Standard Chartered Reportedly Plans to Launch its Second Virtual Bank in Singapore

Standard Chartered Plc, a British multinational banking and financial services company with over $700 billion in total assets, is reportedly getting ready to introduce its second all-digital bank in Asian markets.

Standard Chartered will be partnering up with a division of Singapore’s largest labor union, according to BNN Bloomberg which cited sources familiar with the matter.

The London-headquartered banking institution will maintain a majority stake in the new initiative, while the remainder will be held by NTUC Enterprise, a unit of the National Trades Union Congress, which operates 100 supermarket outlets, all based in Singapore (according to sources).

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