Singapore state fund Temasek Tuesday said it had joined hands with lender UOB to offer up to $500 million in venture debt loans over the next five years to internet start-ups in China, India and South-east Asia. The deal will also see UOB acquire 50 per cent stake in InnoVen Capital (InnoVen), a Temasek subsidiary.
Singapore's United Overseas Bank (UOB) has announced that it will acquire 50% of wholly-owned Temasek subsidiary, Innoven Capital, the largest provider of venture debt in India, with plans for the joint venture to establish subsidiaries in Singapore and China within the next five years.