(7 September 2021 – Singapore) Standard Chartered has agreed a joint venture deal to launch a digital-only bank in Singapore with the country’s National Trades Union Congress (NTUC).
A Standard Chartered vehicle will take a 60 percent stake in the venture, worth S$144 million (US$ 107.28 million), with the NTUC’s enterprise arm taking the remaining 40 percent stake, worth S$96 million. The venture is given the temporary name of SC Bank Solutions.
Dwaipayan Sadhu, Standard Chartered Singapore's head of consumer, private and business banking, has been appointed CEO of the bank's new digital venture with NTUC Enterprise.
Sadhu, who has more than two decades of experience across wealth management, payments, deposits, consumer lending, and digital banking, will hold both roles concurrently while transitioning to his new position by the end of the year.
The planned venture comes after Standard Chartered launched its digital-only Mox Bank brand in Hong Kong last year, which is said to have signed up about 3.5% of Hong Kong’s population. It is all part of CEO Bill Winter’s plans to capture a bigger slice of the digital banking market in some of the world’s fastest growing economies.