Are you a big fan of the banking services from Standard Chartered Bank Singapore? If so, you already know it’s a prominent behemoth in Singapore’s banking industry. But, you’ll be surprised to unravel some fascinating facts of finance and strategy or risks and rewards by our protagonist.
Venture on a pilgrimage filled with great points, intriguing history, and exciting events that significantly shape Standard Chartered Bank into what it is in this modern era.
After all, isn’t it rather thrilling to work with a financial institution that isn’t only a faceless corporation but a living and breathing part of Singapore’s yore?
Standard Chartered Bank Singapore Beginnings: A Tale of Two Banks
Can you imagine a world back in the late 1960s?
Back then, the Beatles’ music echoed in the air. The world was also being awakened and witnessing first-hand internet developments.
Amid these significant events, another breakthrough event was taking place – the merger of two banking giants.
- The Chartered Bank of India, Australia and China:
It was the paramount origin of the Chartered Bank of India, Australia, and China and was founded in 1859. In that specific period, the bank was still an agency between Battery Road and Flint Street, inside a 3-storey tall building.
The bank already had an exemplary reach throughout Asia. Thus signifying its influence on Singapore’s financing geography from the branch’s establishment in 1858 to 1859.
Note: SC Bank has had 163 years of financing experience and expertise since its establishment.
- The Standard Bank of British South Africa:
The bank was founded in 1862 by John Paterson, a Scot. The institution made a name for itself by financing the progress of the Kimberley diamond fields in 1867, after which it developed across Africa and mainly provided services to the continent’s banking requirements.
The merger occurred in 1969, which successfully led to Standard Chartered Bank’s birth. The union somehow sealed the bank’s prominence in the banking industry, as it already had an undeniably strong presence in Asia and Africa.
Standard Chartered Bank Singapore’s Architects of Legacies
Great minds create great institutions, which was the case for Standard Chartered Bank. Such extraordinary intellects were John Paterson and James Wilson.
- John Paterson:
The Standard Bank of British South Africa was established by Paterson in 1862. He initiated the plan to build a bank in the continent, particularly seeing so much potential in connection with the diamond industry.
The bank became an institution that’s synonymous with African financing.
- James Wilson:
Wilson was an economist, a politician, and a banker. He’s the epitome of a man with many talents. With his many visions and plans of capitalising on the proliferating trade between India, England and China. Thus 1853, he established the Chartered Bank of India, Australia, and China.
It’s safe to say he splendidly succeeded.
SCB Singapore’s Innovative Services
Standard Chartered Bank Singapore continues to strive for excellence. Among the most substantial proof of its pursuit of progress and growth is its keen eye and action when granting the best innovative services to its customers.
Some of its notable highly technologically-inclined approaches are:
- 1979:
During this period, Standard Chartered Bank Singapore revolutionised the then-current banking services. SC Bank launched Singapore’s first Automated Teller Machine (ATM) in the region.
- 2010:
SC Bank retook the lead in digital innovation in 2010. The bank introduced the first banking app in Singapore and initiated accessible banking services anytime and anywhere.
- 2020:
Another giant leap the bank took was for the customer’s future in 2020. In truth, SC Bank had a pioneering concept of “branchless banking” via a digital-only bank, which is “SC Mobile Singapore”.
Standard Chartered Bank Singapore’s Customer-Centric Services
Since its founding in 1853, SC Bank has focused on all services to guarantee customer satisfaction; among these diverse offers to meet the varied requirements of their clients, including:
- Current and Savings Accounts:
SC Bank provides various savings and current accounts that suit diverse clientele requirements.
- Credit Cards:
The bank grants a range of credit cards, each with a unique rewards program developed to help with diverse spending habits and its clients.
- Competitive Personal Loans:
SC Bank offers personal loans with competitive interest rates of 3.48% per annum with 6.95% EIR per annum up to five-year tenure, thus making it a popular choice among customers.
- Investment and Wealth Management Services:
It’s the ideal banking service for individuals who wish to grow their wealth. The SC Bank provides a host of investment prospects and wealth management assistance.
SCB Singapore Navigating Stormy Waters
There’s no doubt about it; economic storms are prevalent in the finance world; how any bank fares through these times speaks volumes about the corporation’s strength and resilience.
The Standard Chartered Bank Singapore has ultimately proven its grit in two major economic crises, particularly:
- 1997:
It was the economic downturn across all Asian markets. With its strategic decisions, Standard Chartered Bank Singapore remained steadfast.
- 2008:
It was a time when banks worldwide endured a massive significant crisis. Nevertheless, SC Bank maintained its reliable and credible banking services without fail.
Standard Chartered Bank Singapore’s Accolades and Recognitions
Over years of financing experience, Standard Chartered Bank Singapore garnered various awards. The bank’s commitment to excellence was praised via these recognitions:
- Best Digital Bank Singapore by the International Finance Awards 2022
- Best Private Bank Singapore 2021 by the Global Private Banking Awards
- Highly Commended Best Loan Offering for Retail Banker International Asia Trailblazer 2018
- Best Customer Experience Model Leadership in Customer Experience 2017
These are only a few of the accolades that can testify to SC Bank Singapore’s commitment and dedication to providing premium services to its clientele.
Standard Chartered Bank Singapore: A Bank with a Heart
Standard Chartered Bank Singapore doesn’t solely focus on its banking programs. In truth, it goes beyond the borders of money and numbers.
SC Bank understands and deeply cares about the community. Thus, it initiated its Standard Chartered Foundation in 2019, which aims to tackle issues of inequality. Also, it’s an initiative to promote economic inclusion, especially for the younger generations worldwide.
The foundation is registered in Wales and England (charity number 1184946).
Banking Transactions: The Standard Chartered Bank Singapore’s Way and Beyond
The banking transactions with Standard Chartered Bank Singapore are 100% competitive and aim to fulfil the financial requirements of their customers. It’s undoubtedly an excellent option for individuals with significant monetary needs. Remember that borrowing money is also an obligation you must meet, with terms that can be a handful.
But, if you’re pursuing a further flexible option, why not consider Accredit?
Accredit is a licensed moneylender in Singapore under the regulations of the Ministry of Law’s Registry of Moneylenders. It’s the licensed moneylender you can rely on with its credibility for granting transparent terms and conditions for your personal loan needs.
So, now that you know about the layers of history, innovation, and enigmatic tales of Standard Chartered Bank Singapore, wouldn’t you want to entrust your banking journey with them? Remember to choose wisely, and may your monetary journey be as enigmatic and fascinating as SC Bank Singapore.
