• Published on 1 September 2022
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Trust Bank launches as the digital bank for Singapore

Trust announced its official launch as the digital bank for Singapore. Trust is the first of the nation’s new wave of digital banks and launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance. This is combined with Link Rewards, the market-leading rewards and loyalty programme integrated with the FairPrice Group ecosystem.

Trust is backed by a unique partnership

Trust is backed by a unique partnership between Standard Chartered Bank and FairPrice Group. This brings together trusted and reliable banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day. These two organisations have more than 200 years of combined experience of serving the community in Singapore. Trust will also leverage NTUC and its unions, as well as its other social enterprises beyond FairPrice Group, to better address the needs of workers and their families.

With S$400 million invested by its shareholders – Standard Chartered Bank, FairPrice Group and NTUC Enterprise – Trust supports Singapore’s ambitions to further strengthen its financial sector for the digital economy of the future.

Trust is integrated into the FairPrice Group ecosystem and brings best-in-market rewards of up to 21 per cent as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity. These benefits come at a time when consumers are facing increasing pressure on everyday costs due to rising global inflation. Trust’s savings account offers customers a market-leading base rate and the ability to easily earn up to 1.4 per cent on their deposits*. NTUC union members will be able to enjoy 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, it offers unprecedented peace of mind to families at an affordable rate.

Trust is built for Singapore

Trust has been built specifically for Singapore based on the extensive feedback received during its user testing period. This customer-centric approach is at the heart of Trust’s culture and is enabled by the use of best-in-class technology to create a great user experience. Today’s launch is the starting point for Trust and customers can expect further products and features to be developed based on their feedback.

Trust offers a differentiated customer experience, designed to make things easy and delightful. 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.

Transparency and ease of access to rewards are central to the design, with an in-app spend tracker for real-time tracking of Linkpoints earned. Banking with Trust is done through the app only, which – combined with its state-of-the-art technology platform – creates a more secure interface. In addition to the growing range of convenient self-serve features, users can interact 24/7 with Trust securely through the in-app customer service voice and messaging.

In addition to its user experience, Trust also brings several market-first innovations to Singapore. The Trust credit card is the first-to-market numberless credit card. It enables customers to choose their repayment date and eliminates many fees. The Trust card is also the first to offer dual functionality as a credit and debit card, removing the need for users to carry multiple cards. These innovative features were driven by extensive user feedback given during the roll-out phase.

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: “Standard Chartered has been serving clients in Singapore for more than 160 years, and the launch of 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. By integrating Trust’s digital-first services seamlessly into customers’ everyday lives, Trust is making banking accessible, secured and effortless for everyone.”

Kee Teck Koon, Chairman of FairPrice Group, also shared: “Trust's digital banking solutions will complement FairPrice Group's omni-channel offerings to meet the needs of our customers better. Trust’s credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group’s Link Rewards programme, while benefitting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest. 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."

Re-disseminated by The Asian Banker