UOB bankers trained to provide alternative financing; OurCrowd has MAS license

Senior management from UOB’s Commercial Banking team and senior executives from OurCrowd at the Nasdaq opening bell ceremony as part of a visit to further its investments into financial technology firms.
Senior management from UOB’s Commercial Banking team and senior executives from OurCrowd at the Nasdaq opening bell ceremony as part of a visit to further its investments into financial technology firms.PHOTO: CHRISTOPHER GALLUZO/NASDAQ, INC.
Senior management from UOB’s Commercial Banking team and senior executives from OurCrowd at the Nasdaq opening bell ceremony as part of a visit to further its investments into financial technology firms.
Senior management from UOB’s Commercial Banking team and senior executives from OurCrowd at the Nasdaq opening bell ceremony as part of a visit to further its investments into financial technology firms.PHOTO: CHRISTOPHER GALLUZO/NASDAQ, INC.

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.