StanChart, NTUC Enterprise Plan Digital-only Bank in Singapore
(21 August 2020 – Singapore) Standard Chartered is planning its second digital-only bank in Asia, in partnership with the biggest local trade union NTUC Enterprise, according to people familiar with the matter. This comes at a time when the Bank’s Hong Kong virtual banking offering, Mox, has just begin trial.
Mr Alex Twigg, co-founder of Australian start-up Judo Bank, has been hired for the business, which has been code-named "Project Phoenix”. Talks on Standard Chartered's new initiative with NTUC in Singapore are ongoing and the plan is at an early stage with no timeline revealed.
Standard Chartered is accelerating its digital strategy in the city state to compete with other local competitors and non-bank providers including DBS and Grab, the latter of which has applied for one of the country's digital licences.
The Monetary Authority of Singapore (MAS) said earlier this month it plans to revise rules governing foreign lenders with a substantial local presence that may allow them to set up digital-only banking subsidiaries. And Standard Chartered was named as the country’s first Significantly Rooted Foreign Bank (SRFB).
“Fierce competition is shaping up in the Singapore digital banking market. Our research reveals that there remains a clear appetite for an outstanding digital banking experience, especially among the smaller businesses where their needs are historically unmet,” said East and Partners Asia Business Head Sangiita Yoong.
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