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DBS Bank, Temasek sets up debt financing platform

DBS Bank and Temasek have entered into an agreement to jointly launch a US$500 million growth stage debt financing platform, called EvolutionX Debt Capital. Headquartered in Singapore, EvolutionX will provide non-dilutive financing to growth stage technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia. The company will invest in opportunities arising from an increasingly digital economy – across sectors such as financial services, consumer, healthcare, education and industrial development – to accelerate growth and build the next generation of technology leaders. The partnership is also expected to serve as a natural extension and segue to both DBS’ and Temasek’s existing early-stage debt initiatives and investment activities, bolstering the strength of the extended network and ecosystem through synergies fostered. Tan Su Shan, Group Head of Institutional Banking, DBS said the investment in EvolutionX provides an opportunity for the bank to play an integral role in nurturing and financing the growth of Asia’s future unicorns, while forging partnerships and ecosystem opportunities with these high-growth technology-enabled companies. Rohit Sipahimalani, Chief Investment Strategist, Temasek said technology and digitisation will have a pervasive impact across many sectors, and will continue to transform the economies and communities. Temasek believes in the purposeful use of its capital to create and catalyze solutions for gaps to stimulate innovation and growth for long term, sustainable value.

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PR Newswire