Standard Chartered and its local partners obtained a digital-only bank licence in Hong Kong last year. Known as Mox, it's not fully operational yet, but the bank said in its earnings report late last month that it will be launched"very soon". It also has several digital banks in Africa.MAS said earlier this month it plans to revise rules governing foreign lenders with a substantial local presence that may allow them to set up digital-only banking subsidiaries.
A representative for Standard Chartered in Singapore declined to comment. NTUC didn't immediately respond to a request for comment.
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