Standard Chartered has launched its digital bank in Singapore as part of its venture with supermarket Fairprice Group.
Standard Chartered has launched Trust bank – its retail-focused digital bank in Singapore – according to a statement. The virtual lender received S$400 million ($285 million) in investments with 60 percent of shares held by Standard Chartered and the remaining owned by Singapore-based supermarket FairPrice Group and parent NTUC Enterprise.
Trust Bank’s offering will include savings accounts, credit cards, and family personal accident insurance.
Progress in Singapore’s digital banking market has been accelerating as of late with the launch of the city-state’s first retail virtual lender GSX – a venture between Singapore Telecommunications and Grab – earlier this week as well as Ant Group’s rollout of its digital wholesale bank ANEXT Bank in June.
