Standard Chartered and NTUC enter into joint venture
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Standard Chartered and NTUC enter into joint venture 07 September 2021Singapore Reporter: Carmella Haswell
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Standard Chartered’s wholly-owned subsidiary SCBSL and BetaPlus, a holding company controlled by Singapore’s National Trades Union Congress (NTUC) have entered into a joint venture to launch a digital-only bank in Singapore.
Its venture, SC Bank Solutions, will be Standard Chartered’s second separately licensed digital bank in Asia, after Mox Bank in Hong Kong.
SC Bank Solutions will focus on providing digital banking services, in line with Singapore's efforts to digitalise its economy.
SCBSL and BetaPlus will respectively hold 60 per cent and 40 per cent of the issued and paid-up share capital of SC Bank Solutions.
Standard Chartered introduced its Mox Bank brand in September 2020. Mox Bank provides a suite of retail banking services entirely digitally over its app.
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