Standard Chartered partners with Singapore Union for digital bank

Standard Chartered Plc, a London-based bank, has partnered with BetaPlus, a company under the National Trades Union Congress Enterprise, the social enterprise division of Singapore's largest trade union, to form a digital bank, according to a report by Bloomberg.

The bank will be separately licensed and will help Standard reach customers it would normally miss. This is part of CEO Bill Winter's plan to capture a larger share of the digital banking market.

StandardChartered will invest $107 million and own 60% of the business, while BetaPlus will contribute $96 million, according to the report.