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StanChart launches instant digital credit card and loan issuance service

STANDARD Chartered Bank customers can now apply for credit cards or personal loans of up to S$200,000 via the bank’s website, online and mobile banking and receive their digital credit card or loan disbursement instantly.

The bank said the new service reduces the application process from days to minutes.

Its real-time onboarding platform leverages national personal data platform MyInfo, similar to DBS/POSB's Cashline service for credit cards. Customers who do not currently have a credit card or bank account with Standard Chartered will have their form pre-populated by MyInfo.

Once an application is approved and the digital credit card is activated, customers can login online to retrieve their credit card details and add it to their Apple Pay, Google Pay or Samsung Pay wallets for immediate use.

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Natalia Goh, head of credit cards and personal loans, Standard Chartered Bank Singapore, said the bank has seen a 33 per cent quarter-on-quarter growth in new mobile active clients.

Said Ms Goh: "Since last year, we have seen twice the number of digital service requests from our clients, such as card activation, replacement and renewal requests, as well as reporting of lost cards. In addition, we see that our clients are increasingly comfortable with digital payments, with the number of mobile wallet transactions growing more than 80 per cent in the past year."