Standard Chartered, NTUC’s BetaPlus for JV to launch Singapore digital-only bank

They will contribute S$144m and S$96m, respectively, in the joint venture.

Standard Chartered Bank’s wholly-owned subsidiary, SCBSL, and BetaPlus, a holding company controlled by NTUC Enterprise, have entered into an agreement to co-own the shares of upcoming an Singapore neobank, SC Bank Solutions.

Under the agreement, SCBSL will hold 60% while BetaPlus will hold 40% of the issued and paid-up share capital of SC Bank Solutions. SCBSL and BetaPlus will contribute a total of S$144m and S$96m, respectively, for a total aggregate cash amount of S$240m.

SC Bank Solutions gained a full banking licence from the Monetary Authority of Singapore last 30 December. 

Upon its launch, SC Bank Solutions is set to be Standard Chartered’s second licensed digital bank in Asia, the first being Mox Bank in Hong Kong.