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.
Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!
By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.
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)
