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StanChart strikes deal to launch Singapore digital-only bank

Reuters2021-09-07

LONDON, Sept 6 (Reuters) - Standard Chartered has agreed a joint venture deal to launch a digital-only bank in Singapore with the country's National Trades Union Congress (NTUC).

A Standard Chartered vehicle will take a 60% stake in the venture, worth 144 million Singapore dollars ($107.28 million), with the NTUC's enterprise arm taking the remaining 40% stake, worth S$96 million, the London-listed bank said on Monday.

The planned venture comes after StanChart launched its digital-only Mox Bank brand in Hong Kong last year and amid a boom in fintech investments in Southeast Asia.

A decision on the Singaporean venture's branding has yet to be decided, a Standard Chartered spokesperson said.

The Standard Chartered vehicle involved in the transaction obtained a full Singaporean banking licence in December last year, the company said.

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  • TWT1
    ·2022-02-24
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  • GregLord
    ·2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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    • Mtan23: 
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      2021-09-07
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  • Shiki0306
    ·2021-09-07
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      2021-09-07
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  • QINGG
    ·2021-09-07
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      2021-09-07
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      2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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      2021-09-07
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    • Dollarvan: 
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      2021-09-07
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      2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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      2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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      2021-09-11
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      2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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      2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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    ·2021-09-07
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      2021-09-08
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      2021-09-07
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  • Mystery746
    ·2021-09-07
    [微笑] 
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    • kkennn: 
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      2021-09-07
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