TLC is normally an acronym that stands for "tender loving care". But in Singapore's case, it also refers to "Temasek-linked companies" - the officially preferred designation for enterprises controlled by the state investment company, Temasek Holdings.

Temasek is not often seen as cuddly, in spite of the acronym. Local small businesses have long railed that it is difficult for them to expand because TLCs dominate the economy. Minority shareholders in TLCs also have expressed concerns at times that their interests are being ignored.