News

Staff Reporter

, Singapore

Published:

3 months ago

296 view s

Photo by Terence Ong via Wikimedia Commons. Apart from cropping the photo, no other edits were made. Creative Commons License: https://creativecommons.org/licenses/by-sa/4.0/deed.en

UOB winds down digital credit assessment subsidiary

It had promised to invest S$12m on Avatec when it launched in 2018.

United Overseas Bank (UOB) is winding up operations of its subsidiary Avatec.ai (S) Pte Ltd, a digital solutions company using AI to analyse credit data.

In an SGX announcement, the Singapore bank said that the voluntary liquidation is part of “the ongoing rationalisation of the operations of the UOB group of companies.”

UOB Does not expect its liquidation to have any material impact on its earnings for the current financial year.

UOB first launched Avatec in April 2018 as a joint venture with Pintec Technology Holdings. Avatec provided a digital credit assessment solution in the Indonesian market, analysing digitised data with the use of artificial intelligence (AI) to determine an applicant’s credit quality within seconds.

UOB had held a 60% stake in Avatec and had committed S$12m in investments over a two-year period following its launch.

Follow the link s for more news on

United Overseas Bank

UOB

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit