Trust has reached one million customers, making it the fourth largest retail bank in Singapore by customer numbers.

Though one of Singapore’s newest banks, Trust Bank has already become a part of customers’ daily lives. Its growth has been driven by a strong community, with over 70% of customers joining through referrals from existing customers.

While reaching one million customers in Singapore is a significant milestone for Trust Bank, long-term success and sustainability go beyond customer numbers. Ensuring that customers find value and integrate its products and services into their daily lives remains essential. In 2024, Trust Bank made strong progress in this direction.

The bank rolled out several innovative products to meet the needs of its community. With Trust’s wide range of products and services, customers can save, spend, budget, borrow and insure in easy and delightful ways. This has driven strong usage of its products:

• Credit card spend in 2024 was over SGD 4 billion ($2.9 billion) boosted by the launch of cashback credit card. Credit card customers are very active, making an average of 21 transactions each month.
• Customers are making significant savings through Trust, earning over SGD 25 million ($18.6 million) worth of Linkpoints and saving around SGD 40 million ($29.8 million) on foreign exchange fees that they would have otherwise paid on their transactions.
• Deposit balances doubled to SGD 3.8 billion ($2.8 billion) benefitting from the launch of Singapore’s first fully digital elevated banking experience called Trust+. An increasing number of customers credit their salary to their Trust savings accounts.
• Customer loans (which includes credit card balances) increased by 149% to SGD 0.8 billion ($596 million) as it launched balance transfer and split purchase loans.

As a result of this, revenue for 2024 more than doubled compared with 2023, rising to SGD 97 million ($72 million). This was achieved with costs increasing by only slightly more than inflation, showing how scalable the modern, automated platform is. This positions the bank well on its path towards profitability.

Dwaipayan Sadhu, CEO of Trust, said: “We are delighted to become the fourth largest retail bank in Singapore with more than one million customers. While this achievement is significant, we see it as just the beginning. Our journey continues, and we remain committed to innovating, improving and serving every customer with the same passion that got us here.”

Trust Bank launched investment solution, TrustInvest, in partnership with global investment company abrdn Investments (abrdn) to radically simplify investing.

Re-disseminated by The Asian Banker