Standard Chartered has agreed on a joint venture deal to launch a digital-only bank in Singapore with the country’s National Trades Union Congress (NTUC).
Standard Chartered subsidiary SCBSL is contributing S$144 million for 60% of the joint venture, with NTCU-controlled BetaPlus holding the other 40% for a S$96 million price.
The move comes after Standard Chartered was granted a full banking license in December 2020.
The as-yet-unnamed venture will “focus on providing digital banking services, in line with Singapore’s efforts to digitalise its economy”.
The new lender will be Standard Chartered’s second digital-only Asian bank, following the launch of Hong Kong’s Mox last year.