StanChart, Singapore labour union arm plan digital-only bank

Photographer: Anthony Kwan/Bloomberg

Standard Chartered Plc is planning its second digital-only bank in Asia, teaming up with a unit of Singapore’s biggest labour 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.

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