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Standard Chartered and FairPrice Group launched their digital bank Thursday, focusing on Singapore’s Retail Segment. This follows the launch of GXS Bank’s digital bank and China’s Ant Group’s digital bank in the affluent city state.

Trust Bank, which is 60% owned by the London-based lender and the remainder by Singapore-based supermarket FairPrice Group, NTUC Enterprise, was unveiled by both companies. It offers a savings account and credit card as well as a family personal injury insurance.

Standard Chartered Partner With FairPrice Group For Digital Bank Launch

Despite being dominated by brick-and mortar giants DBS Group Holdings Ltd (DBSM.SI), OCBC and OCBC.SI , the local banking sector is dominated also by OCBC (OCBC.SI ) and United Overseas Bank Ltd UOBH.SI which offer digital banking services along with some companies that are pursuing pure-play digital banking.

Grab Holdings and Singapore Telecommunications (STEL.SI) launched Singapore’s first digital bank in August. Ant Group, China, in June, created a digital wholesale bank called ANEXT Bank.

Standard Chartered, FairPrice and NTUC Enterprise invested S$400million ($285 million), in Trust Bank. FairPrice is part of the NTUC Enterprise social enterprise group.

NTUC Enterprise is a member of Singapore’s largest trade union, the National Trades Union Congress. Other social enterprises that are part of NTUC Enterprise also own and operate pharmacies and shopping centers in the city.

The post Standard Chartered Announces Launch of a Digital Bank in Singapore first appeared on The Daily Encrypt.


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Angie Byrd