United Overseas Bank Limited (UOB) announced today that it has entered into an agreement with Temasek to provide venture debt financing to start-ups in China, India and Southeast Asia.

As part of the agreement, UOB will purchase a 50 per cent stake in InnoVen Capital (InnoVen), a wholly-owned subsidiary of Temasek. Subject to relevant regulatory approval, InnoVen will be a UOB-Temasek joint venture. UOB and Temasek will each commit up to US$100 million of paid up capital to the joint venture.

Mr Ong Beng Teck, Managing Director, Enterprise Development Group, Temasek said, “Temasek is committed to building InnoVen and promoting growth of innovative companies by working with entrepreneurs and venture capitalists across Asia. This new pan-Asian venture debt financing initiative will seek the next generation of leading companies, providing the support they need to scale and succeed.”