It was a week-long race through a labyrinth of meeting rooms and law firms in Hong Kong’s Central district, to close the A.S. Watson deal. For Lee Ai Ling, then a junior member of Temasek’s Legal & Regulatory team, it was a high-stakes test of endurance, expertise, and teamwork.

The opportunity to acquire a significant stake in A.S. Watson, a leading health and beauty retailer which already boasted 10,500 stores across 25 markets worldwide, emerged early in 2014, at a time when Temasek was looking to align its portfolio with long-term trends, including Asia’s fast-growing middle income populations. The US$5.7 billion investment promised to significantly expand Temasek’s presence in the region’s high-growth markets – but the firm needed to move decisively to seize that opportunity.

“We had started the planning work two weeks earlier, and from the morning we arrived, we were in back-to-back meetings that lasted late into the night. We got very little sleep, but no one stopped until the deal was done,” remembers Ai Ling, now Director of Legal & Regulatory (Transactions).

The deal’s complexity went far beyond the negotiation table. Various teams in Temasek, including its Investment, Legal and Regulatory, Tax, and teams, collaborated closely to navigate the intricate legal and financial landscape of A.S. Watson’s vast operations, and ensure that Temasek’s interests were well protected.

The transaction – Temasek’s single largest overseas investment at the time – boosted its exposure to Asia’s fast-growing consumer sector exponentially. For the team, the signing ceremony, which concluded with a formal dinner, was the first sit-down meal they had that week.

Unity in purpose

By her own admission, the A.S. Watson deal remains one of the “most intense” experiences in Ai Ling’s career to date – including the six years she spent in private practice specialising in mergers and acquisitions (M&A) in Singapore and Shanghai.

Ai Ling joined Temasek in 2011, drawn by the opportunity to continue with high-quality and strategic M&A work in a dynamic company with global ambitions. Three years in, she found herself in Hong Kong as part of the legal team conducting due diligence on various aspects of the operations of a retailer whose stores she had often shopped in.

There were many moving parts, Ai Ling says. The team delved into every aspect, from due diligence on the retailer’s operations, financials, and taxes to structuring the transaction and formulating governance rights that matched the scale of the investment. Retail being a “consumer-facing business” meant there were additional factors to consider, including any issues with consumers, employees, or other stakeholders.

Ahead of the deal being closed, various regulatory applications also needed to be filed and the necessary approvals obtained in the multiple jurisdictions in which the retailer operated.

“We had to zoom into all that very quickly,” says Ai Ling.

In the high-pressure environment, there was a clear unity in purpose. “Everyone pulled their weight and was very open and transparent about sharing their views,” she says. “Even as a junior team member, I was able to express concerns that were later reflected in the negotiations.” 

The experience left a lasting impression. “We all worked together to get the deal over the line. It made me incredibly proud to be part of the Temasek team.”

Owning the morning after

The A.S. Watson deal was transformative for Ai Ling, both personally and professionally. It shaped her understanding of how Temasek could move quickly to seize opportunities, while maintaining rigorous standards of diligence and collaboration.

Today, she remains in close contact with her legal counterparts at A.S. Watson, helping to foster the relationship between the two entities. Their discussions often touch on issues like sustainability in retail and supply chain resilience, areas that both companies have been tracking closely. “It’s a very open channel. We share how we think regulatory developments may impact our investee companies, ecosystem and partners, and they share what they see in terms of implementation and enforcement trends in their respective industries.”

The investment has also shaped how Temasek pursues increasingly complex deals across various jurisdictions. “Staying nimble is very important in this climate,” says Ai Ling, pointing to the growing impact of geopolitics, technology advancements, and regulatory shifts on investment priorities.

Temasek’s Legal & Regulatory team is not just a guardian that protects the firm. The team also anticipates potential issues and risks, taking pre-emptive steps to ensure Temasek is well-positioned to address them, she notes. “It's no longer just about knowing the law, but about detecting the emerging trends or issues early, and taking steps to mitigate them,” she says.

This forward-looking, proactive approach is crucial given the long-term nature of Temasek’s portfolio. “We’re constantly monitoring legal developments and trends, and constantly adapting so we can make informed decisions that ensure our investments remain resilient in the increasingly complex and dynamic environment in which we operate.”

For Ai Ling, the work is as rewarding as it is challenging. “It shapes who you are and how you see things,” says Ai Ling. “I might live another 50 years, but I have two young children who will outlive me. We always think about the long-term impact of our decisions, and ensure that we own the morning after.”

In 2015, Sherlyn Lim found herself immersed in an unexpected task: learning Korean.  

“I may not be completely fluent,” laughs Temasek’s Deputy Head of Organisation & People (O&P), “but the experience taught me the value of stepping out of my comfort zone.” Her endeavour was part of Temasek’s inaugural CEO Challenge, a bold initiative aimed at fostering a growth mindset within the organisation, equipping its people for future challenges. 

The first iteration focused on an accessible theme – learning a new language, whether a non-native tongue, basic programming skills, or a musical instrument. “Pushing your boundaries can sometimes be a little daunting,” Sherlyn acknowledges, “so the initial phase was about making learning fun.” Over the years, the annual event has evolved to align with institutional priorities like data science, innovation, and sustainability. “We progressively stepped up our game,” she says, “while keeping the spirit of curiosity and innovation alive.” 

“The CEO Challenge has never been just about individual learning,” says Sherlyn. “It is about creating a culture where continuous growth empowers our people – and by extension, the organisation – to stay relevant in a rapidly changing world.” 

A path to growth

Sherlyn’s journey to Temasek began in 2011 when she was working in Human Resources at a bank. “I thought I would retire there,” she recalls. Then she chanced upon the Temasek Review, the firm’s annual report detailing its mission and focus on shaping future generations. She found herself drawn to its broader purpose. “It was not just about financial returns, but about making a difference to people, institutions, and the broader community. I wanted to be part of that.” 

Her work at Temasek expanded over time, allowing her to build a diverse portfolio of experiences. “I started with leadership development and compensation, then expanded to cover different aspects of the human resources function,” she says. This broad exposure prepared her for her current role, where she partners closely with the leadership team to align talent strategies with business priorities. “We keep our ears close to the ground, anticipate changes, and ensure we move in tandem with the business,” she says. “Whether we’re setting up a new team or establishing an overseas office, we ensure Temasek has the right people in place”.  

As Temasek expanded into new geographies and developed new domains like sustainability, Artificial Intelligence (AI), and blockchain, the O&P team adapted its talent strategies to keep pace. “We need to be dynamic and collaborate with the business to build a strong talent base to deliver on our mandates,” she says. “With new domains, we figure out the requirements and hunt for the right talent.”   

With the growing importance of AI, it became imperative for Temasek to prepare its workforce to navigate and leverage its transformative impact. “To borrow a phrase from our Chairman, Lim Boon Heng, ‘The power to compute is the power to compete,’” Sherlyn says. The challenge, however, was ensuring progress across Temasek’s diverse workforce – from the most junior to the most senior employee.

“You can’t focus on just one group,” she explains. “To truly move forward, everyone must advance together.” 

The CEO Challenge is a key initiative for addressing this need. Events like hackathons and “secure sandboxes”, where employees could apply their newly acquired skills to solve real-world problems, became integral to this learning process. These practical applications not only reinforced the skills learned but also fostered innovation and problem-solving within the organisation. 

 Learning for resilience 

In a world marked by constant flux – from geopolitical shifts and the rapid acceleration of computational power to emerging cyber risks – the focus remains on building a workforce that can keep pace with evolving demands, says Sherlyn. “What got us here won’t get us there,” she says. 

“We need to ensure our teams build multidisciplinary skillsets, and plan for that,” she says. “You can’t be good in just one area anymore,” she explains. “We stretch our people by giving them opportunities to grow in different geographies, across functions, and even through secondments in our portfolio companies,” she says.  

The team regularly reviews and tests its structures to ensure they remain relevant, making adjustments as needed to stay aligned with business goals. This iterative approach helps Temasek to stay ahead of emerging challenges while preparing its workforce for new opportunities. 

Sherlyn stresses the need for a balanced approach to workforce development. “The question we ask ourselves is how we can plan the development journeys of our employees to ensure we fulfil our twin mandates – achieving organisational goals and creating meaningful career experiences for our people.” 

She sees the culture of growth and resilience as a critical driver of Temasek’s success. 

“It’s not just about today,” she says. “It’s about preparing for what’s next, and building capabilities to stay competitive.”   

“You can’t just fly in and out and expect to understand the depth of a market like Europe,” says Vincent Lee, Temasek’s Director for Technology & Consumer Investments. “You need to be on the ground, building relationships and embedding yourself in the ecosystem.”

Since the mid-2010s, Temasek’s journey in Europe had been one of steady expansion, with offices in London, Brussels, and most recently, Paris. Yet, despite landmark deals in areas like digital payments and sustainable solutions, the region’s consumer and technology sectors remained a small part of the overall Europe portfolio.

“Europe has no shortage of great consumer brands,” says Vincent, “and there is a lot happening in technology, especially in the adoption of Software as a Service as Europe ramps up on digitalisation.” Temasek’s 2016 investment in Italian/French luxury apparel brand Moncler and the solid returns it delivered strengthened the firm’s convictions about the region. “There was a sense that we could build on this momentum if we truly doubled down on these opportunities.”

Initially, the team scheduled quarterly trips from Singapore to assess potential investments, but the limitations of this model quickly became evident. “The consumer sector is a very localised business. You need to appreciate the market context, especially in a market as diverse as Europe,” he says. “Also, given the geographical spread of businesses, we would not have been able to cover them effectively without being physically there.”

In February 2023, Vincent and his young family found themselves putting down roots in London.

Local roots, global ambitions

For Vincent, the move was the culmination of a journey that began in 2015, when he transitioned from his job at a regional bank to join Temasek.

“Back then, I was doing banking mergers, but I wanted to be on the buy side,” he says. “What drew me to Temasek was the chance to work for a Singapore-based firm, and yet have the opportunity to tap into global opportunities.” The opening in the consumer team struck a personal chord. “I’ve always been interested in the consumer space, mostly because it’s tangible and relatable – and with rising global affluence, it was clear that Temasek had ambitions to do more in that space.”

Vincent spent his early years with Temasek focused on China, India, and Southeast Asia, where he worked on traditional consumer businesses like hypermarkets and fast-food chains. By 2018, the landscape had shifted. The distinction between the consumer and technology sectors blurred as brands like Amazon and Grab disrupted traditional models and reshaped consumer behaviour. Temasek adapted by merging its consumer and technology teams.

As Temasek’s global ambitions grew, so did its recognition of the untapped potential of Europe’s consumer and technology sectors. “We began to be more active, flying to the markets,” says Vincent. But it quickly became clear that occasional visits would not cut it. “To grow our footprint and access opportunities that might otherwise fly under the radar, we needed to build local relationships and credibility,” Vincent explains. “And to do that, we needed boots on the ground.”

When the opportunity arose to advance Temasek’s consumer and tech initiatives in Europe, Vincent initially hesitated. “I had a young family, and the thought of starting over in a new country was daunting,” he admits. The opportunity to grow and make a meaningful impact eventually outweighed his hesitation, he says, “and we took the plunge".

In London, Vincent quickly immersed himself in building relationships with family-owned businesses, the backbone of Europe’s luxury sector. “We talk a lot about identifying resilient companies and global champions,” he says. “Luxury brands fit that description – they’ve weathered economic storms and continue to deliver strong returns.”

The importance European business culture placed on building trust and fostering collaboration through in-person engagement quickly became clear. “I prioritise face-to-face meetings,” Vincent shares. “You can’t replicate the depth of understanding that comes from direct interactions with CEOs, CFOs, and advisors. It’s through these connections that we gain real insight and build trust for the long term.”

Partnerships have become another pillar of Temasek’s evolving strategy, particularly in the public and equity co-invest markets, creating opportunities to co-invest with firms that have similar thematic approaches and complementary strengths. “It allows us to look at things beyond what we’ve traditionally focused on.”

Temasek’s on-the-ground presence has been instrumental in forging these partnerships. “Building relationships with co-investment partners wouldn’t have been possible without us being in the market itself,” Vincent notes.

The long view on Europe

Creating lasting connections remains central to Vincent’s – and Temasek’s – approach. “It’s not just about market expansion; it’s about forging partnerships that are rooted in trust and shared values, and building relationships that will stand the test of time.”

Temasek’s strategy of embedding sector-specific expertise locally is already paying dividends. Over the past 18 months, the firm has deepened its partnerships and expanded its investment footprint, including in areas like luxury cruises, premium outlet stores, emerging technologies and sustainable packaging. The firm plans to invest $20 billion to $25 billion in the EMEA region over the next five years.

Looking ahead, Vincent sees significant potential for Temasek. “The sector will continue to compound,” he says. “There are untapped markets and companies poised for growth. It’s an exciting time to be part of this journey.”

“Integration sounds sexy when you hear it from consultants,” says Zechariah Neo, a Director with Temasek’s Portfolio Development Group (PDG). “But in reality, it’s a lot of hard work.”

Zechariah speaks from first-hand experience with one of Temasek’s most transformative projects: the 2015 creation of Ascendas-Singbridge through the merger of four entities – Temasek’s Singbridge Group and Surbana International Consultants Holdings, and JTC Corporation’s Ascendas and Jurong International Holdings, resulting in an integrated urban solutions provider.

The goal was ambitious: to harness the complementary strengths of these four entities to address the growing demand for urbanisation solutions across growth markets in Asia, especially given the rising demand for projects that could creatively integrate residential, commercial and lifestyle elements.

For Temasek, it was also an opportunity to pilot a new, hands-on approach to enterprise building and portfolio management.

“The idea was simple: take people from Temasek with a strong grounding in finance and strategy, and immerse them in the operational side of building businesses through secondments with Temasek Portfolio Companies (TPCs),” says Zechariah, then an Associate Director with the Enterprise Development Group (EDG). He was among the first to be a part of this exercise. “I raised my hand because I wanted to be involved in something transformative; there was the potential for significant value to be unlocked, both for Temasek and the stakeholders of Ascendas-Singbridge.”

The next two years saw him embedded within Ascendas-Singbridge, navigating the complexities of post-merger integration, which ranged from bridging cultural divides and streamlining operations to crafting a growth strategy for the newly-formed entity. “We were in the trenches with the management team, figuring out how to make it all work,” says Zechariah.

Collaborating for results

Zechariah’s journey at Temasek began in 2011, when he joined its Life Sciences Investment Group as a fresh Finance and Economics graduate, initially focusing on the agri-food and healthcare sectors.

Despite being the most junior member of the team, he quickly found that Temasek valued ideas over hierarchy. “The structure was kept as flat as possible, with views harnessed from across the investment team. It gave me something to aspire to: learning how to foster safe spaces where diverse perspectives were voiced and debated,” he says.

It was a lesson that stayed with him when he moved to EDG in 2014 to become Staff Officer to Dilhan Pillay, the team’s first Head and current Temasek Chief Executive Officer. Under Dilhan’s mentorship, Zechariah was tasked with identifying and developing new business enterprises with the potential to become global or regional champions.

At the time, urbanisation was a key growth theme in Asia, and the Ascendas-Singbridge merger became one of EDG’s first major projects.

For Zechariah, who also became a father for the first time then, leading the Project Management Office was like having a second “baby". Under the guidance of Chairman Wong Kan Seng and CEO Miguel Ko, he tackled the challenge of managing integration logistics, aligning the teams for synergies, and fostering a culture of openness and trust between the merged entities. “They had very different roots and cultures,” he explains. “My job was to help break down barriers. We had to get everyone to think as one team and focus on being more commercially minded.”

Equally important, he found, was maintaining clear communication and boosting morale. “Beyond the tasks, it was about keeping people motivated and aligned with the vision. If something wasn’t working, you adapted. If there was conflict, you resolved it.”

By the end of his two-year secondment in June 2017, Zechariah had witnessed both a breaking down of silos and a significant mindset shift. Returning to Temasek, he brought with him a deeper understanding of how Temasek could partner with the boards and management of portfolio companies to bring value to businesses. “When you’re in the thick of dealing with what mergers entail, and what it means to make it work on the ground, you see how much effort it takes to pull everyone together, work in lockstep, and create something that lasts.”

In 2019,  Ascendas-Singbridge would be acquired by CapitaLand, creating one of Asia’s largest diversified real estate groups with over S$123 billion of assets under management – representing a massive value uplift for Temasek.

From investment to impact

The success of the Ascendas-Singbridge merger validated Temasek’s approach to enterprise building and shaped how the organisation approached portfolio management in the years that followed.

“After the merger, we realised our strength in transforming and enhancing the value of our TPCs, especially when we took an active partnership stance,” Zechariah says. This insight laid the groundwork for the Portfolio Development Group (PDG), conceptualised in 2019 to help portfolio companies thrive through partnerships, innovation, growth strategies, and restructuring.

Zechariah was part of the team tasked with creating the PDG, bringing the insights he had learnt from the Ascendas-Singbridge merger to the table. “We worked on the concept, wrote the proposal, got it approved, and then built the structure for the PDG,” he recalls.

For Zechariah, the experience of working on the merger wasn’t just about professional growth – it was a chance to witness the broader impact of Temasek’s work.

“Our Singapore portfolio companies are special. They are our heritage, and as stewards, it’s our responsibility and privilege to support them in their transformation journeys. Through this, we safeguard jobs and livelihoods, while supporting the resilience of Singapore’s economic ecosystem.”

 “That’s the impact I strive to make every day,” he says. “It’s what keeps me going.”

In the high-stakes world of investment, where billion-dollar deals dominate headlines, Temasek’s Chief Financial Officer Png Chin Yee offers a more grounded perspective.

“The real value of any deal lies in how it strengthens our portfolio, augments our resilience and positions us for the future,” she explains. “Every transaction is a stepping stone towards sustainable, long-term returns.”

Temasek’s strength lies in its readiness to adapt its portfolio as new opportunities emerge, from fintech to Artificial Intelligence. “Ultimately, it’s about staying ahead of the curve – envisioning the future, and having the courage to pivot when necessary,” she adds. 

Reflecting on her 13-year career at Temasek, it is this broader journey that Chin Yee finds most fulfilling. “If I have helped put Temasek’s portfolio in a better position to generate returns, that is what I would be proudest of.”

Paving a path to resilience

Chin Yee’s decision to leave her investment banking career to join the “buy side” in 2011 came as the global investment landscape was rapidly shifting, driven by digitisation and evolving consumer habits.

Then a banker with global investment bank UBS, she had worked closely with Temasek on several transactions and was familiar with its dynamic approach. “Temasek had a global mandate, a front-row seat to what was going on in the rest of the world, and was making significant transactions in the financial services space. If you were based in Asia and wanted to invest in financial services, it was a very exciting place to be,” she says. When approached by current CEO Dilhan Pillay, then the company’s Head of Portfolio Management and Co-Head of its Singapore operations, she needed little convincing.

As Head of Financial Services, Chin Yee and her team were tasked with recalibrating Temasek’s portfolio beyond traditional banking into emerging sectors like payments and fintech. “Banks are inherently cyclical and capital-intensive,” she explains. “We wanted to shift towards less cyclical businesses with stronger recurring cash flows.”

Payments, for instance, offer baseline resilience. “If you're feeling rich, you eat at a fancy restaurant. If not, you choose somewhere more modest. But there’s still a base level of spending,” she says. The 2014 investment in Adyen, a rising payments leader, exemplified this pivot.

As important as it was to seize emerging opportunities, it was equally important to take a thoughtful approach to divesting investments that no longer aligned with Temasek’s long-term vision. “You want to make sure that the employees, customers, and even the minority shareholders are taken care of,” says Chin Yee. “When we invest, we try to do it responsibly. And when we divest, we ensure we do that responsibly as well.”

As Chin Yee drove innovation in financial services, similar thematic shifts were taking place across other investment groups. “For example, in Telecommunications, Media and Technology, we moved away from telco assets to focus on consumer tech, and now on AI infrastructure like data centres,” she says.

Today, Temasek’s portfolio is a mix of two halves: long-standing portfolio companies that remain relevant, and global direct investments that align with emerging trends. “Constantly repositioning our portfolios to capture tomorrow's opportunities and generate better returns – that’s a continuing journey,” says Chin Yee.

The ripple effect

Chin Yee’s subsequent moves within Temasek, rotating from financial services to co-leading the China portfolio, and then to the Portfolio Strategy and Risk Group (PSRG), gave her a unique perspective when she became CFO in 2023.

“The CFO role today isn’t just about financial reporting anymore – it’s about shaping strategies and influencing outcomes,” she says. The breadth of her experience equips her to ask tough questions, steer decisions, and ensure Temasek stays on course for its long-term goals.

As sustainability became central to Temasek’s strategy, she played a key role in launching the firm’s first Sustainability Report, which highlights its progress in embedding Environmental, Social, and Governance (ESG) principles into its investment approach.

“We integrate ESG considerations into every investment decision,” she says. “Our teams rigorously assess ESG risks and opportunities, and ensure that our portfolio companies align with sustainable practices. The climate crisis, in particular, is an existential issue – we all have a role to play.”

This commitment is deeply tied to Chin Yee’s own approach to leadership and responsibility. “I think about my responsibility in concentric circles: to my team, to the firm, and to the broader ecosystem,” she says. “It’s about making decisions that not only drive success but also create positive ripple effects.”

For Chin Yee, this ethos reflects Temasek’s broader purpose of fostering prosperity across generations. “As a firm, we have a responsibility to people – both inside and outside the organisation – and that will always drive our long-term view.”

“We build portfolios not just for today, but for our children – and their children.”

As Temasek expanded rapidly in the mid-2000s, a critical challenge emerged: getting an increasingly diverse group of people to work as a cohesive unit.

“We had grown significantly between 2005 and 2007, and were also bringing in lateral hires from banks and other sectors,” says Juliet Teo, Joint Head of the Portfolio Development Group and Head of Singapore Market. The influx of talent brought fresh ideas, geographic expertise, and industry insights, but it also added complexity to decision-making.

“As business models and ideas converged, responsibility for decision-making couldn’t sit with just one team. We needed to bring together the right people from across the organisation to make the best decisions for Temasek,” she says. The challenge was establishing a common frame of reference.

The solution came from an unexpected source: schools. “It was where we saw how values were used as a common language,” says Juliet. “In schools, values are not abstract ideas, they’re directly tied to action, bringing people together, aligning behaviour and guiding decisions.”

This insight triggered a year-long ground-up process to determine the values that truly mattered to Temasek and its staff, and that would guide its people and decisions moving forward.  

From sticky notes to a shared vision

Juliet joined Temasek in 1996, drawn by a serendipitous newspaper advertisement. At the time, she was a management trainee at Singapore Press Holdings (SPH), having entered the workforce in the turbulent post-recession years of the early 1990s. “It was a tough time for finance,” she says. “I took the first job that came along, but I knew that I wanted to make investments my career.”   

Starting as an associate covering infrastructure funds, Juliet’s versatility quickly became apparent. As Temasek sought to navigate emerging trends, she was deployed to various teams – focusing on venture capital during the dot-com boom, financial services as a gateway to emerging Asia, and Telecommunications, Media & Technology (TMT) during the rise of giants like Alibaba.

“I think how I delivered my work gave my bosses the confidence that I could manage these roles. So when new opportunities came up, I was given the chance to take them on.” 

As Temasek recognised the need to anchor the increasingly diverse perspectives and voices in its rapidly expanding organisation around a shared objective, Juliet found herself part of the team tasked to take this on.

The team began by looking outward, seeking inspiration from a range of organisations, from investment banks and law firms to consulting firms. “We saw how their culture – what they cared about and what mattered to them – shaped everything, from who they admitted into partnerships to how they made decisions,” says Juliet.

What began as a top-down exercise quickly turned into an inclusive, company-wide process. “We set up booths in the linkway and invited employees to share their thoughts,” says Juliet. Sticky notes piled up on boards as people shared what resonated with them – and what didn’t. From this feedback, the leadership team crafted and refined statements that encapsulated what Temasek stood for. Employees were then invited to vote on the options they felt best reflected the company’s ethos.

Later, games and activities during the company’s annual team-building retreat were used to make the values more relatable and immersive. “Teams rotated through activities, exploring values – like teamwork – through practical exercises and reflection,” recalls Juliet.

“It was interactive and iterative,” Juliet explains. “We went back and forth, shaping the values into something people could genuinely stand behind.” Today, the MERITT values – Meritocracy, Excellence, Responsibility, Integrity, Teamwork, and Trust – are an organic part of the organisation. 

“These weren’t values imposed from above,” she says. “They were something everyone had a stake in creating.”

From values to purpose 

In the years since, Juliet has seen first-hand how the values-based approach has influenced day-to-day decisions. “In the beginning, it felt like ticking a box,” she admits, “but over time, our values have become a guidepost, shaping everything from how we treat each other to long-term strategic decisions.”

The MERITT values addressed immediate organisational challenges, but the process of getting the values on paper also laid the groundwork for a broader initiative a few years later: Temasek’s Purpose statement. 

In 2019, as sustainability became core to Temasek’s identity, senior management decided to embark on a ‘purpose journey’. “We needed to capture what Temasek stood for, not just for today, but for generations to come,” says Juliet.

The journey built upon lessons from the MERITT process. “We took our time, curated input, and involved our people at every step,” she recalls. Over nearly a year, the organisation engaged employees through workshops, discussions, and feedback sessions. The result: So Every Generation Prospers, a Purpose statement that embodies Temasek’s long-term vision.

To Juliet, purpose and values are deeply interconnected. “To me, So Every Generation Prospers means developing and growing sustainable businesses, ensuring continuity and relevance,” she says. “And the values provide the framework for how we achieve that.”  

“Our purpose defines why we do what we do; our values define how we do it. That's important.”

It was a bold move, Rohit Sipahimalani admits, a joint venture with an explicit mandate to scale transformative climate technologies. But it was one that would drive critical climate action, with an impact beyond what either partner could achieve alone, while generating long-term returns for both.

“We each brought something different to the table,” says Temasek’s Chief Investment Officer. “BlackRock has fundraising expertise and extensive data insights, while Temasek has deep experience in growth investing and has invested in climate tech.”

Decarbonization Partners, designed as an early-growth private equity platform, would harness the partners’ complementary strengths to make strides in climate-focused tech, and accelerate the transition to a sustainable economy.

Strategic partnerships like Decarbonization Partners are a key element of Temasek’s growth strategy, says Rohit, who plays an instrumental role in advancing these partnerships. “It allows us to focus on our strengths while leveraging the specialised expertise of our partners.”

Temasek and BlackRock collectively committed US$600 million in seed capital across two funds, and to raising additional funds from third-party investors, with a US$1 billion target for the first funding round. By the time the funding round wrapped up in April 2024, they had surpassed this target, securing US$1.4 billion – funds that would back high-impact growth stage investments, from clean energy to green transport.

Charting a collective course

Rohit first encountered Temasek as an investment banker with Morgan Stanley, where he worked closely with its investment teams on several deals. A strong working relationship led him to make the move to Temasek in 2008 to lead its global Telecommunications, Media, and Technology (TMT) portfolio. “Temasek was entrepreneurial and dynamic, and I knew that it would be an exciting place to work,” he says. “I also knew the people; I had worked with a lot of them, and I liked them.”

Just over a year after joining, he found himself part of a team helping to shape T2020, the company’s strategic vision for the following decade. “Then, it was about doing more in technology and life sciences,” he says. It ultimately drove Temasek’s global expansion, particularly in the US, where there was strong potential for growth in these sectors.

The following decade would see him take on leadership roles across multiple sectors, including energy and resources, and in key regions, including India and Southeast Asia.

Fast forward to 2016, and Rohit once again found himself in a position to shape Temasek’s long-term strategy, this time in his role as co-head of the newly-established Portfolio Strategy and Risk Group (PSRG). Established that year, PSRG was tasked with looking at Temasek’s portfolio from a top-down perspective, and allocating capital to areas that would help the portfolio achieve long-term, sustainable returns.

“One of the trends we identified was sustainable living, a critical necessity in a resource-constrained world – we needed to deploy more capital toward it,” he says.

“Various investment teams were already engaging with sustainability from diverse angles – country-level, sector-specific, and innovation- or technology-focused. However, we realised that we needed to focus on specific areas we could effectively scale up.”

Soon after, Temasek embarked on a journey to redefine its purpose in a changing world, landing on So Every Generation Prospers. “Climate action was an area we rallied behind,” says Rohit. “The question was, what were we going to do about it? We felt that it was essential for us as an organisation to walk the talk.”

Recognising the limits of what could be achieved independently, Temasek looked to form partnerships with companies that shared its commitment but brought complementary strengths to the table.

BlackRock, which was pushing the boundaries of sustainability, was a natural fit. “We had made a significant investment in BlackRock back in 2020, and were in ongoing discussions on how we could collaborate,” says Rohit. “The idea to join forces emerged, focusing on companies that had proven technologies but needed capital to scale.”

It was an interesting process, he recalls, not least figuring out how to set up Decarbonization Partners in a way that would allow it to leverage the respective strengths of each company, yet operate without direct influence from either. “We learned, and it guided how we worked moving forward,” says Rohit.

Temasek’s collaboration with BlackRock not only marked a significant step in sustainable investment, it set a benchmark for how partnerships can drive impactful action, he says. “It shaped the way we think about partnerships and the value they can bring.”

Beyond accelerating decarbonisation, it creates a pipeline of opportunities that align with Temasek’s broader sustainability goals. “As the companies grow, there’s potential for larger investments down the line.”

Profit, with purpose

Over the last few years, Temasek has entered into more partnerships, including with HSBC to finance marginally bankable energy transition projects, and DBS to provide growth debt that bridges the gap between venture debt and equity funding.

“Effective partnerships come down to three things,” says Rohit. “First, they bring in skills we don’t have internally. Second, they create a focused effort that aligns with our strategic priorities. And third, there’s a shared commitment – both sides are fully invested in achieving the best outcome.”

This goes beyond generating returns to positively impacting communities. “We use our capital to catalyse change – whether by advocating for climate action or filling a gap in the market that can accelerate growth for businesses.”

Good business and positive impact go hand in hand, he says, adding that Temasek’s focus on delivering more than financial returns resonates not just with communities, but also potential employers and partners.

“I have always believed what may sometimes appear as conflicting is often not so, depending on your time horizon. In the short term, you might be able to prioritise profits over purpose, but in the long term, it is positive impact that creates resilience and generates sustainable returns.”

For several months in 2013 and 2014, Adarsh Goyal worked late into the night, driven by an idea that would redefine how Temasek visualised its growing portfolio. 

As the company expanded its global footprint and diversified into new sectors, he recognised the need for a unified and dynamic view of its investments, one that would not only support real-time decision-making across Temasek, but inform its long-term strategy in an increasingly complex investment landscape. 

“We were tracking multiple returns measurements, but it felt like we were missing a comprehensive portfolio view – something that captured the full performance of our investments,” says Adarsh, now Director of Finance (Finance Management). 

This insight came at a critical juncture, as Temasek was actively seeking to improve its portfolio management processes to keep pace with its growing scale and ambition. “So, I started building a consolidated view of our data,” he says.

His initiative ​​would ​lay the groundwork for ​Temasek’s Portfolio Analytics and Reporting App (PARA), a tool that has since become ​a cornerstone​ of its data strategy, transforming how it tracks, evaluates and manages its portfolio.

“We’ve come a long way since those early days,” he reflects. “Whenever we incorporate new data or features into PARA, or when I see it used, I feel proud of the part my team and I played in making it happen.” 

Bridging finance and technology

Adarsh’s journey to Temasek began with a passion for numbers, inspired by his father, a chartered accountant. He followed his father’s footsteps into accountancy, joining Tata Consultancy Services (TCS) in India, but transitioned to tech consultancy during his time with Hyperion, a leader in enterprise performance management (EPM) software and one of TCS’ vendors. Oracle’s acquisition of Hyperion prompted Adarsh to join Oracle’s Singapore office in 2008, where he encountered Temasek as a client. 

“I started to think that I should go back to what I’m good at – numbers and finance,” he recalls. By 2010, he had joined Temasek, initially working on completing the automation of the company’s financial consolidation processes, the task he had begun at Oracle. ​​It was when he moved to join the Corporate Finance team that he saw an opportunity to address a ​​critical gap in the company’s data: Temasek’s expansion across geographies, sectors and asset types had increased the complexity of its portfolio exponentially, he explains. “We needed a holistic view of how our investments were performing,” he says.  

“We put together a few slides and presented our ideas to the senior management,” he recalls. “It led to the creation of a task force to develop it further – and that’s when it really took off.”

Broadening the view for decision-making

The first breakthrough came when Temasek adopted a software tool that automated portfolio data flows and enabled the company to track its portfolio value daily. “Initially, the software ran only on my computer. It was basically the ‘server,’” Adarsh laughs. “Anytime someone needed access, IT would have to install the app on their laptop, and I’d activate the licence for them.” 

As Temasek’s data needs outgrew this setup, Adarsh led the move to a cloud-based platform. This move not only improved accessibility but also offered real-time updates and advanced analytics capabilities. It took just under a week to migrate Temasek’s data onto the new system, eventually renamed PARA, but its impact was immediate. 

Beyond consolidating data, PARA allowed Temasek to tag investments by sector and location, customise portfolio views, and integrate benchmarking data from two decades of investments. “We could see how different parts of our portfolio performed relative to each other and against benchmarks,” Adarsh says. The idea was to enable real-time, firm-wide access to insights that could contribute to Temasek’s long-term investment strategy.  

“PARA doesn’t dictate day-to-day decisions – it helps our teams identify trends, assess risks, and decide on the broader direction they want to take,” he says. “It reflects Temasek’s commitment to creating long-term value.” 

A data-driven future 

Today, Adarsh is known internally as “Temasek’s numbers guy,” and PARA has become an integral part of Temasek’s decision-making process. 

“But we did not stop at PARA,” he says. The success of the app paved the way for the creation of two complementary tools – Dial, which captures Temasek’s investment targets and supports liquidity management, and the Post Portfolio Summary Tool, or POST, which tracks portfolio exposure by ​underlying assets​​.​ Together, these tools form an integrated data ecosystem that provides Temasek with agility and insights into a complex global market.  

For Adarsh, PARA’s ongoing evolution is a testament to Temasek’s culture of innovation. “Life is not static, and neither is data,” he says. “We will continue to make it better, and evolve it further. This is a journey of continuous improvement.” 

Yvette Chen vividly recalls sitting amidst a group of freshly minted high school students, listening as they spoke of dreams that had once been out of reach. “They talked about the colleges they wanted to attend, the majors they wanted to study, and the careers they aspired to build,” says Temasek’s Vice President for Investments, Shanghai.  

“In China, especially in the underdeveloped and rural areas, education is everything,” she explains. “It’s a chance to change your path in life.”  

It was this that inspired Yvette and her Temasek colleagues to sponsor a ‘Pearl Class’ under China NGO ​Xin Hua ​Compassion ​Education Foundation’s Hope for Pearl initiative. Through this programme, students who perform well academically but lack the means to complete their education are offered a place in a “Pearl Class”, often in one of the top schools in the area they live in. 

The sponsorship was a way for Temasek’s staff to make a difference in the community, she says.  

“Many people want to give back, but lack the right platform. Temasek not only supports these opportunities, but fosters a culture of giving back.” 

Yvette’s passion resonates with many of her colleagues. “Education transformed our lives – without it, many of us wouldn’t be where we are today,” she says. “Now we have the ability to help others.”

Building for the future

A finance graduate, Yvette joined Temasek’s life sciences team in Shanghai in 2014. “At that time, China was beginning its shift from generic to innovator drugs,” she recalls. “As one of the earliest investors in this emerging field, we witnessed the evolution of its capabilities in drug innovation.”

“The office was very small then,” she says. “When I first joined, there were about ten people, so when we went for a team lunch, we only needed one table.” As Temasek’s interest in China grew, one table became two, then three, and then four. “Today, we have a large portfolio of companies across various sectors, and the Shanghai office has almost 50 people, so we need five tables,” she laughs. “That's how quickly we’ve expanded. In just ten years, we’ve been able to create a really meaningful presence in China.”

Yvette’s own role has grown from conducting due diligence as an investment associate, to identifying trends, pinning down strategies, and contributing to the broader growth of the company in her current role. “I have spent the majority of my career in biopharma, and work closely with our global life sciences team in Singapore. Most recently, our focus has been on creating a life sciences innovation park in Suzhou to help foster an ecosystem, and support the growth and internationalisation of innovative companies,” she says.

She sees little difference between her “day job” supporting drug and healthcare innovation, and the philanthropic work she does with Xin Hua ​Compassion ​Education Foundation. “At their core, both are about creating a better future for everyone,” she points out. 

Under the Hope for Pearl programme, schools waive tuition for the 30 to 50 students in the Pearl Class, while sponsors cover the scholars’ living costs. 

The Temasek team chose to sponsor a Pearl class for high school students, says Yvette. China's free and compulsory education ends at middle school, leaving high school out of reach for families grappling with limited resources. Many, particularly girls, are forced to abandon their education due to financial constraints, she explains.  

Temasek’s Hope for Pearl sponsorship draws on a dedicated fund called Dandan De Ai Xin (A Touch of Love), to which more than 20 Temasek China staff contribute. “We called it Dandan because the Chinese name for Temasek is dan ma si, and among Temasek staff and alumni, we refer to ourselves as people from Dandan,” Yvette says.  

“We’re very careful about how we use these funds,” she says. “Someone usually proposes an idea, and then we discuss and vote on it.” Projects have to be approved by a two-thirds majority to be accepted. So far, the fund has contributed towards two programmes, a telescope for Peking University’s astronomy program, and now, a Pearl Class. 

“We wanted to focus on education because many of us are beneficiaries of the education system,” she explains. “It is an indescribable feeling, opening the door for others.” 

More than just donors 

Funds from Dandan Ai Xin are currently used to sponsor a class of 40 students from Huaihua in Hunan province, covering a portion of their living expenses through their high school years. But the sponsorship’s impact goes beyond financial.  

"The teachers told us that the students needed role models as much as they needed funds,” says Yvette. This saw her and her three colleagues sit down with the students to share their own stories and career paths. This summer the class was taken on a week-long trip to Zhejiang. “This was to help students learn more about university life and work in the big cities.” 

​​The team hopes to eventually extend the programme so more students can benefit. The goal is to create a ripple effect, empowering future generations to dream bigger and achieve their potential.  

“What we hope to achieve is very much in line with Temasek’s purpose. In our investments and philanthropy, the well-being of both current and future generations is considered. It's how we build a legacy of lasting impact.”   

“As a fund manager, you are focused on maximising returns,” says Temasek’s Head of Tax, Belinda Chan. “But when you run philanthropic programmes, you’re concerned with maximising social impact.”

The two functions demand distinct mindsets – and skill sets, she explains. Yet, before 2006, charities and philanthropic organisations had to manage both functions to qualify for tax benefits on charitable donations.

This posed a challenge for Temasek as it sought to contribute meaningfully to the community.

Since the early 2000s, the company has set aside a portion of its returns above its risk-adjusted cost of capital for charitable initiatives. However, the dilemma persisted: how could these funds be managed and deployed so they achieved both financial growth and tangible social impact?

The task of finding a viable structure fell on Belinda and her team.

Maximising financial and social returns

Originally from Malaysia, Belinda was raised in Australia, where she pursued a double degree in accounting and law. She quickly found her niche in tax law, working at Ernst & Young. “As a tax lawyer, you spend a lot of time reading legislation. And when you understand the implications of that legislation, you can see where change is needed, and then advocate for that change,” she says.

“It may sound crazy – that I enjoy reading legislation,” she laughs, “but for me, it’s a genuine passion. I love what I do.”

An enticing offer from a former boss led her to relocate to Singapore in 1995, and in 2006, she transitioned from her role as Head of Tax for South Asia at UBS to become Tax Director at Temasek. 

“Back then, Temasek was an organisation of about 250 people. Everyone knew everyone, but we were expanding rapidly,” she recalls. “New teams were being set up – not just the tax team, but a treasury team, a corporate finance team, and on the investment side, Private Equity Funds Investment (PEFI) teams – Temasek wanted dedicated teams to manage its growing portfolio.” It was a hectic time for the tax team, she says, navigating the complex landscape of cross-border taxes as Temasek expanded its footprint overseas, and ensuring the company’s assets were ring-fenced.

As Temasek’s operations grew, so did its community contributions, and the need for a robust system to manage and deploy these funds. “We recognised the best person to manage the funds was not necessarily the best person to manage the community programmes. What we needed was a structure that separated fund management from programme management,” she says. “And then we needed the fund manager to be eligible for the tax deduction for donations – which generally wasn’t how tax deductibility for charitable donations was legislatively construed.”

Belinda found herself part of a team that included representatives from the tax, legal and finance teams, as well as then-Chief Executive Officer Ho Ching and former Chief Financial Officer Leong Wai Leng, rallying behind a structure that would better address the distinct functions of philanthropic organisations, and also enhance Singapore’s attractiveness as a philanthropic hub.

“As Asia developed and wealth increased, philanthropy would follow,” she says. “When people grow their wealth, it’s a natural progression for them to want to give back to society. We needed to be ready for that shift.”

For 18 months, the team engaged with multiple stakeholders, from the Ministry of Finance to the Commissioner of Charities. “We wrote multiple papers justifying why this change was necessary, particularly if we wanted Singapore to attract global philanthropy,” she says. This effort eventually resulted in the introduction of the Grantmaker Scheme. Under the scheme, approved grantmakers are eligible for tax deductions on donations, and the funds can be deployed to a separate programme manager.

“This professionalised the non-profit sector, giving other Non-Profit Organisations (NPOs) the flexibility to set up in Singapore and operate in a way that maximised both financial and social returns,” she says.

Within Temasek, the new model led to the creation of Temasek Trust and Temasek Foundation in 2007. Temasek Trust serves as a steward for Temasek’s philanthropic assets, ensuring these funds are invested responsibly and directed to where they can make the most difference. Meanwhile, Temasek Foundation drives programmes that seek to create positive outcomes in Singapore and Asia by building health, climate, and social and community resilience.

“For me, there was a strong sense of professional achievement,” says Belinda. “It’s why I am at Temasek, it has the willingness to push boundaries, and to figure out a structure that works.”

Belinda’s philosophy – “Do your job fearlessly” – has become her guiding principle, encouraging her team to push boundaries and embrace challenges without fear. "If you let fear hold you back, you're no longer doing the job." she says.

The ripple effect

Together with geopolitical factors, the policy change has contributed to the rise in the number of NPOs establishing themselves in Singapore. “I think the Grantmaker Scheme resonated with a lot of NPOs, and has been a catalyst for drawing others here,” Belinda says. While tax can seem technical, its implications can be wide-ranging, in this case, creating an ecosystem that can sustain and grow the impact of philanthropy.

For her, this work goes hand in hand with Temasek’s broader commitment to community and society. It’s the foundation of its social licence to operate, she says.

 “At the heart of it, it’s about ensuring the impact we leave behind is meaningful and lasts for generations.”

There was a mix of curiosity and anticipation in the air as the management of Adyen, a rising Dutch payments company, and Temasek’s Financial Services team took their seats in a conference room in the heart of Amsterdam. The questions were many. Each was well-established in their respective markets, but their knowledge of the other – and the potential synergies between them – were less explored.

It was 2014, and Temasek was looking to break into the rapidly expanding digital payments space while growing its European footprint. Adyen, a next-generation payments company focused on seamlessly enabling electronic payments for its merchant clients and their customers, was a promising prospect.

“It felt groundbreaking on many fronts,” recalls then-Director of Financial Services Connie Chan, who led the investment team. “We had been closely monitoring the increasing penetration of digital payments, especially given the rapid growth of e-commerce. With its differentiated technology platform, the experience of its co-founders, and strong track record, Adyen checked all the boxes.” On its part, Temasek was well-placed to provide the capital, connections, and capabilities to support Adyen’s growth.

Being one of its first forays into early-stage companies, Temasek went in with a modest initial investment of S$50 million (€35 million) in 2014, valuing the company at US$1.5 billion. Three years later, in 2017, it scaled up its commitment, convinced by Adyen’s strong fundamentals and continued growth prospects.

“Over time, we saw its potential to break out and be a real winner in the payments category, so we more than doubled down,” says Connie.

In 2018, Adyen went public on the Euronext Amsterdam stock exchange, raising US$1.1 billion at a US$8.3 billion valuation in an IPO that was oversubscribed several times over. Today, the company has a market capitalisation of over US$45 billion.

A calculated leap

When Connie left investment banking to join Temasek in 2013, the emphasis was still largely on traditional financial services sectors like banks in Asia. As digitisation swept across sectors, the team began to push towards new horizons.

Connie seized the opportunity to develop Temasek’s financial services portfolio by taking an “entrepreneurial” approach. Her boss at the time, Png Chin Yee – now Temasek’s CFO – put Europe on her agenda, with the goal of diversifying portfolio exposure to developed markets. Connie began to ladder up her knowledge and connections, actively seeking out investments that aligned with Temasek’s strategy.

It was a transformative time for Temasek, she says. The company was still deciding on its approach to early-stage investments, assessing when and how to invest in earlier-stage companies with solid prospects. “It was very refreshing, having a blank canvas. We were charting a path, creating a strategy, and building a network. Part of the job was to establish Temasek as a trusted partner that brought value to the founders and management teams.”

Adyen stood out with its track record, innovative platform, and strong grasp of the evolving landscape, combined with a client base that included global digital giants like Facebook, Uber, Spotify, and Airbnb. “It is a company built for purpose and that offers a seamless omnichannel proposition, which means being able to integrate payments across online, offline, and mobile platforms in many markets across the globe for its merchant clients,” says Connie. This was a crucial differentiator as many payment companies grappled with legacy payment infrastructure.

Beyond the product, it was a meeting of minds.

“They weren’t just focused on immediate gains, but on positioning the company for the long term. That resonated strongly with Temasek,” she says.

What also resonated was the sense of ownership its employees had, and the emphasis on transparency and direct communication. “They are much bigger today, but they still live by the principles that led to their success, like continuous learning, working as one team, and even simple things like picking up the phone to talk instead of sending lengthy emails,” she says.

Getting in early with Adyen turned out to be mutually beneficial. It gave Temasek valuable insights into developments in the payments industry and a clear idea of how they could impact – or enable – other companies in its portfolio. Meanwhile, Temasek’s reputation in Asia, its extensive ecosystem, and global reach helped Adyen gain a foothold in the region.

In 2019, Singapore Airlines became one of Adyen’s largest airline customers, simplifying payment processes on its website and app.

“Adyen shared their global ambitions, and we were able to make those referrals and introductions, including to our portfolio companies,” says Connie. “Seeing how far they have come today, I take pride in Temasek’s recognition of their vision, and its commitment to supporting its growth.”

A new future for finance

Temasek’s investment in Adyen paved the way for more strategic moves into the payments and fintech space.

“This investment set a new path, bringing into focus the potential of other asset-light businesses in the financial sector. It has been a constant evolution,” explains Connie, who now heads the Financial Services team.

Diversifying into financial sectors outside of banks has not only uplifted returns, but also bolstered the resilience of Temasek’s portfolio. “That means we are better able to weather different business cycles and achieve more stable returns."

It has been satisfying to see the immense growth achieved by the company since Temasek’s initial investment in 2014, when Adyen’s annual processed volumes were $30 billion compared to $680 billion in just the first half of 2024, says Connie. More importantly, she says, Adyen is a company that impacts people’s lives daily. 

“When I go to pay for something and see an Adyen terminal, or when I make a payment online and see that it is powered by Adyen, it’s a reminder that our capital empowers financial solutions that touch everyday lives.”

In his first few years at Temasek, Yeoh Keat Chuan, better known as KC, “lived and breathed cybersecurity”.

“More and more companies were digitalising, and cybersecurity was an obvious growth area,” recalls KC, now Head of Enterprise Development for Temasek’s Portfolio Development Group (PDG). The PDG focuses on building and nurturing new ventures and developing innovative solutions to key global challenges. “An equally important consideration was ensuring our portfolio companies had access to the cybersecurity capabilities they needed to be adequately protected in an evolving threat landscape.”

In 2018, he stepped into the role of Interim CEO of Ensign InfoSecurity, a venture established by Temasek to provide 24/7 cybersecurity services. At the same time, he double-hatted within the Enterprise Development Group (EDG) leading efforts to build Istari, a global cybersecurity investment platform.

While Ensign provided operational cybersecurity services from systems integration to real-time monitoring, Istari’s team of “Jedis” focused on strategy and identifying growth stage companies with cutting-edge innovations to invest in.

For KC, the two roles offered clear synergies. “For that period of time, being so focused on cybersecurity made it easier to see how the pieces fit together.”

The evolving landscape of digital defence/Defending the digital realm

KC’s ability to quickly grasp industries that were new to him was honed over a 23-year career with the Economic Development Board (EDB), where he moved between sectors ranging from biomedical sciences and aerospace to media and communication. His approach was straightforward but effective: “Read widely. Speak to people”. It served him well when he joined Temasek in 2017 and found himself navigating the rapidly evolving world of cybersecurity.

“The attack surface had expanded significantly,” KC explains. “More companies were shifting to the cloud and digitalising their business processes, and their supply chains, including smaller, less-protected companies, became points of vulnerability. Meanwhile, cybercriminals had access to increasingly sophisticated tools, especially with the rise of AI.”

Temasek’s early investments in cybersecurity funds gave KC a unique window into the industry. “You see what’s catching their attention, and talk directly with the people running the funds to understand the trends, challenges, and opportunities [in the space],” he says.

“We had seen very few cyber companies succeed as parts of a larger entity,” he explains. “[In these cases], cybersecurity services were offered alongside other products, which meant they weren’t fully focused on protecting their clients. That was the problem statement.”

This led to the 2018 merger of the cybersecurity businesses of portfolio companies Certis and StarHub to form Ensign as a pure-play cybersecurity services company.

Ensign was built on three core offerings: systems integration, round-the-clock managed security services through a 24/7 Security Operations Center (SOC), and advisory consulting, which included incident response. A fourth area focused on growing their international business. This comprehensive suite of services, supported by an in-house research lab, meant that clients could rely on Ensign for both the technical implementation and strategic aspects of cybersecurity, across their local and global operations.

Delivering these services required a specialised workforce, a resource in notoriously short supply in the industry.

“We started with about 500 people and now have over 800,” KC says. “Building scale in cybersecurity is tough. Business is not highly profitable unless you reach a certain level, but talent is scarce and expensive. Being a pure-play cybersecurity company, people naturally looked to us because we’re specialised.”

While Ensign focused on operational cybersecurity services, primarily in the Asia-Pacific region, Istari took on a broader, more strategic role. “Unlike physical attacks, where you have to travel over land and water, cyberattacks take place in milliseconds,” says KC. “Istari was designed to help enterprises address cybersecurity as a global challenge.”

Istari provides consulting and advisory services, while also developing a portfolio of early-stage cybersecurity companies through strategic investments. “The idea is to be able to bring innovative solutions to Singapore and Asia, so they can work together with Ensign to provide our portfolio companies with comprehensive defence.”

Its Compass Programme is central to this effort, bringing together Chief Information Security Officers (CISOs) from around the world to exchange insights and best practices, keeping enterprises a step ahead of evolving threats.

“The intersection of Ensign’s operational expertise and Istari’s thought leadership makes for a unique combination and offering,” says KC. “We’re not just reacting to threats – we’re anticipating them and working with enterprises to develop bespoke cyber solutions.”

Staying ahead of the curve

In 2020, KC returned to Temasek briefly before moving to head Temus, a new portfolio company set up to provide digital transformation services. In July this year, he returned to head Enterprise Development, now merged with the Portfolio Development Group. He oversees early-stage companies within Temasek’s portfolio, including Ensign and Istari.

Reflecting on his journey, KC lands on the importance of flexibility, especially in rapidly evolving sectors. “I have a favourite saying from Mike Tyson: Everyone has a plan until they get punched in the face,” he says. “You can’t fall in love with a strategy. The strategy that works is the one that survives the test of the market. If it needs to change, change it sooner rather than later”. It’s a mindset that he will continue to apply in his new role. 

“Temasek’s foresight in setting up Enterprise Development was crucial,” KC reflects. “It wasn’t just about addressing current needs but looking ahead. It’s one of the few companies with the willingness – or mandate – to invest in building capabilities ahead of demand.”

It’s what keeps him motivated, KC says. “I’m excited about building what will hopefully be the next generation of portfolio companies that will not only lend resilience to Temasek’s portfolio, but also Singapore’s economic landscape.”