Amazon in Talks to Invest $10 Billion in OpenAI as AI Firm Eyes $1 Trillion IPO Valuation 
Asian Stocks Edge Higher as Tech Recovers, U.S. Economic Uncertainty Caps Gains 
Asian Stocks Slide as AI Valuation Fears and BOJ Uncertainty Weigh on Markets 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Chinese Robotaxi Stocks Rally as Tesla Boosts Autonomous Driving Optimism 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Asian Currencies Slip as Dollar Strengthens; Indian Rupee Rebounds on Intervention Hopes 
Bank of Japan Poised for Historic Rate Hike as Inflation Pressures Persist 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
Oil Prices Slip in Asia as 2026 Supply Glut Fears and Russia-Ukraine Talks Weigh on Markets 
Asian Fund Managers Turn More Optimistic on Growth but Curb Equity Return Expectations: BofA Survey 
South Korea Warns Weak Won Could Push Inflation Higher in 2025 
Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Standard Chartered entered a new joint venture with Singapore’s National Trades Union Congress (NTUC) to open a digital-only bank in the country. As of this time, the partners have yet to name their new online banking business that will focus on providing digital banking services in keeping with the city’s move to fully digitalize its economy.
According to CNBC, the banking and financial services company headquartered in London, England bought a 60% stake worth $107.28 million or SGD144 million for the partnership. The remaining 40% stake was taken by BetaPlus, an investment company controlled by the NTUC for SGD$96 million.
The business deal is the next project after Standard Chartered launched Mox Bank, an online-based bank brand in Hong Kong. It is jointly owned by the bank with HK’s leading telecom companies, PCCW and Hong Kong Telecom.
Mox Bank was introduced last year, at the time when fintech investments were booming in Southeast Asia. In any case, the project will be Standard Chartered's second virtual bank in Asia.
The British bank’s spokesman said that the company has yet to make a decision with regards to the branding that it will create in the latest venture in Singapore. Standard Chartered is able to carry out such transactions after securing a banking license in Lion City in December 2020.
Moreover, it was reported that Standard Chartered has maintained very good relations with Singapore for years and in fact, its government also owns a stake in the bank through Temasek Holdings, its sponsored fund company. Thus, it is not surprising that the financial firm chose to open its second digital bank in SG.
Standard Chartered is now expected to launch more online-based banks in other regions in line with its goal to overtake traditional banks. The company is not far from achieving this as more and more people today are preferring to do their banking online as businesses advance and go digital.
Meanwhile, if Standard Chartered successfully launches its joint online bank venture with NTUC Enterprise, it will become the only entity to secure a virtual banking license in two of Asia’s largest business centers.
