P2P lender OurCrowd partners with United Overseas Bank in Singapore
Singapore’s United Overseas Bank (UOB) has seemingly embraced the fintech revolution, forming a partnership with crowdfunding platform OurCrowd, which recently received regulatory approval from the Monetary Authority of Singapore. This comes after UOB invested $10m for an initial tie-up with the crowdfunder back in March to create an equity crowdfunding platform. As part of the latest deal, UOB bankers will be trained to advise start-ups on alternative financing measures available to them beyond traditional financing, such as crowdfunding.

SINGAPORE - United Overseas Bank has trained over 100 of its bankers in the past six months to better provide alternative financing, as the bank geared up for greater synergy with its crowdfunding partner OurCrowd.

UOB invested US$10 million (S$13.4 million) for a tie-up with the Israeli firm in March to create an equity crowdfuding platform.

OurCrowd was just last month awarded its Capital Market Services license from the Monetary Authority of Singapore. It is now able to market its crowdfunding platform here.

The newly trained UOB bankers are expected to advise start-ups on accessing alternative financing like crowdfunding, on top of the traditional financing channels.

"We understand the ambitions of start-ups and emerging enterprises and want to help them grow into sustainable businesses… Through our initiatives, we are well-equipped to support the start-up ecosystem and help them realise their full potential," UOB group channels and digitalisation head Janet Young said on Wednesday (Aug 17).

Meanwhile, accredited investors - such as those with net personal assets of over S$2 million - can invest in OurCrowd's portfolio companies. Launched in 2013, OurCrowd has raised more than US$250 million for investment in almost 100 companies.