STANDARD Chartered (Stanchart) launched on Monday a share financing plan in Singapore that will allow individuals to borrow up to 10 times their monthly salary.

Offered in partnership with Singapore stock brokerages Phillip Securities and Lim & Tan Securities, the Stanchart plan lets investors obtain financing at the same they buy their shares.

'There are some 250,000 active share investors in Singapore, and the number is expected to grow as Singaporeans become increasingly financially savvy,' StanChart said in a statement.

Ajay Kanwal, head of consumer banking for Standard Chartered in Singapore, said the share-financing plan will be made available to other stock brokers in Singapore.

UK-based StanChart, which is listed on both the London and Hong Kong stock exchanges, derives most of its revenues from Asia and the Middle East.

For the six months to June, Singapore accounted for $110 million, or 14 per cent, of StanChart's $788 million in operating profit from consumer banking, according to the bank's interim earnings report.