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A StanChart veteran has been appointed to lead its digital-only bank in Singapore. Standard Chartered Singapore’s head of consumer, private and business banking, Dwaipayan Sadhu, has been appointed CEO of the bank’s new digital venture with NTUC Enterprise, details of which were released on Monday.
Sadhu, who has more than two decades of experience across wealth management, payments, deposits, consumer lending, and digital banking, will hold both roles concurrently while transitioning to his new position by the end of the year.
Standard Chartered will take a 60 percent stake in the venture, worth S$144 million ($107.28 million), with the NTUC’s enterprise arm taking the remaining 40 percent stake, worth S$96 million.
Singapore is Standard Chartered’s second-largest market after Hong Kong. The bank announced plans for the digital venture with NTUC about a year ago, soon after it obtained the Significantly Rooted Foreign Bank (SRFB) status in Singapore, which gives it significant advantages such as the ability to set up a digital-only unit, lower amounts in paid-up capital and a greater number of places of businesses.
Four other digital banks, which obtained licenses under a different process, are set to be launched in the republic in the coming year.
With the new digital bank, Standard Chartered will be the only entity to operate a virtual bank in the region’s two largest hubs. In Hong Kong, it runs Mox – jointly owned with telecom firms PCCW and Hong Kong Telecom, and online travel agency trip.com.
