Backed by a S$400million deal, Trust Bank is to become the latest digital bank to enter Singapore’s booming banking market.
Trust has confirmed its official launch as a digital bank in Singapore, where it plans to extend its credit card, savings account and family personal accident insurance offering.
The Trust card is a numberless credit card which enables customers to choose their repayment date and avoid various fees, while also accommodating dual functionality as a credit and debit card, removing the need for users to carry multiple cards.
In addition to this, its savings account offering is to facilitate a competitive base rate and the ability to earn ‘up to 1.4 per cent’ on deposits.
The venture is backed by the reliable banking foundations of Standard Chartered Bank and FairPrice Group.
Trust will leverage NTUC and its unions, as well as its other social enterprises beyond FairPrice Group, to better address the needs of its workforce; at a time when
With $268million (S$400million) invested by shareholders of all three of its partners, the launch of Trust’s services hopes to further support the nation’s wider ambitions for its digital economy.
Trust is to be integrated into the FairPrice Group ecosystem, and will utilise Link Rewards, its rewards and loyalty programme, within its offering, bringing with it rewards, or ‘Linkpoints’, of up to 21 per cent as a promotional launch rate.
Rewards include spending across the Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity; at a time when consumers are facing increasing pressure on everyday costs due to rising global inflation.
Transparency and ease of access to rewards are cited as central to the Bank’s design, with an in-app spend tracker for real-time tracking of Linkpoints earned.
Trust brands itself as ‘built specifically for Singapore,’ a trait it attributes to feedback it received during its user testing period.
“Through listening to our customers and by leveraging the strengths of our partners, we are committed to bringing real tangible value to our customers in Singapore through accessibility and convenience,” comments Dwaipayan Sadhu, CEO of Trust.
The launch of its services within the nation marks a starting point for Trust, which has confirmed that customers can expect further products and features to be developed based on their feedback.
Judy Hsu, Standard Chartered’s CEO of consumer, private and business banking, adds that its work with Trust “further extends our commitment to continuously invest in innovative ways to serve the communities in Singapore.”
“Backed by Standard Chartered’s track record in building successful digital banks globally and our partner FairPrice Group’s strong brand and extensive ecosystem, Trust offers at launch a well-rounded suite of savings, credit and protection solutions coupled with rewarding lifestyle offers and benefits,” continues Hsu.
Kee Teck Koon, chairman of FairPrice Group, also shared that Trust’s digital banking solutions will “complement FairPrice Group’s omnichannel offerings to meet the needs of our customers better.”
“Together with the trusted partnership of Standard Chartered, we are confident that the synergies created through our combined strengths and heritage will make Trust’s banking solutions convenient and accessible for all,” concluded Koon.