EDBI, the investment arm of Singapore Economic Development Board (EDB), has on Monday announced that Chu Swee Yeok is stepping down from her current role as Chief Executive Officer and President of the company, effective from February 1, 2023.

Chu will establish a new fund management entity and further information will be provided at a later date, EDBI said in a statement.

According to the statement, Paul Ng will succeed Chu and assume her responsibilities.

For the past 12 years, Ng has made significant contributions to EDBI, led investments in the areas of information and communications technology (ICT), including investments in United States and Europe, and held other leadership roles in special projects and corporate planning.

Prior to joining EDBI, Ng’s career spanned project management in large-scale IT infrastructure and security systems to investment management in publicly listed consumer companies in non-Asian markets.

Meanwhile, Chu dedicated 36 years of service to the EDB and its associated entities.

She pioneered the setting up of EDB’s healthcare-related investment funds, helped build the founding management teams and subsequently led Bio*One Capital as its founding Chief Executive Officer to invest and catalyse biomedical research and development (R&D) and manufacturing activities in Singapore.

Chu became Chief Executive Officer of EDBI from 2009 and has been instrumental in transforming EDBI to become a reputable global investor that accelerates growth and builds capabilities in Singapore’s key industries.

Under her leadership, EDBI has made many significant investments over the past decade in the ICT, emerging technologies, and healthcare sectors.

Chu will continue to serve as Senior Adviser to Chairman of EDBI to help guide the company’s continued development and growth.

This change is the result of a deliberate multi-year succession plan to ensure a seamless leadership transition at EDBI. 

Headquartered in Singapore, with a presence in the United States and China, EDBI invests to shape the future industries of Singapore in the knowledge and innovation-intensive sectors of information and communication technology, emerging technology, healthcare, and select industry clusters under its strategic growth programme.

As a value adding investor with 30 years of investment experience, the firm supports its portfolio companies’ growth in Asia and globally, through Singapore, by leveraging its extensive network, resources and experience.

Singapore investment management firm Transport Capital launches new venture capital arm TC Ventures