Standard Chartered and Prudential Singapore celebrated 25 years of bancassurance partnership by launching a year-long collaboration with the Ministry of Social and Family Development (MSF)’s Social Service Office @ Ang Mo Kio & Yishun (SSO@AMK & YS). The collaboration will help up to 500 children from ComLink+ families build a strong foundation in money management. ComLink+ aims to uplift lower-income families with children towards stability, self-reliance and social mobility. This programme comes after a successful trial at SSO@AMK & YS in October 2024, which benefited more than 30 children. To kick-start this meaningful partnership with SSO@AMK & YS, employee volunteers from both organisations, including Patrick Lee, CEO of Singapore and ASEAN at Standard Chartered, and Chan San San, CEO, Prudential Singapore, partnered SSO@AMK & YS to host around 40 primary school children aged between seven and 12 years for an afternoon of fun and interactive activities at The Little Arts Academy at Northpoint City on 22 January 2025. The children were taught how to make informed decisions about money through four core money management concepts – earn, save, spend and donate – which are taken from the Cha-Ching curriculum, a financial literacy and responsibility programme by Prudential’s Prudence Foundation. Eric Chua, senior parliamentary secretary, Ministry of Social and Family Development, joined the children in their activities. This included grocery shopping at a nearby supermarket, where they put their newly acquired knowledge into practice while accompanied by the volunteers. Building a financially-savvy generation Patrick Lee, CEO, Singapore and ASEAN, Standard Chartered, said: “Creating a sustainable legacy for future generations is a shared commitment for our two companies. As Singapore celebrates SG60, we are delighted to have this unique opportunity to equip our young ones with money-smart knowledge to help them thrive in a rapidly evolving world. Just as we have done for over 165 years in this dynamic country, we will continue to leverage our resources to strengthen our social fabric and build a more caring and inclusive community for all.” Chan San San, CEO of Prudential Singapore said, “Just like reading and writing, financial literacy is an essential skillset. By helping children understand the basic concepts of how to earn, save, spend and donate through Cha-Ching, we provide an early foundation and set them on the road to making sound financial decisions in the future. Our joint effort with Standard Chartered not only celebrates 25 years of partnership but also underscores our shared commitment to helping people achieve financial stability and security.” Longest-standing bancassurance partnership on recordThe outreach programme is launched on the back of the milestone partnership between the bank and Prudential Singapore, which at 25 years in 2024, is the longest on record in Singapore and Asia. The collaboration has evolved over the past two decades, as consumer behaviour changed in tandem with advancements in technology and growing financial literacy and affluence in the country. For instance, the two companies have enhanced and introduced new initiatives to deliver a more convenient and seamless customer experience. Standard Chartered customers can get the necessary protection by signing up for selected Prudential Singapore insurance plans via the bank’s website. There is also a dedicated Prudential Singapore team that provides guidance to the bank’s customers on available insurance options that meet their needs. In 2023, they also introduced an investment-linked insurance plan (ILP) version of Standard Chartered’s CIO Signature Funds – PRULink Global Signature CIO Growth Fund, PRULink Global Signature CIO Balance Fund and PRULink Global Signature CIO Income Fund – to provide Standard Chartered customers with more investment options. Today, the partnership between the two organisations also extends to corporate banking, with Standard Chartered being the insurer’s main transaction banking partner across Asia and Prudential Singapore operating as the medical insurance provider for Standard Chartered Singapore employees. Re-disseminated by The Asian Banker
