SAN FRANCISCO —Singapore’s sovereign wealth fund Temasek has joined the Facebook-backed Libra project seeking to create a worldwide digital payments network, the Swiss-based Libra Association said on Thursday (May 14).

Temasek was among three new members announced for the association, including the cryptocurrency investment firm Paradigm and the private equity group Slow Ventures, both based in California.

"The addition of these three new members to the Libra Association shows our commitment to building a diverse group of organisations that will contribute to the governance, technological roadmap and launch readiness of for the Libra payment system," said association vice-chairman Dante Disparte.

"Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost-effective retail payments," said Temasek deputy CEO Chia Song Hwee. 

Libra, a high-profile project launched by social network giant Facebook, is tentatively scheduled to launch this year but has been battered by severe criticism from some of the world's most influential financial authorities.

Backers of Libra argue it can help people outside the banking system by lowering transaction costs for many kinds of payments and transactions; critics say it could disrupt the global monetary system and currency markets.

In its latest update, the association said it is seeking seek approval for digital coins in individual currencies, revamping its cryptocurrency initiative in a move aimed at minimising disruption to the global monetary system.

Under the new plan, separate "stablecoins" would be created and pegged to real-world money such as the US dollar and the euro.

The association includes a number of non-profit and e-commerce firms but has lost some high-profile initial members including Visa, Mastercard, eBay, Stripe and PayPal. AFP