Eileen Yu
for By The Way
| September 7, 2021 — 08:41 GMT (09:41 BST)
| Topic: Banking
Standard Chartered (StanChart) has inked an agreement with NTUC Enterprise to set up a joint venture in Singapore offering digital banking services. The move follows a similar deal in Hong Kong, where the bank introduced its first digital bank in the region last year.
StanChart said it would own 60% of the joint venture SC Bank Solutions, worth SG$144 million ($107.3 million), while NTUC’s subsidiary BetaPlus would hold the remaining 40% share at SG$96 million ($71.53 million).
“The joint venture will focus on providing digital banking services, in line with Singapore’s efforts to digitalise its economy,” StanChart said, adding that it secured a full banking licence last December from the local industry regulator, Monetary Authority of Singapore (MAS).
Related Topics:
Singapore
Eileen Yu
for By The Way
| September 7, 2021 — 08:41 GMT (09:41 BST)
| Topic: Banking