Standard Chartered said it would invest $144 million and own 60% of the business, while BetaPlus would put in $96 million for the remainder. They have given the venture the temporary name of SC Bank Solutions.
Standard Chartered Plc signed a deal with Singapore’s biggest trade union group to form a digital bank – the British lender’s second virtual business in the region.
The London-based bank said Monday it had agreed a joint venture with BetaPlus, a company controlled by the social enterprise division of the National Trades Union Congress, known as NTUC Enterprise. Bloomberg reported in August 2020 that the pair were in talks.
