StanChart strikes deal to launch Singapore digital-only bank

Standard Chartered has agreed a three way partnership deal to launch a digital-only bank in Singapore with the nation's National Trades Union Congress (NTUC).

A Standard Chartered car will take a 60 percent stake within the enterprise, price 144 million Singapore {dollars} ($107.28 million), with the NTUC's enterprise arm taking the remaining 40 percent stake, price S$96 million, the London-listed bank mentioned on Monday.

The deliberate enterprise comes after StanChart launched its digital-only Mox Bank model in Hong Kong final 12 months and amid a growth in fintech investments in Southeast Asia.

A call on the Singaporean enterprise's branding has but to be determined, a Standard Chartered spokesperson mentioned.

The Standard Chartered car concerned within the transaction obtained a full Singaporean banking licence in December final 12 months, the corporate mentioned.

($1 = 1.3423 Singapore {dollars})