Standard Chartered Plc signed a deal with Singapore’s biggest trade union group to form a digital bank -- the British lender’s second virtual business in the region.

The London-based bank said Monday it had agreed a joint venture with BetaPlus, a company controlled by the social enterprise division of the National Trades Union Congress, known as NTUC Enterprise. Bloomberg reported in August 2020 that the pair were in talks. 

Standard Chartered said it would invest $144 million and own 60% of the business, while BetaPlus would put in $96 million for the remainder. They have given the venture the temporary name of SC Bank Solutions.

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