Standard Chartered to Launch Digital-Only Bank in Singapore

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Standard Chartered is teaming up with Singapore’s National Trades Union Congress (NTUC) to launch a digital-only bank, yet another example of the massive digital shift in the banking world.  According to a Reuters report, its a JV deal with Standard Chartered taking a 60% stake.  Total deal size is around 240 Million SGD.

For Standard Chartered, this marks their second digital-only bank in the region after launching Mox in Hong Kong last year.  Asia is a prime target for global banks looking to expand their digital footprint, as many regulators in the region increase licensing allocations and adapt accommodation regulatory standards.