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FINANCIAL SERVICES | Staff Reporter, Singapore

Standard Chartered unveils instant e-credit card issuance and loan disbursement

Personal loans of up to $200,000 can be disbursed within minutes of application.

Standard Chartered Bank has rolled out instant digital credit card issuance capabilities for clients applying on its website, online banking platform and mobile app in what it claims is a first in Singapore.

By leveraging on digital data repository MyInfo, clients can save time in filling up application forms on the bank’s real-time onboarding platform.

Upon receiving approval, applicants can activate their digital credit card and log in to SC Online Banking and SC Mobile to retrieve their credit card details and start using their cards for payments and online purchases with merchants that use 3-Domain Secure (3DS) with One-Time Password (OTP).

Personal loans of up to $200,000 will also be disbursed within minutes of application.

The latest digital offering comes after Standard Chartered has seen 33% QoQ growth in new mobile active clients, witnessed twice the number of digital service requests, and seen the number of mobile wallet transactions balloon 80% from 2018. “With this shift towards an increasingly digital lifestyle, we believe that our instant digital credit card and loan disbursement capabilities will greatly enhance the overall client experience,” Natalia Goh, head of credit cards and personal loans, Standard Chartered Bank Singapore said in a statement.

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