Standard Chartered to launch Singaporean joint venture with BetaPlus
By Iain Gilbert
Date: Tuesday 26 Oct 2021
(Sharecast News) - Financial services firm Standard Chartered's wholly-owned subsidiary SCBSL and BetaPlus, a holding company controlled by NTUC Enterprise, has entered into a shareholders' agreement to form a joint venture, SC Bank Solutions.
Standard Chartered said SCBSL and BetaPlus will hold 60% and 40% of the issued and paid-up share capital of SC Bank Solutions, which was granted a full banking licence in December 2020, respectively.
The joint venture will focus on providing digital banking services, in line with Singapore's efforts to digitalise its economy, and will be Standard Chartered's second separately licensed digital bank in Asia, the first being Mox Bank in Hong Kong, a separate joint venture.
StanChart's stake will be worth SGD $144.0m (£760,000).
As of 1250 BST, Standard Chartered shares were up 1.70% at 461.10p.
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