snoop1130 Posted September 6, 2021 Share Posted September 6, 2021 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 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now