UOB China (UOBC) entered into an agreement with Shenergy Group Ltd. to set up a joint venture consumer finance company in Shanghai, China.

The joint venture company will offer consumer financing in China, including personal loans for the purchase of energy products and services. It will tap on the combined strengths of both UOBC and Shenergy. This includes Shenergy’s customer base and ecosystem experience in the country’s energy sector as well as UOBC’s risk management expertise. The joint venture would help deepen UOBC’s presence in China.

UOBC signed a Memorandum of Understanding with Shanghai Gas, a subsidiary of Chinese state-owned Shenergy Group. With the collaboration established, more than 6.5 million household users of Shanghai Gas will receive customized wealth management solutions, premium banking services and carefree online digital solutions.