© Reuters. FILE PHOTO: A Customary Chartered financial institution department in Singapore October 11, 2016. REUTERS/Edgar Su
LONDON (Reuters) – Customary Chartered (OTC:) has agreed a three way partnership deal to launch a digital-only financial institution in Singapore with the nation’s Nationwide Trades Union Congress (NTUC).
A Customary Chartered automobile will take a 60% stake within the enterprise, value 144 million Singapore {dollars} ($107.28 million), with the NTUC’s enterprise arm taking the remaining 40% stake, value S$96 million, the London-listed financial institution stated on Monday.
The deliberate enterprise comes after StanChart launched its digital-only Mox Financial institution model in Hong Kong final 12 months and amid a growth in fintech investments in Southeast Asia.
A call on the Singaporean enterprise’s branding has but to be determined, a Customary Chartered spokesperson stated.
The Customary Chartered automobile concerned within the transaction obtained a full Singaporean banking licence in December final 12 months, the corporate stated.
($1 = 1.3423 Singapore {dollars})
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