Standard Chartered (LON: STAN) is in partnership with a company based in Singapore National Trade Union Congress (NTUC) in order to set up a fully digital banking platform.
Standard Chartered Branch SCBSL will apparently provide SGD 144 million for 60% of the joint initiative, with control by the NTCU BetaPlus retaining the remaining 40% for SGD 96 million.
The announcement came after Standard Chartered obtained a full banking license in December of last year.
The unnamed initiative will focus primarily on offering virtual banking services, which would be consistent or consistent with Singapore’s ongoing efforts to digitize its fast-growing economy.
The new digital bank will notably be Standard Chartered’s second fully digital Asian bank, following the introduction of Hong Kong-based Mox in 2020.
As reported According to Reuters, a decision on the branding of the virtual banking initiative has not yet been made, a Standard Chartered representative confirmed.
As recently reported, Standard Chartered has launched a joint initiative with Linklogis, a Chinese technology solutions provider for supply chain finance, to provide a blockchain or DLT based trade finance platform called Olea.
Standard Chartered said that Olea is a fully digital commercial finance origination and distribution platform that will bring together institutional investors seeking exposure to an alternative asset class with companies in need of access to finance. of the supply chain.
Olea’s risk analysis and highly secure platform provide investors with access to various investment options for returns that match their specific risk profiles. The new product aims to provide a seamless, faster and more transparent way to access working capital for supply chain industry participants, regardless of the size of their operations.
Based in Singapore, Olea would be headed by Amelia Ng of SC Ventures, the venture capital arm of Standard Chartered, as Managing Director. Amelia will be joined by Letitia Chau, Vice President and Chief Risk Officer of Linklogis, as Deputy Managing Director.