Singapore’s Newest Digital Bank Trust Officially Launches Todayby Fintech News Singapore September 1, 2022
Singapore’s newest digital bank Trust announced its official launch today and launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance.
Trust’s shareholders Standard Chartered Bank, FairPrice Group and NTUC Enterprise have invested S$400 million in the digital bank.
Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes, and use their digital card immediately to generate significant savings.
The Trust app also offers enhanced accessibility, with customers able to switch between English and Mandarin language based on their preference.
The bank’s savings account offers customers an interest rate of up to 1.4 percent on their deposits with NTUC union members having access to the highest tier of savings and benefits from Trust.
Included in Trust’s launch offering is a family personal accident insurance that has been exclusively developed by Income, at a premium of S$0.50 per month.
This is available at no premium for the first two months upon sign-up of the Trust credit card, with no limit to the number of dependents covered.
Trust’s offerings are combined with Link Rewards, the rewards and loyalty programme integrated with the FairPrice Group ecosystem.
The bank also features an in-app spend tracker for real-time tracking of Linkpoints earned. Users will also be able to interact 24/7 with Trust securely through the in-app customer service voice and messaging.
The Trust credit card is numberless and offers dual functionality as a credit and debit card, removing the need for users to carry multiple cards.
Trust Bank is the first of the nation’s new wave of digital banks as Grab-Sintel’s digital bank GXS gears up for its launch next Monday (5 September).
Dwaipayan Sadhu, Chief Executive Officer of Trust, said:
“We are hugely excited to launch Trust in Singapore and delighted to introduce a breakthrough client experience enabled by our best-in-class technology platform.
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.”
Judy Hsu, Standard Chartered’s Chief Executive Officer of Consumer, Private and Business Banking, shared:
“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.
By integrating Trust’s digital-first services seamlessly into customers’ everyday lives, Trust is making banking accessible, secured and effortless for everyone.”