UOB, Temasek to offer US$500m venture debt financing to startups in Asia

UNITED Overseas Bank (UOB) said on Tuesday it would partner Temasek Holdings to provide venture debt financing to startups in China, India and South-east Asia.

The UOB-Temasek joint venture will provide up to US$500 million in venture debt over the next five years to startups operating in sectors such as technology, consumer, healthcare and clean technology.

UOB will acquire a 50 per cent interest in InnoVen Capital, a wholly owned subsidiary of Temasek. UOB and Temasek will each commit up to US$100 million of paid-up capital to the joint venture.

The deal is subject to relevant regulatory approval.