StanChart stikes deal to launch Singapore digital-only bank

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FILE PHOTO: A Standard Chartered bank branch in Singapore October 11, 2016. REUTERS/Edgar Su

 

LONDON (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.

 

-- © Copyright Reuters 2021-09-06