StanChart Signs Deal With NTUC Enterprise to Set Up Its Digital Bank in Singapore
by Fintech News Singapore September 7, 2021Standard Chartered announced that it has formed a digital banking joint venture with the social enterprise division of the National Trades Union Congress known as NTUC Enterprise.
The SC Bank Solutions will be Standard Chartered’s second separately licensed digital bank in Asia, after Mox Bank in Hong Kong.
Standard Chartered’s wholly owned subsidiary SCBSL will take a 60% stake in the venture at S$144 million, while BetaPlus, a holding company controlled by NTUC Enterprise, will take a 40% stake at S$96 million.
The statement said that the “funds will be used to develop the business of SC Bank Solutions in accordance with the agreed business plan”.
In August 2020, SCBSL was the first and only bank to be awarded the “Significantly Rooted Foreign Bank” (SRFB) status by the Monetary Authority of Singapore and was later on granted enhanced SRFB privileges.
The enhanced SRFB privileges give the bank the opportunity to secure an additional full bank license to establish a subsidiary to operate new or alternative business models such as a digital-led bank with ecosystem partners.
Featured image: Edited from Unsplash
