Standard Chartered rolls out digital bank in hot Singapore market

  • 📰 staronline
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 75%

United States News News

United States United States Latest News,United States United States Headlines

SINGAPORE: Standard Chartered and FairPrice Group on Thursday rolled out their digital bank focusing on Singapore's retail segment, a move that comes on the heels of digital bank launches by GXS Bank and China's Ant Group in the affluent city-state.

The companies unveiled Trust Bank - owned 60% by the London-headquartered lender and the rest by Singapore-based supermarket FairPrice Group and its parent NTUC Enterprise - that offers a savings account, credit card, and a family personal accident insurance.

While the local banking sector is dominated by brick-and-mortar giants DBS Group Holdings Ltd, OCBC, and United Overseas Bank Ltd that also offer digital banking services alongside some companies foraying into pure-play digital banking. Singapore Telecommunications and Grab Holdings on Aug. 31 rolled out Singapore's first digital bank for the retail market, while China's Ant Group in June launched a digital wholesale bank, dubbed ANEXT Bank, incorporated in the city-state.

Standard Chartered, FairPrice, and NTUC Enterprise have invested S$400 million in Trust Bank. FairPrice is a part of NTUC Enterprise group of social enterprises. NTUC Enterprise, meanwhile, is a part of Singapore's biggest trade union called the National Trades Union Congress. Other social enterprises under NTUC Enterprise own and operate shopping malls and pharmacies in the city. - Reuters

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in US

United States United States Latest News, United States United States Headlines