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Standard Chartered adds instant credit card and loan issuance to its Singapore banking app

Credit card dipped in noodle pot
INSTANT ACCESS: Standard Chartered Bank Singapore customers can now apply for instant digital credit cards and loans 24/7

Standard Chartered has become the first bank in Singapore to offer customers the ability to use its mobile banking app to apply for loans and credit cards — and, if approved, have a digital version of their new credit card instantly provisioned to their Apple Pay, Google Pay or Samsung Pay digital wallet so they can make payments.

The new capability cuts the process from application to first usage from days to minutes and is powered by the bank’s real-time onboarding platform as well as automatic form-filling through MyInfo.

Once they have received approval for their credit card application, users are prompted to activate their new credit card.

They can then log in to SC Online Banking and SC Mobile to get credit card details such as the CVV and the expiry date, as well as adding the digital card to their digital wallet.

Personal loans of up to S$200,000 (US$146,925) can also be paid out within moments of application through the scheme.

Standard Chartered Bank Singapore head of credit cards and personal loans Natalia Goh said that the move addresses customers’ instant gratification expectation.

“Most consumers these days, especially millennials, expect products, services and information to be easily and instantly available digitally,” she explained.

Goh said the bank had seen a 33% quarter-on-quarter growth in new mobile-active clients and since last year had received twice the number of digital service requests such as card activation, replacement and renewal requests, as well as reporting of lost cards.

However, the biggest growth has come in digital payments with the number of mobile wallet transactions growing more than 80% in the past year, according to Goh.

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