UOB-Temasek to Provide $500 Million to Start-Ups in India, China

New Delhi: Singapore-based United Overseas Bank (UOB) along with Temasek will provide venture debt financing worth $500 million to start-ups in India, China and Southeast Asia countries.

UOB has entered into an agreement with Temasek to provide venture debt financing to start-ups, Temasek said in a statement.

"UOB and Temasek joint venture to offer $500 million in venture debt financing for Asian start-ups... As part of the agreement, UOB will purchase a 50 per cent stake in InnoVen Capital, 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 $100 million of paid up capital to the joint venture," it said.

Temasek's managing director of enterprise development group, Ong Beng Teck, said the company is committed to building InnoVen and promoting growth of innovative companies by working with entrepreneurs and venture capitalists across Asia.

The new pan-Asian venture debt financing initiative will seek the next generation of leading companies, providing the support they need to scale and succeed, the official added.

Temasek is an investment company based in Singapore.