GIC's ex-chief economist to join Grab

Singapore

THE former chief economist of GIC Leslie Teo will move to Grab to work on data science at the tech company, The Business Times understands. He will begin work at the ride-hailing firm from mid-August.

Dr Teo joins a stable of high-profile hires at Grab. Since September, former Singapore Tourism Board chief executive Lionel Yeo has been at Grab as a CEO adviser. Grab's current managing director for GrabPay in Singapore, Malaysia and the Philippines is Ooi Huey Tyng, the former country manager of Visa Singapore.

Grab confirmed the appointment of Dr Teo. It declined further comment, including on his official title, with Dr Teo only due to start at the unicorn firm later in the year.

Still, BT understands that Dr Teo, an economist by training, is keen to get involved in understanding technology more closely.

Besides having a fondness for working with computers, the 50-year-old is understood to have expressed admiration for the mindset and drive of startups.

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. GIC also named in April a new chief operating officer Tay Lim Hock. Mr Tay will step into the role to replace Goh Kok Huat, who is retiring after a decade with GIC.

GIC had said then that both Dr Teo and Mr Goh had expressed their desire to pursue other interests.

Dr Teo joined GIC as a senior investment manager in the economics and strategy department in 2008, rising through the ranks to become director of economics and investment strategy as well as chief economist at GIC.

He started his career as an economist from the International Monetary Fund. Dr Teo has also worked at the Monetary Authority of Singapore.

Dr Teo has a BA in economics from the University of Chicago, an MA in economics, and a PhD in economics and finance from the University of Rochester.