Temasek looking into cross-border payments, artificial intelligence

SINGAPORE: Temasek International, the management arm of Temasek Holdings, is looking at transnational business-to-business (B2B) payments, fraud detection, as well as artificial intelligence as key areas of investment. Speaking at the Investors Summit on Friday (Nov 17), the president of Temasek International Chia Song Hwee said it will be emphasising on those areas over the next five years. "There is increased complexity and complication between various parties interacting in (the) social and commercial world," said Mr Chia, who is also chief operating officer of Temasek International. "What we want to focus on are the businesses or innovation of technology that will remove the friction in this complicated process." Mr Chia said that B2B payments have very high friction costs, or expenses that come with financial transactions in the form of fees, commissions and tax implications.