State－owned enterprises, such as Temasek Holdings and its Temasek Linked Companies, play a crucial role in Singapore's economy. The Temasek Model is a unique combination of public governance and corporate governance. It is reflected not only in the public governance of Temasek Holdings and its Temasek Linked Companies by the legal system, administrative system, and the public, but also in the corporate governance of these entities. To effectively utilize the Temasek Model, attention must be paid to both public and corporate governance. This involves strengthening the principal position of enterprises in the market, planning capital investment, safeguarding the rights and interests of shareholders, complying with international rules, and maximizing the role of state－owned enterprises. While the Temasek Model offers many professional practices and experiences that can be used for reference, its limitations are also apparent. As such, it is important to continue to explore and develop new models that can effectively utilize the strengths of state－owned enterprises while addressing their limitation.