Singapore digital-only bank Trust Bank, backed by Standard Chartered and FairPrice Group, has plumped for Thought Machine’s cloud-native core platform.
Using Vault Core, Thought Machine’s core banking platform, Trust scaled rapidly following its launch in September. The bank snapped up 100,000 customers in its first 10 days and its community grew to more than 300,000 customers within its first two months.
The configurable platform supports large-scale banks undertaking core transformation, as well as smaller banks and fintechs launching new propositions.
Nick Wilde, MD of Asia Pacific, Thought Machine, says: “We are proud to be working on this exciting new project with Trust Bank. Trust has already delivered a compelling proposition to the market, and we’re excited to work alongside its team to expand and grow the service further.
“It’s clear that Trust, powered by Thought Machine technology, has the vision and ambition needed to create a digital bank that greatly enhances Singapore’s banking landscape – and gains huge market share.”
Trust currently offers consumers a credit card, savings account and family personal accident insurance.The flexibility of Vault Core enables Trust to build further products and features quickly while leveraging real-time data and analytics..
Rajay Rai, chief information officer, Trust Bank, says: “We have been working collaboratively with Thought Machine to test, deploy and deliver a transparent banking service which we are truly proud of. Vault Core is the foundational platform for us to build and grow the first of Singapore’s new wave of digital banks. We look forward to building on our joint success and delivering even greater levels of customer experience and innovation.”
Thought Machine’s client list also includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, HD Bank, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world.
