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StanChart and NTUC Enterprise plan Singapore digital-only bank

Bloomberg
Bloomberg8/17/2020 09:16 AM GMT+08  • 3 min read
StanChart and NTUC Enterprise plan Singapore digital-only bank
Standard Chartered PLC is planning its second digital-only bank in Asia, teaming up with a unit of Singapore’s biggest labor union, according to people familiar with the matter.
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Standard Chartered PLC is planning its second digital-only bank in Asia, teaming up with a unit of Singapore’s biggest labor union, according to people familiar with the matter.

The London-based bank would hold a majority stake in the new venture, with the remainder held by NTUC Enterprise, a division of the National Trades Union Congress that also runs a chain of more than 100 supermarket outlets across Singapore, said the people who asked not to be identified as the matter remains confidential.

Alex Twigg, co-founder of Australian startup Judo Bank, has been hired for the business, which has been code-named “Project Phoenix,” the people added.

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