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Standard Chartered celebrates 160 years in Singapore
Since its establishment in Singapore in 1859, Standard Chartered has been a trusted partner to its clients, the community and the nation.
Standard Chartered has been a steering force in the country’s financial services sector, helping develop the financial markets in Singapore. One resounding endorsement of its long-standing contribution came in October 1999, when it was among the first international banks here to receive a Qualifying Full Bank (QFB) licence.
This commitment was strengthened in 2013 when the bank transferred its Singapore Retail Banking and Business Banking businesses to its locally incorporated subsidiary, Standard Chartered Bank (Singapore) Limited (SCBSL).
In a few months, Standard Chartered will become the first international bank to fully consolidate its business operations in Singapore, through the transfer of the Commercial Banking, Corporate & Institutional Banking and Private Banking businesses to SCBSL.
Driving commerce and prosperity
As one of Singapore’s oldest banks, Standard Chartered has played a part in Singapore’s transformation into the world-class financial and commercial hub it is today.
While Standard Chartered has expanded its global presence over the years and has become the only international bank present in all ASEAN markets, it remains committed to serving the domestic market here. The bank continues to help its clients capture the opportunities across its network, drive greater trade flows and strengthen Singapore’s economy.
Trailblazing with innovation
In gearing up for the future, Standard Chartered is making huge strides to be a leading digital bank with a human touch.
It was the first international bank to offer clients three mobile wallets with Apple, Samsung and Google Pay. In 2012, it launched Bonus$aver, the first deposit account in Singapore to award higher interest on deposit balances based on eligible card spend.
In 2017, Unlimited Cashback Credit Card was introduced to address a market gap, offering an unlimited 1.5% cashback on all spend, with no cashback cap and no minimum spend requirement. It also developed MyWay – the first holistic programme offered by a bank that focuses on health, wealth and self for those aged 55 and above.
Digitalisation and innovation are key priorities for the bank. SC Ventures together with its innovation lab, the eXellerator, were formed to harness innovation from within the bank, invest in fintech start-ups, and establish new partnerships and solutions. The bank also introduced Asia’s first digital advisory tool – Personalised Investment Ideas (PII), that customises investment ideas for each client in seconds.
Investing in its people
People are important to Standard Chartered’s success. The bank is committed to building a conducive and inclusive environment for its diverse pool of talent to thrive in.
It has put in place a series of talent development programmes – from structured training to mentoring and networking. In 2016, it launched a S$2 million programme, SkillsFuture@SC, which allows employees to take time off to attend external training.
Recognising that its business sustainability depends heavily on the country’s prosperity, Standard Chartered employees enjoy three days of volunteering leave annually to make a difference in the community. Its Silver Lining programme was initiated in 2012 to address issues faced by the ageing population. To date, this programme has touched the lives of over 27,000 seniors in Singapore.
As the title sponsor of the Standard Chartered Singapore Marathon (SCSM), the bank has created a world-class signature community event that engages nearly 50,000 runners.
Driving the future economy as One Bank
Singapore remains one of the bank’s most successful franchises. As it charts its next chapter in the future economy, Standard Chartered reaffirms its long-term commitment to Singapore and continues to deliver on its brand promise of being here for good.
“As one of the oldest banks, we are proud to have played a part in Singapore’s transformation into the world class financial and commercial hub it is today. It is a privilege to have supported out clients in their growth. We owe this milestone to them, our partners and our colleagues. We are committed and excited to serve the generations to come.”
Patrick Lee, Chief Executive Officer, Singapore.