Banks

Standard Chartered strikes deal to launch digital-only bank in Singapore

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Key Points
  • 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, Standard Chartered said on Monday.

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Singapore downtown cityscape featuring Standard Chartered office building
TkKurikawa | iStock Editorial | Getty Images

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.

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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 license in December last year, the company said.