New digital bank Trust launches in Singapore
Trust Bank, backed by a partnership between Standard Chartered Bank and FairPrice Group, has officially launched as a new digital bank in Singapore.
The challenger offers a savings account with a rate of 1.4% on deposits, credit cards, family personal accident insurance and a rewards and loyalty programme integrated with FairPrice Group.
Trust says customers with a SingPass account will be able to sign up for a Trust account in “minutes” and use their digital cards immediately.
The bank adds its physical credit card will be numberless – a “market-first” in Singapore – and will also work as a dual credit and debit card, eliminating the need to carry multiple cards.
“We strongly believe we will be setting a new standard for digital banks – a wide product range, completely transparent product design with no hidden fees and a very intuitive and easy customer experience,” says Dwaipayan Sadhu, CEO of Trust Bank.
“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 and making Trust a part of their everyday lives.”
Trust’s shareholders include Standard Chartered Bank (Singapore) and BetaPlus, a holding company owned by NTUC Enterprise and FairPrice Group. Together, they have invested around $285 million in the new digital bank.
Standard Chartered and BetaPlus respectively hold 60% and 40% of the issued and paid-up share capital of Trust.