StanChart, NTUC Enterprise said to be planning virtual bank here

Sources say bank will hold majority stake in venture, but talks are ongoing and initiative is still at early stage

ST ILLUSTRATION: MANNY FRANCISCO
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SINGAPORE (BLOOMBERG) - Standard Chartered Bank is planning its second digital-only bank in Asia, teaming up with NTUC Enterprise, according to people familiar with the matter.

The London-based bank would hold a majority stake in the new venture, with the remainder held by NTUC Enterprise, said the people, who asked not to be identified as the matter remains confidential.

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A version of this article appeared in the print edition of The Straits Times on August 17, 2020, with the headline StanChart, NTUC Enterprise said to be planning virtual bank here. Subscribe