Standard Chartered is setting up a 'digital bank' in Singapore

Sep Wed 2021 10:49:00

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Standard Chartered is setting up a 'digital bank' in Singapore

Kathmandu: Standard Chartered PLC, a British multinational company, is set to set up a digital bank in Singapore. The virtual-only bank has signed an agreement with Singapore's largest trade union, the National Trade Union Congress (NTUC).

 Chartered will own 60% of the digital bank and invest more than करोड 107.2 million. Similarly, NTUC will be 40% owned. Singapore is considered to be the most important market of the chart. For the past two years, Chartered has been setting up digital trading platforms.

Last year, a digital platform called 'Max' was set up in Hong Kong. Like Max, the Singapore-based bank will also have a separate license, according to Chartered. Chartered has also set up low-cost online banks in some African countries.