Singapore-based United Overseas Bank has started conducting training sessions with over 100 commercial bankers on alternative financing as it looks to strengthen its support for startups through its recent $10 million investment in equity crowdfunding platform OurCrowd.
OurCrowd is one of the largest equity crowdfunding platforms in the world. Launched in 2013, the company has so far raised more than US$250 million for investment in almost 100 companies, eight of which have gone on to be acquired by a multinational or listed publicly.
MAS Licence
The company in which UOB was awarded a full Capital Market Services (CMS) licence from the Monetary Authority of Singapore (MAS) at the end of July.
UOB sees its relationship with OurCrowd as reinforcing the “Bank’s commitment in supporting Asian SMEs and startups with end-to-end financing needs.”
SME support includes UOB’s accelerator programme, The FinLab, as well as venture debt financing through to investment banking.
Janet Young, head of group channels and digitalisation, UOB, commented: “We understand the ambitions of startups and emerging enterprises and want to help them grow into sustainable businesses. In the last six months, we have trained more than 100 commercial bankers to identify and to understand the type of financing for which startups can qualify.”
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