LONDON — Standard Chartered has agreed a joint venture deal to launch a digital-only bank in Singapore with the country’s National Trades Union Congress (NTUC).
A Standard Chartered vehicle will take a 60% stake in the venture, worth 144 million Singapore dollars ($107.28 million), with the NTUC’s enterprise arm taking the remaining 40% stake, worth S$96 million, the London-listed bank said on Monday.
The planned venture comes after StanChart launched its digital-only Mox Bank brand in Hong Kong last year and amid a boom in fintech investments in Southeast Asia.
A decision on the Singaporean venture’s branding has yet to be decided, a Standard Chartered spokesperson said.
The Standard Chartered vehicle involved in the transaction obtained a full Singaporean banking license in December last year, the company said. ($1 = 1.3423 Singapore dollars) (Reporting by Iain Withers; editing by Simon Jessop and Louise Heavens)