Beyond AI, where is Temasek placing its tech bets?

While Temasek’s plan to ramp up its AI stake grabbed headlines, the Singapore investment firm is also eyeing tech opportunities beyond artificial intelligence. 

In its July 2026 annual report, Temasek said it aims to raise its AI-related exposure from six per cent for the financial year ended March 31, 2026 (FY2026) to up to 15 per cent by March 2031. This excludes exposure through its Singapore-based portfolio companies. 

The firm’s net portfolio value hit a record $518 billion for FY2026, up $49 billion from the previous year. It fully transitioned to mark-to-market reporting, valuing its unlisted investments at market prices. 

Its AI bets span the value chain, from energy infrastructure supporting AI computing demand to semiconductors powering AI processing, its website stated. 

“We see (AI-related exposure) as a structural long-term driver of value creation,” said Connie Chan, Temasek’s head of Financial Services. 

Beyond AI, Chan also sees “some of the most interesting (tech) opportunities” sitting where multiple trends intersect.

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One area is digital and financial infrastructure. Financial firms are upgrading systems that move money and addressing inefficiencies in areas including cross-border payments and asset servicing (tasks supporting asset management), she observed. 

“We see long-term opportunities emerging in the infrastructure, platforms, and networks that reduce friction and become embedded in critical financial workflows,” Chan said. 

Temasek’s investments in this area include payments companies Adyen and Stripe, and Marketnode, a digital market infrastructure operator.

Cybersecurity and digital trust tech are other promising areas, said Chan. 

As companies digitise and become more connected, protecting critical infrastructure, data and digital identity becomes more important. 

Chan said this broadens investing opportunities beyond traditional perimeter security, which focuses on keeping attackers out. It creates sustained demand for solutions including protecting identity, data and transactions.

“We expect the next phase of technology transformation to be driven less by individual breakthroughs and more by the convergence of AI, digital infrastructure, trusted data, and financial networks.”  

Investments to applications

Beyond investing in technologies, Temasek also uses them in its operations and supports portfolio companies in adopting them. Chan said this approach is “mutually reinforcing”.

She cited Temus, a company Temasek set up in 2021 with US-based digital transformation firm UST. In May 2026, Temus launched its AI Foundry to build Singapore-based talent and support transformation projects, including at Temasek’s portfolio companies.

Using the technologies it backs in its own operations and decision-making helps Temasek “assess where innovation can turn into lasting business outcomes”, Chan said.

The organisations that benefit most from technological innovations are those that integrate technology into products and operations, deliver measurable outcomes and keep adoption human-centred, she added.

This was produced in partnership with the Monetary Authority of Singapore and the Global Finance & Technology Network.

For more stories, go to bt.sg/sff26