Standard Chartered rolls out digital bank in hot Singapore market

Published On : 09/01/2022

SINGAPORE (Reuters) – 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 ($285 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.

($1 = 1.4014 Singapore dollars)

(Reporting by Yantoultra Ngui; Editing by Anshuman Daga and Uttaresh.V)

Jessica Weisman-Pitts

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.