StanChart to invest S$1b in Singapore over 5 years, launch virtual bank in H2

STANDARD Chartered (StanChart) plans to invest S$1 billion over the next 5 years in Singapore, and launch its virtual bank in the city-state in the second-half of 2022, said the bank’s Asia chief executive officer Benjamin Hung.

Hung, 57, is based in Hong Kong and was visiting Singapore for the first time in his new role. StanChart last year combined its Greater China, North Asia as well as Asean and South Asia markets into a single entity, led by Hung.

Last year, StanChart entered a joint venture to launch a digital-only bank in Singapore with National Trades Union Congress (NTUC). To be named Trust Bank, this will be its second digital-only bank after Mox Bank in Hong Kong. Mox is part of StanChart’s joint venture with PCCW, HKT, and Trip.com.