Singapore’s Trust Bank taps Thought Machine for core banking tech
Singapore’s Trust Bank has selected Thought Machine and its Vault Core solution to power its new digital banking offering.
Launched in September this year, the cloud-native neobank racked up 100,000 customers in its first 10 days and 300,000 customers within two months.
Thought Machine says the “flexibility” of its core banking tech “supports this rapid scaling and will enable Trust to build further products and features quickly while leveraging real-time data and analytics”.
The bank currently offers a savings account, credit cards and family personal accident insurance.
Trust is backed by 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 challenger.
Trust Bank’s chief information officer (CIO) Rajay Rai says Vault Core will act as “the foundational platform for us to build and grow the first of Singapore’s new wave of digital banks”.
Headquartered in London, Thought Machine boasts a client (and investor) list of banking heavyweights including Lloyds Banking Group, Al Rajhi Bank Malaysia, SEB, and Intesa Sanpaolo.
Standard Chartered is also an investor. Thought Machine’s Vault Core is also running at the bank’s subsidiary in Hong Kong, Mox, which went live on Vault (plus a host of other systems and applications) in September 2020. Since then, Mox has overhauled its senior leadership team.
Last month, Thought Machine signed a deal with UK-based paytech Payset to deploy its Vault Core solution.
The banking tech vendor secured $160 million in a Series D funding round in May.