Asian Tech Press (Sep 7) -- British financial services firm Standard Chartered PLC (02888.HK) announced Monday that its subsidiary SCBSL has formed a joint venture with Singapore's BetaPlus called SC Bank Solutions, which will focus on providing digital banking services.

The HKEx announcement said the investment will be S$240 million, with Standard Chartered Bank (Singapore) Limited (SCBSL) and BetaPlus contributing S$144 million and S$96 million, respectively, with a 60% and 40% stake each.

The joint venture will become Standard Chartered's second licensed digital bank in Asia.

At the end of 2020, SC Bank Solutions was granted a full banking license by the Monetary Authority of Singapore (MAS), the country's central bank.

The statement said that the establishment of a digital led bank in Singapore is an important part of the Standard Chartered's overall digital strategy. While it is not expected to provide meaningful earnings contribution in the near term, it has the potential to create value over the medium term.

BetaPlus is a holding company controlled by NTUC Enterprise Co-operative Limited, the holding entity and single largest shareholder of the NTUC Enterprise group of social enterprises.