Singapore’s digital bank Trust has on Friday announced that it has reached 1 million customers, making it the fourth largest retail bank in Singapore by customer numbers.

The bank has also launched investment solution TrustInvest in partnership with global investment company abrdn, making investing radically simple for Singapore.

Trust Bank said in a statement that the bank made strong financial progress in 2024, with revenue more than doubling to S$97 million ($72.53 million) and with costs rising only slightly above inflation.

This progress was supported by the rapid roll-out of an extensive range of products and by strong customer engagement.

According to the statement, the bank’s credit card spend in 2024 was over S$4 billion ($2.99 billion), boosted by the launch of its cashback credit card.

Its credit card customers are very active, making an average of 21 transactions each month.

Meanwhile, it deposit balances doubled to S$3.8 billion ($2.84 billion) benefitting from the launch of Singapore’s first fully digital elevated banking experience called Trust+.

The bank is also seeing an increasing number of customers credit their salary to their Trust savings accounts.

The bank’s customer loans (which includes credit card balances) also increased 149 percent to S$800 million ($598 million) as it launched balance transfer and split purchase loans.

“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,” said Dwaipayan Sadhu, Chief Executive Officer of Trust.

On the launch of Trust’s investment solution with abrdn, he said the bank is continuously exploring innovative ways to meet customer needs and designed TrustInvest to overcome the investing barriers people often face.

“With abrdn’s investment capabilities and our modern platform, TrustInvest makes expert money management accessible through a delightful experience on the Trust App,” he added.

Rohit Mulani, Head of Invest at Trust Bank, said TrustInvest combines curated funds managed by abrdn and a seamless customer experience through the Trust App.

“By making investing radically simple and accessible, we hope even new investors will feel empowered to take the first step in building towards their future,” he added.

Ian Macdonald, Chief Executive Officer Asia Pacific, abrdn Investments, said the firm is wholly supportive of Trust’s vision to bring innovative yet simple investment solutions to the Singapore market, and help people build long-term financial resilience.

“Trust Bank’s approach to offering a curated range of investment solutions will serve consumers’ long-term investment needs and help first-time investors get started,

“This exciting offering will resonate with investors who want to keep things simple but effective,” he added.

Ray Sharma-Ong, Head of Multi-asset Investment Solutions – Southeast Asia, abrdn Investments, said the firm is bringing the entire suite of multi-asset investment capabilities that it offers to large institutions to the customers of TrustInvest.

“With our advanced risk management tools, robust investment frameworks, and global and regional research capabilities, we have developed a range of holistic investment solutions,

“These solutions are specially tailored to help TrustInvest customers achieve their long-term wealth objectives, in accordance with their varying financial needs and risk appetites,” he added.

Trust is a Singapore’s digital bank backed by a partnership between Standard Chartered Bank and FairPrice Group.

Meanwhile, abrdn manages and administers £511 billion ($535 billion) of assets for clients as at December 31, 2024.

As at 31 December 2024, its investments business manages £370 billion ($387 billion) on behalf of a broad range of clients around the world – including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.

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