The economist, who «retired» in April, is said to have joined technology company Grab in a data analytics role.
The former chief economist of GIC, Leslie Teo, is joining Singapore-based ride-hailing and digital payments company Grab, «The Business Times» (behind paywall) reported on Friday.
The publication said that Teo, who stepped down from his role as managing director and chief economist wat GIC in April will «work on data science» at the company, but will continue his advisory role at GIC until June 30, 2020. He will start in mid-August.
A Grab spokesperson confirmed the story in an email to finews.asia, but did not provide more details.
Teo, 50, worked for GIC, Singapore's sovereign wealth fund, for 10 years, focusing on asset allocation, investment strategy, and portfolio construction, according to his LinkedIn profile. An economist by training, he previously worked for the International Monetary Fund in Washington, D.C. for seven years, and for the Monetary Authority of Singapore.
Ramping Up Financial Arm
Grab has recently ventured into lending and insurance, and announced it aims to become Southeast Asia’s largest merchant network, insurtech policy provider and fintech lender. It has also been in talks to spin out Grab Financial Group, and has mandated a few banks to attract investors to take minority stakes in its financial business.
The Business Times noted the high-profile moves to Grab since September, with the recruitment of former Singapore Tourism Board chief executive Lionel Yeo as CEO adviser, and former country manager of Visa Singapore Ooi Huey Tyng as managing director for GrabPay in Singapore, Malaysia and the Philippines.
The company, which began as a ride-hailing application, is the only digital payments provider in Southeast Asia with access to e-money licenses in the six major ASEAN economies. It provides micro-lending services to millions of unbanked consumers and individuals across the region, counting over 9 million micro-entrepreneurs across its network.
