Singapore digital bank Trust announced Tuesday that its community of customers has reached 100,000 following its launch on 1 September.

Sign-ups were received from a diverse range of users in Singapore aged 18 to over 90, Trust said in a statement.

“We are incredibly grateful to our customers for the response they have given us since our launch. This is just the beginning and we are excited to improve the Trust experience through our deepening partnership with our community,” said Dwaipayan Sadhu, Chief Executive Officer of Trust.

Trust is the first of Singapore’s new wave of digital banks and its app was made available to all residents in Singapore on 1 September.

It is backed by a unique partnership between Standard Chartered Bank and FairPrice Group and launched with a range of products, 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.

Standard Chartered Bank, FairPrice Group and NTUC Enterprise have invested S$400 million ($285.47 million) into Trust.

Built in Singapore for the Singapore market, Trust aims to bring a new standard to digital banking to consumers, combining it with best-in-market rewards on everyday living expenses at FairPrice Group’s extensive island-wide network.

Trust’s shareholders are Standard Chartered Bank (Singapore) Limited (SCBSL) and BetaPlus, a holding company owned by NTUC Enterprise and FairPrice Group.

SCBSL and BetaPlus respectively hold 60 per cent and 40 per cent of the issued and paid-up share capital of Trust.

SCBSL offers an entire range of financial services across personal, priority and private banking as well as its business, commercial and corporate banking teams.

The bank has a history of over 160 years in Singapore and was among the first international banks to receive a Qualifying Full Bank (QFB) licence.

In August 2020, SCBSL was the first and only bank to be awarded the Significantly Rooted Foreign Bank (SRFB) status by the Monetary Authority of Singapore.

In December 2020, it was granted enhanced SRFB privileges, giving SCBSL the opportunity to secure an additional full bank licence to establish a subsidiary to operate new or alternative business models such as a digital-led bank with ecosystem partners.

NTUC Enterprise is the holding entity and single largest shareholder of the NTUC Enterprise group of social enterprises.

NTUC Enterprise aims to create a greater social force to do good by harnessing the capabilities of the social enterprises to meet pressing social needs in areas like health and eldercare, childcare, daily essentials, cooked food and financial services.

Serving over two million customers, the firm wants to enable and empower all in Singapore to live better and more meaningful lives.

The NTUC Enterprise group of social enterprises are FairPrice Group (comprising NTUC FairPrice, NTUC Foodfare, Kopitiam and NTUC Link), NTUC First Campus, NTUC Health, Income, NTUC LearningHub, Mercatus and MoneyOwl.

FairPrice Group was established in 2019 through the formation of four entities comprising NTUC FairPrice, NTUC Foodfare, Kopitiam, and NTUC Link, with the purpose of making life better for all and to fulfil a vision of being a leader in everything food.

The firm looks to optimise the resources of all four social enterprises and leverage their respective strengths to put customers first, provide better value for all and to make everything about food easy.

With an extensive network of close to 570 touchpoints, FairPrice Group seeks to provide an integrated array of products and services, from groceries, ready-to-cook, and ready-to-eat offerings, to on-premise meals, food take-aways, and a rewards programme that delivers personalised and delightful experiences.

Standard Chartered and FairPrice launch Trust digital bank in Singapore