Standard Chartered Singapore: Standing out in a crowded market

Standard Chartered Bank (Singapore) has recently launched two innovative digital banking products in Singapore: the Smart Business$aver account which supports Small and Medium Enterprises (SMEs) in each stage of their business growth by enabling them to earn higher interests to offset their business costs. And the Smart Credit card with 3-month interest-free EasyPay Instalment plan with no service fees as part of the card’s benefits.

The Standard Chartered Smart Credit Card, meanwhile, seeks to stand out in a crowded rewards points/cashback market by offering 3-month interest-free EasyPay Instalment plan with no service fees and waivers on annual fees and cash withdrawal transaction fees, which are typically not offered by other credit cards in Singapore.

For its impressive strategy and execution, Standard Chartered Bank (Singapore) Limited has been awarded, Best Current Account and Best Credit Card for Buy Now Pay Later (BNPL) at the Global Retail Banking Innovation Awards 2022 organised by The Digital Banker.

“To keep up with rapidly evolving consumer behaviour and preferences, Standard Chartered Bank Singapore continuously identifies pockets of opportunities to engage its clients through various initiatives. It is great to see a financial institution dedicated to improving the banking experience for its customers through sheer innovation and customer centricity,” said Nirav

Patel, Managing Director at The Digital Banker.

A first-of-its-kind business account in Singapore

Standard Chartered Bank officially launched the Smart Business$aver account in January 2021. The account feature is aligned to the Bank’s intention to support SMEs in every stage of their business growth. The account enables SMEs to earn higher interests based on their activities and product holdings with the Bank.

The Smart Business$aver Account offers SMEs one of the highest interest rates in Singapore, of up to 2.28% p.a., through establishing a Lending Relationship, performing FX transactions, receiving Inward Crediting of funds and making Payroll Payments.

SMEs can utilise the additional interest to cope with their business costs and make their money work harder for them.

In addition, SMEs can access the Bank’s digital platform for their daily cash transaction needs and make use of the Bank’s suite of financing options to improve their business productivity and to boost sales.

Simply put, the Smart Business$aver Account encapsulates the Bank’s intention to support SME clients in every stage of their growth.

Addressing crucial gaps in credit card products

To adapt to rapidly evolving consumer credit card behavior and preferences, Standard Chartered Singapore continuously identifies opportunities to engage its clients through various initiatives such as new card product launches and refreshing customer value propositions (CVP) for existing card products.

The bank identified a gap in its suite of credit cards for young families, first job seekers, and millennials and developed a unique credit card proposition to address their needs. This new card, named the Standard Chartered Smart Credit Card, provide simplified pricing, convenient borrowing, and accelerated cashback earned for everyday merchants.

Key differentiators of the Smart Credit Card from existing market offerings include perpetual waiver of annual fee and no fees for cash withdrawal, cashback earned on 3-month EasyPay instalments with 0% interest and no processing fee and no minimum spend requirement to enjoy accelerated cashback on everyday merchants. As part of Standard Chartered’s commitment to sustainability, the Smart Credit Card is the bank’s first carbon neutral card in Singapore, with emissions offset in its production process.

In addition, Standard Chartered Bank Singapore has also provided offerings that differentiate itself from competitors. Simply Cash Credit Card offers 1.5% cashback on all purchases, with no cashback cap and no minimum spend.

Rewards+ Credit Card offers up to 10X rewards points on foreign currency on overseas retail, dining, and travel, and up to 5X rewards points on dining transactions in SGD. Lastly, for a limited time only, CashOne Personal Loan offers cashback on first 2 months interest, with competitive interest rates from 3.48% p.a. (EIR from 6.95% p.a.). Get cash in 15 minutes upon approval.