Linklaters advises Standard Chartered Bank on its joint venture with NTUC Enterprise to establish a digital bank in Singapore

Linklaters advised Standard Chartered Bank (SCB) on its joint venture with NTUC Enterprise, Singapore’s largest social enterprise group, to establish a digital bank with a full banking license in Singapore. The joint venture will serve as an “internet only bank” serving retail and small and medium-sized enterprise customers, offering savings products, borrowing and cash-flow products, digital money and cash, and investment and insurance products.

This landmark transaction represents SCB’s second digital bank in Asia, following the launch of its first digital bank in Hong Kong SAR last year.

The Linklaters team was led by corporate partner Niranjan Arasaratnam, TMT partner Adrian Fisher and financial regulation partner Peiying Chua, with support from managing associates Gary Beh, Clare Harris, Selwyn Lim and Teddy Tang.

Co-head of Linklaters’ global Technology sector Niranjan Arasaratnam, commented:

"This transaction is a testament to Linklaters’ ability to leverage relevant expertise from multiple practice groups across our regional network. Digital banks are a new phenomenon in Singapore, and we are grateful for the opportunity to support SCB on this strategic transaction, and to play our part in the wider development of the digital banking ecosystem in the region".

On this transaction, Linklaters supported an internal legal team at Standard Chartered that was led by Jordan Kent.