Standard Chartered strikes offer to launch Singapore digital-only bank

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Standard Chartered strikes deal to launch Singapore digital-only bank

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Singapore downtown cityscape including Standard Chartered office complex

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Standard Chartered has actually concurred a joint endeavor offer to release a digital-only bank in Singapore with the nation’s National Trades Union Congress (NTUC).

A Standard Chartered automobile will take a 60% stake in the endeavor, worth 144 million Singapore dollars ($10728 million), with the NTUC’s business arm taking the staying 40% stake, worth S$96 million, the London- noted bank stated on Monday.

The prepared endeavor follows StanChart introduced its digital-only Mox Bank brand name in Hong Kong in 2015 and amidst a boom in fintech financial investments in Southeast Asia.

A choice on the Singaporean endeavor’s branding has yet to be chosen, a Standard Chartered representative stated.

The Standard Chartered automobile associated with the deal acquired a complete Singaporean banking license in December in 2015, the business stated.