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Standard Chartered to launch a digital-only bank in Singapore

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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% stake in the venture, worth USD 107.28 million, with the NTUC’s enterprise arm taking the remaining 40% stake.

The Standard Chartered vehicle involved in the transaction obtained a full Singaporean banking licence in December 2020.

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