According to ChainCatcher, Cointelegraph reported that Velo Labs has received a second strategic investment from UOB Venture Management (UOBVM), a private equity and venture capital subsidiary of UOB Bank. The specific amount has not been disclosed.

It is reported that UOB Bank has a market value of approximately 54 billion Singapore dollars (as of September 2024) and total assets under management of more than 500 billion Singapore dollars. Velo Labs will provide Web3-based financial solutions and settlement networks to achieve value transfer.