Trust Bank (known as Trust), which is backed by Standard Chartered Bank and FairPrice Group, announced Thursday its official launch as the digital bank for Singapore.
Trust said in a statement it 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, it added.
Its shareholders Standard Chartered Bank, FairPrice Group and NTUC Enterprise have invested S$400 million ($285.47 million) into Trust.
“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,” said Dwaipayan Sadhu, Chief Executive Officer of Trust.
Trust is integrated into the FairPrice Group ecosystem and brings market rewards of up to 21 percent as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity.
Its savings account offers customers a market-leading base rate and the ability to easily earn up to 1.4 percent 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 ($0.36) per month.
Trust also 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 also central to the design, with an in-app spend tracker for real-time tracking of Linkpoints earned.
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.
“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,” said Judy Hsu, Standard Chartered’s Chief Executive Officer of Consumer, Private and Business Banking.
“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,” he added.
Kee Teck Koon, Chairman of FairPrice Group said Trust’s digital banking solutions will complement FairPrice Group’s omni-channel offerings to meet the needs of its 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,” he added.