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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.
