A new digital bank has opened up in Singapore, through a partnership between Standard Chartered and FairPrice.
In Brief:
FairPrice is a local retailer in Singapore, whose holding company BetaPlus has partnered with StanChart.
StanChart and BetaPlus have set up a 60:40 joint venture worth $285mn.
Trust Bank will offer retail banking services including numberless credit cards.
What does this mean?
This is part of an increasing number of digital banks being encouraged in Singapore, which have been set up by the likes of Grab and Ant Group.
