The joint venture will have a capital of up to $10m.
UOB entered into an agreement with Pintec Technology Holdings Limited (Pintec) to set up a 60:40 joint venture company named “Avatec.ai (S) Pte Ltd” (Avatec).
According to an announcement, Avatec will have an issued and paid-up capital of up to $10m and will be a subsidiary company of UOB.
UOB noted that Avatec will offer credit services and solutions primarily in Southeast Asian countries. "In particular, it aims to develop data technology based credit assessment, scoring and selection with commercial applications supporting micro, consumer and small and medium enterprise lending activities," it added.
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