Singaporean born in Britain, has been a member of the ruling party and opposition parties but has never stood for elected office.

A spokesman for the newly-created POFMA office said the correction requested by the minister for finance was the&nbsp;first&nbsp;case under the new&nbsp;law, which came into effect in October.

Rights groups have raised concerns the fake news&nbsp;law&nbsp;will be used to stifle free speech and chill dissent in the city-state, where the ruling party has comfortably won every election since independence in 1965.

Singapore&nbsp;says it is particularly vulnerable to fake news because of its position as a global financial hub, its mixed ethnic and religious population, and widespread internet access.

Singapore political figure Brad Bowyer on Monday corrected a Facebook post questioning the independence of state investment firms following a government request, in the first use of the country's new "fake news" law.

Singapore political figure Brad Bowyer on Monday corrected a Facebook post questioning the independence of state investment firms following a government request, in the first use of the country's new "fake news" law. Bowyer used "false and misleading" statements alleging the government influenced decisions made by state investors Temasek Holdings and GIC, according to a statement on the official government fact-checking website. Bowyer said he had placed a correction notice with a link to the government statement above his Facebook post following a request to do so under the Protection from Online Falsehoods and Manipulation Act (POFMA). "I have no problem in following that request as I feel it is fair to have both points of view and clarifications and corrections of fact when necessary," Bowyer said in a statement on Facebook. "In general, I caution all those who comment on our domestic politics and social issues to do so with due care and attention especially if you speak from any place of influence." Bowyer, a naturalized Singaporean born in Britain, has been a member of the ruling party and opposition parties but has never stood for elected office. A spokesman for the newly-created POFMA office said the correction requested by the minister for finance was the first case under the new law, which came into effect in October. Rights groups have raised concerns the fake news law will be used to stifle free speech and chill dissent in the city-state, where the ruling party has comfortably won every election since independence in 1965. Singapore says it is particularly vulnerable to fake news because of its position as a global financial hub, its mixed ethnic and religious population, and widespread internet access.

Singapore invokes 'fake news' law for first time over Facebook post

Southeast Asia's Internet economy was forecast to grow 39 per cent this year to $100 billion as millions of people in the region went online to shop for the first time and ride-share firms grew in popularity, an industry report showed on Thursday.

The annual report by <a href="https://www.wionews.com/world/google-offers-incognito-mode-for-maps-in-privacy-push-253314">Google</a>, Singapore's state investor Temasek Holdings and global business consultants Bain &amp; Company also lifted its forecast for the region's growth through 2025 to $300 billion, from $240 billion previously.

The region's online industry has more than tripled in the past four years alone as young users turn to their phones to do everything from banking, playing games and purchasing plane tickets.

"This pace of growth has exceeded all expectations," the 64-page report, which was first produced in 2016, said. "Internet access is now affordable for large segments of the population and consumer trust in digital services has improved significantly."

More than $37 billion has been invested in Southeast Asian online companies over the last four years with the majority going into e-Commerce firms like Zilingo and ride-hailing Unicorns such as Grab and Gojek, the report found.

Ride-hailing alone was worth $13 billion, quadrupling in value since 2015, and expected to reach $40 billion by 2025 when food delivery will be worth as much as transport.

Southeast Asia's average growth rate of 5 per cent per year since 2014 puts it far ahead of the global average and makes it an attractive investment destination as the Chinese economy is hobbled by the Sino-United States trade war.

There are 360 million Internet users across the countries covered in the report - Indonesia, Malaysia, Vietnam, <a href="https://www.wionews.com/world/singapores-fake-news-law-takes-effect-as-critics-sound-alarm-253218">Singapore</a>, and the Philippines - up from 260 million four years earlier.

Southeast Asia's Internet economy was forecast to grow 39 per cent this year to $100 billion as millions of people in the region went online to shop for the first time and ride-share firms grew in popularity, an industry report showed on Thursday.

Southeast Asia's Internet economy was forecast to grow 39 per cent this year to $100 billion as millions of people in the region went online to shop for the first time and ride-share firms grew in popularity, an industry report showed on Thursday. The annual report by Google, Singapore's state investor Temasek Holdings and global business consultants Bain & Company also lifted its forecast for the region's growth through 2025 to $300 billion, from $240 billion previously. The region's online industry has more than tripled in the past four years alone as young users turn to their phones to do everything from banking, playing games and purchasing plane tickets. "This pace of growth has exceeded all expectations," the 64-page report, which was first produced in 2016, said. "Internet access is now affordable for large segments of the population and consumer trust in digital services has improved significantly." More than $37 billion has been invested in Southeast Asian online companies over the last four years with the majority going into e-Commerce firms like Zilingo and ride-hailing Unicorns such as Grab and Gojek, the report found. Ride-hailing alone was worth $13 billion, quadrupling in value since 2015, and expected to reach $40 billion by 2025 when food delivery will be worth as much as transport. Southeast Asia's average growth rate of 5 per cent per year since 2014 puts it far ahead of the global average and makes it an attractive investment destination as the Chinese economy is hobbled by the Sino-United States trade war. There are 360 million Internet users across the countries covered in the report - Indonesia, Malaysia, Vietnam, Singapore, and the Philippines - up from 260 million four years earlier.

Southeast Asia's internet economy to hit $300 billion by 2025: Report