Ex-GIC heavyweights bring heft to tech startups

Singapore

SINGAPORE-BASED tech startups the likes of Razer and Grab are increasingly tapping GIC heavyweights to help steer their strategies forward.

Razer Fintech - the financial technology arm of gaming hardware manufacturer Razer Inc - appointed former GIC president Lim Siong Guan as an advisory board member on Wednesday.

His appointment comes as Razer embarks on its next phase of growth to expand the fintech business regionally and globally, said Tan Min-Liang, co-founder and chief executive of Razer, in a media statement on Wednesday.

Mr Lim previously served as group president of GIC Pte Ltd from 2007 to 2016, and subsequently adviser to GIC's group executive committee until March this year.

Established in 2018, Razer Fintech operates an offline-to-online digital payment network in South-east Asia.

Its chief executive Jasmine Ng told the Business Times that the firm's strategy to meet the unmet needs of underserved people - particularly youth and the millennials - can benefit from Mr Lim's past experience at GIC.

With Mr Lim onboard, Razer is able to "leverage on his extensive experience and network" in the global financial markets to scale up and successfully execute on their strategic roadmap, Mr Tan added.

Mr Lim, who also chaired the Singapore Economic Development Board from 2006 to 2009, said in the Razer statement that he is a "firm believer" of Razer Fintech's strategy and vision.

Earlier in August, ride-hailing startup Grab roped in GIC's ex-chief economist Leslie Teo to work on data science at the tech company.

An economist by training, Dr Teo is the new head of data science, policy and data initiatives at Grab.

BT understands that Dr Teo is keen to understand technology more in depth and expressed admiration for the mindset and drive of startups.

He first joined GIC as a senior investment manager in the economics and strategy department in 2008 and later became director of economics and investment strategy as well as chief economist at GIC.

GIC in April said Dr Teo, last a managing director at the sovereign wealth fund, had "retired" but will continue as an adviser until June 30, 2020.

Sygnum, a Switzerland and Singapore-based tokenisation startup, also has ties with Dr Teo and several other high-flying individuals from GIC.

Including Dr Teo, four out of 11 members that make up Sygnum's advisory council have had vast experience at GIC. The other three members are: Teh Kok Peng, Ang Kong Hua and Hsieh Fu Hua.

They serve as industry advisers to Singtel-backed Sygnum, which has plans to apply for a capital markets service licence in Singapore that will allow the firm to offer asset management services, including a digital asset multi-manager fund.

Dr Teh was the ex-chairman of GIC China Business Group and ex-president of GIC Special Investments. He was also the former deputy managing director of GIC and served as adviser to GIC's group executive committee.

Mr Ang and Mr Hsieh currently sit on the board of GIC. Mr Hsieh is also a board director of Grab.

GIC declined to comment when asked about its former executives and existing board members' growing involvement in local tech startups.