British banking major Standard Chartered and NTUC Enterprise’s FairPrice Group have jointly launched a digital bank in Singapore.
The newly launched joint venture, dubbed Trust Bank, will provide a range of digital banking services including savings accounts, credit cards and insurance products.
The services are aimed at supporting workers and their families amid rising inflation.
Standard Chartered owns a 60% stakes in the venture while the supermarket chain Fairprice Group holds the remaining 40% stake.
Trust Bank is Standard Chartered’s second digital bank in Asia.
In 2020, Standard Chartered, backed by Temasek Holdings Pte, rolled out Mox in Hong Kong in partnership with PCCW, HKT and Trip.com.
The Fairprice Group serves nearly one million clients everyday through its multiple outlets, reported Bloomberg citing Trust Bank chief executive officer Dwaipayan Sadhu.
“We should be able to tap into that ecosystem,” he added.
According to Sadhu, the digital bank will provide customers with automatic teller machine services through Standard Chartered’s local network.
Speaking at Trust Bank’s launch event, Singapore Deputy Prime Minister Lawrence Wong highlighted the demand for various digital services in the aftermath of the Covid-19 pandemic.
Wong said: “With greater digital adoption in financial services, there is much potential for the banking sector to relook how to do things differently and serve customers better.”
The new digital bank launch follows similar announcements by Grab Holdings-led GXS Bank and China’s Ant Group-backed digital lender ANEXT Bank in Singapore.