Asia's financial super-connector

Straits Times

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With a global presence across 53 markets, including being the only bank in all 10 Asean nations, Standard Chartered has positioned itself as Asia's super-connector with Singapore at the heart of this strategy.
AS TRADE routes shift and geopolitical tensions reshape global wealth flows, Standard Chartered is positioning itself as Asia's financial super-connector – with Singapore at the heart of this strategy.
'We are seeing a redefinition of the corridors of globalisation. Trade corridors are evolving rapidly and are likely to be more dynamic,' says Patrick Lee, Standard Chartered's CEO for Singapore and Asean. It is a challenge that plays to the bank's strengths: it operates in 53 markets worldwide, including all 10 in Asean.
Since opening its first branch on Battery Road 166 years ago, Standard Chartered has grown alongside Singapore – from financing the colony's booming rubber and tin trades to offering a full range of financial services as the city-state's most deeply rooted international bank.
Today, Singapore serves as the bank's Asean hub and houses much of its global business leadership. It is also the second-largest contributor to group income across Standard Chartered's global footprint.
Epicentre of cross-border growth
Standard Chartered's cross-border strategy hinges on this: that in an increasingly complex and fragmented world, diversification matters more than ever.
The bank's global network includes a strong presence in Asia, Africa and the Middle East, a geographic spread that Lee believes positions it to serve as 'the Asia super-connector'.
'We lie strategically in the epicentre of growth and are a key player in the China Plus One strategy,' says Lee. As companies diversify supply chains away from China into alternative manufacturing locations across the region, Standard Chartered's network is well-placed to capture the resulting financial flows.
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The bank is sharpening its focus on the cross-border needs of larger global corporate and financial institution clients. It aims to grow income from financial institution clients to 60 per cent of corporate investment banking revenue over the medium term, while raising cross-border income to 70 per cent of the total.
It is already the go-to bank for Regional Treasury Centers, capitalising on Singapore's reputation for stability and a conducive tax and regulatory environment.
Within the Singapore-Asean corridor, Lee sees a vibrant trade and investment environment driven by accelerating urbanisation, rising digitalisation and e-commerce, and a growing focus on sustainability – all underpinning Asean's growth prospects.
Asean is projected to become the world's fourth-largest economy by 2030, with intra-Asean trade growth expected to outpace the global annual average of 5 per cent.
Singapore functions as the gateway to what Lee terms the 'Intra-Asia corridor', which is why Standard Chartered created its Asean hub here in 2021, comprising Malaysia, Vietnam and Thailand – in Singapore.
Singapore rootedness
In fact, the bank has been systematically deepening its presence in Singapore over decades.
It was among the first to receive a Qualifying Full Bank licence in 1999, and the first bank to move into Marina Bay Financial Centre, Singapore's new downtown financial district in 2011. Following the 2013 transfer of its retail and SME businesses to a locally incorporated subsidiary, the bank fully consolidated its commercial, corporate and institutional, and private banking businesses into that unit in 2019.
These moves culminated in 2020 when it became the first – and only – institution to receive enhanced 'Significantly Rooted Foreign Bank' status from the Monetary Authority of Singapore.
'This further entrenched our status as anchors to Singapore's financial system, as we played our part in transforming the country into the world-class financial and business hub it is today,' says Lee.
The enhanced status enabled the 2022 launch of Trust Bank, its digital bank venture with FairPrice Group that has already changed Singapore's retail banking landscape.
In just over two years, Trust Bank has attracted more than one million customers, making it the nation's fourth-largest retail bank by customer count — with one in five adults now banking with it.
Lee sees this as validation of Standard Chartered's Singapore strategy and proof that clients appreciate the customer experience and innovative products the bank offers.
Trust Bank reflects Standard Chartered's broader retail banking transformation as it responds to demographic shifts and emerging trends from cross-border payments to post-quantum cryptography adoption.
Standard Chartered offers 'Green Mortgage' loans where clients can receive preferential rates for the first two years of mortgages on property purchases. With this, clients have an incentive to consider and factor in environmental impact in their decision-making when purchasing a property.
It is also furthering support for local small- and medium-enterprises (SMEs). The bank is a participant of Enterprise Singapore's Enterprise Financing Scheme (Green) to provide SMEs with trade financing for green and sustainable products, inventory and raw materials.
'From being the first financial institution to be awarded the enhanced 'Significantly Rooted Foreign Bank' status by MAS in 2020, to becoming an early adopter of the 'Sustainable Philanthropy Framework' by the National Council of Social Service, Standard Chartered Bank has always been a staunch supporter of Singapore. Singapore lies at the heart of our strategy to be Asia's financial super-connector and we are proud to have contributed to its transformation into a world-class financial and business hub. As we celebrate the nation's 60th birthday, we will continue to work closely with the government and all our partners to build a better future for everyone in our community,' says Patrick Lee, CEO, Singapore and Asean.
PHOTO: BT FILE
Leading the rising affluent
Singapore's status as an international wealth management centre aligns with another Standard Chartered priority: growing its affluent banking business.
The bank is leveraging the city-state's position to pivot its focus towards affluent and ultra-high net worth clients across its network. Already, assets under management in Singapore for the affluent segment showed robust growth in 2024.
This contributes to Standard Chartered's global ambition to attract US$200 billion in net new money and achieve double-digit growth in wealth solutions income over the next five years.
'We are one of the fastest-growing private banks in the region,' says Lee, highlighting its open-architecture investment advisory approach and pivot to build capabilities that cater to the needs of the ultra-high net worth segment.
Recent innovations include a Private Markets Co-Investment Club launched in March 2025, providing eligible Singapore-based ultra-high net worth clients with exclusive deal-by-deal access to private co-investment opportunities globally.
The bank also rolled out an alternative investment fund focused on sports, media and entertainment in April 2025 – reflecting demand for diversification and alternative asset classes among increasingly sophisticated wealth clients.
Large international wealth transfers expected in Singapore and the region will drive demand for estate and legacy planning, philanthropy services, as well as digital native investment tools, the preferred mode of banking for the next generation. Which is why Standard Chartered plans to expand its relationship manager teams, accelerate product innovation and improve clients' digital and client centre experiences, Lee adds.
Integrating AI and technology
Standard Chartered's technology integration extends beyond client-facing services.
In March 2025, it launched SC GPT, its own Generative AI tool, in 41 markets across its footprint including Singapore. The tool is expected to improve operations and productivity, while tailoring sales and marketing efforts to boost revenue.
AI is also supporting relationship managers in client engagement and personalising their advice for clients, while Adobe Firefly has been integrated into campaign management processes.
As digital adoption speeds up, security concerns have intensified.
In March 2025, Standard Chartered became the first Singapore bank to offer complimentary scam insurance coverage for theft of funds due to unauthorised electronic transfer of money arising from phishing and malware scams, under its revamped savings account aimed at older customers.
The bank enhanced its fraud protection measures by implementing digital protection features like 'Kill Switch' and 'Money Lock', allowing clients to quickly suspend their accounts or protect their funds from scams and unauthorised transfers or withdrawals. At the same time, it works with law enforcement on anti-scam efforts to trace fund flows and freeze suspicious accounts.
Cross-border payments innovation continues apace, with initiatives such as its partnership with Wise Platform to provide faster and cheaper international payments via SC Remit.
Financing sustainable growth
As a global financial institution, Standard Chartered recognises its role in supporting companies, governments and stakeholders in the global transition to a low-carbon economy.
The bank reported 32 per cent year-on-year growth in its sustainable finance assets portfolio to US$23.3 billion in 2024. This generated US$982 million in sustainable finance income for the bank, closing in on its target of US$1 billion in sustainable finance income by 2025.
In Singapore, the bank is part of several sustainability initiatives, from the formation of the Singapore Green Finance Centre and the Singapore Sustainable Finance Association, to supporting carbon market development through Climate Impact X and the Transition Credits Coalition (TRACTION).
'We continue to scale finance to support sustainable and enduring growth,' says Lee.
Public-private-people partnerships
The bank is also scaling up its community investment in Singapore. Through Futuremakers, its global initiative that promotes greater economic inclusion for disadvantaged young people, Standard Chartered created almost 89,000 jobs globally, including in Singapore, over the past five years. These programmes were funded mainly by Standard Chartered Foundation, the bank's philanthropic arm that also supported the launch of various employability and entrepreneurship initiatives locally.
As an early adopter of the National Council of Social Service's Sustainability Philanthropy Framework, it takes a sustained, long-term approach to philanthropy. Half of its 9,000-strong Singapore workforce used their allocated three days of paid volunteering leave in 2024, contributing over 43,000 hours to community service.
From digital literacy clinics and scam prevention workshops for seniors, to financial literacy and employability for youth and persons with disabilities, these initiatives strengthen the local communities fuelling Singapore's economic dynamism.
'Together, these initiatives reflect our belief that building a better future starts with empowering the present,' says Lee.