Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  29.7.2021  
C(2021 ) 5815 final  
PUBLIC VERSION  
DBS Finnovation Pte. Ltd.  
12, Marina Boulevard,  
Marina Bay Financial Centre  
018982 Singapore  
Singapore  
 
JPMC Strategic Investments I 
Corporation  
383 Madison Avenue   
New York County  
NY 10179 New York  
United States  
 
Temasek Holdings Limited  
60B Orchad Road, #06 -18 Tower 2  
The Atrium@Orchad  
238891 Singapore  
Singapore  
Subject : Case M.10299  – DBS / JPMC / TEMASEK / TECHCO JV  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 6 July 2021 , the European Commission received notification of a proposed 
concentra tion pursuant to Article 4 of the Merger  Regulation by which the 
undertakings DBS Bank Ltd (‘DBS’, Signapore) , JPMorgan Chase & Co (‘JPMC’, 
USA) and Temasek Holdings (Private) Limited (‘Temasek’, Singapore) acquire within 
the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control over 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduc ed certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 

2 the whole of Techco Joint Venture (‘Techco JV’, Singapore)  by way of purchase of 
shares .3 
2. The business activities of the undertakings concerned are:  
 for DBS: multinational banking and financial services corporation, providing 
services in consumer banking, wealth management and institutional banking,  
 for JPMC: global financial services firm, providing services in investment 
banking, financial services for consumers and small businesses, commercial 
banking,  financial transaction processing and asset management,  
 for Temasek: investment company whose portfolio covers a broad spectrum of 
industries: financial services; telecommunications, media & technology; 
transportation & industrials; consumer & real estate;  energy & resources; life 
sciences & agribusiness,  
 for Techco JV: private limited company that will own and operate globally an 
electronic platform using blockchain technology to support the clearing and 
settlement of inter -bank payments.  
3. After examination  of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
3  Publication in the Official Journal of the European Union No C 282, 14.07.2021 , p.5. 
4  OJ C 366, 14.12.2013, p. 5 .