# Standard Chartered rolls out digital bank in hot Singapore market
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-09-01
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Standard Chartered launches Singapore digital bank Trust
Meta Description: Standard Chartered and FairPrice Group introduce Trust Bank, a new digital bank in Singapore, offering savings accounts, credit cards, and insurance.
URL: https://financedigest.com/standard-chartered-rolls-out-digital-bank-in-hot-singapore-markethtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-09-01t063715z1lynxmpei801d5rtroptp4stanchart-results-1736815311252-compressed.jpg)

SINGAPORE (Reuters) – Standard Chartered and FairPrice Group on Thursday rolled out their digital bank focusing on Singapore’s retail segment, a move that comes on the heels of digital bank launches by GXS Bank and China’s Ant Group in the affluent city-state.

The companies unveiled Trust Bank – owned 60% by the London-headquartered lender and the rest by Singapore-based supermarket FairPrice Group and its parent NTUC Enterprise – that offers a savings account, credit card, and a family personal accident insurance.

While the local banking sector is dominated by brick-and-mortar giants DBS Group Holdings Ltd, OCBC, and United Overseas Bank Ltd that also offer digital banking services alongside some companies foraying into pure-play digital banking.

Singapore Telecommunications and Grab Holdings on Aug. 31 rolled out Singapore’s first [digital bank](https://www.financedigest.com/how-to-enhance-banking-services-with-digital-performance-intelligence.html "HOW TO ENHANCE BANKING SERVICES WITH DIGITAL PERFORMANCE INTELLIGENCE") for the retail market, while China’s Ant Group in June launched a digital wholesale bank, dubbed ANEXT Bank, incorporated in the city-state.

Standard Chartered, FairPrice, and NTUC Enterprise have [invested S$400 million](https://www.financedigest.com/sse-to-invest-122-million-in-scottish-pumped-hydro-project.html "SSE to invest 2 million in Scottish pumped hydro project") ($285 million) in Trust Bank. FairPrice is a [part of NTUC Enterprise group](https://www.financedigest.com/mando-part-of-the-leading-global-wpp-communications-group-launches-the-universal-card.html "Mando, part of the leading global WPP communications group, launches the ‘Universal Card’") of social enterprises.

NTUC Enterprise, meanwhile, is a part of Singapore’s biggest trade union called the National [Trades Union Congress](https://www.financedigest.com/u-s-congress-votes-to-strip-russia-of-most-favored-trade-status-ban-its-oil.html "U.S. Congress votes to strip Russia of ‘most favored’ trade status, ban its oil"). Other social enterprises under NTUC Enterprise own and operate [shopping malls](https://www.financedigest.com/covid-cant-break-south-africas-love-affair-with-shopping-malls.html "COVID can’t break South Africa’s love affair with shopping malls") and pharmacies in the city.

($1 = 1.4014 Singapore dollars)

(Reporting by Yantoultra Ngui; Editing by Anshuman Daga and Uttaresh.V)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---