Standard Chartered Plc’s joint venture with an arm of Singapore’s biggest trade union group is starting digital banking services in the city-state, entering the online fray that’s starting to heat up with tech giants jostling in on the space.
Trust Bank, in which the UK firm holds 60%, has launched savings accounts and insurance products, targeting workers and their families with benefits aimed at cushioning the pain of rising inflation, according to a statement by the firms on Thursday. Fairprice Group, part of the National Trades Union Congress’ social enterprises initiatives, runs supermarkets and food stall across the island, and holds the remaining stake.
Singapore is set to see intensifying competition in financial services, including banking, insurance and wealth, as the likes of Jack Ma’s Ant Group Co. and Grab Holdings Ltd. challenge the area traditionally controlled by lenders led by DBS Group Holdings Ltd., the country’s largest. For Standard Chartered, backed by the country’s state investor Temasek Holdings Pte., this will be its second digital bank in Asia, following the launch of Mox in Hong Kong in 2020.