Trust Bank (Singapore)

Last updated
Trust Bank Singapore Limited
Native name
优信銀行
Company type Private Limited
Industry Bank, Financial services
Founded2022;3 years ago (2022), incorporated in Singapore
Headquarters
77 Robinson Road #25-00 77, 068896
,
Singapore [1]
Key people
Dwaipayan Sadhu (CEO)
Products
RevenueIncrease2.svg SGD$39.1 million (US$29.18 million) (2023) [1]
- SGD$128 million (US$95.52 million)(2023) [1] (at a loss)
Total assets Increase2.svgSGD$2.1 billion (US$1.57 billion) (2023) [1]
Total equity Increase2.svg SGD$168 million (US$125.37 million) (2023) [1]
Website trustbank.sg

Trust Bank is the largest digital bank in Singapore, established in 2022 through a partnership between Standard Chartered and FairPrice Group. It is operating under a Full Bank license issued by Monetary Authority of Singapore. [2]

Contents

History

On 1 September, 2022, Trust bank was officially launched as a joint venture between Standard Chartered Bank (Singapore) and Fairprice Group. [3] It offered savings account, credit card and personal accident insurance at its debut. This is part of a collective effort by Singapore's government and banking industry to further digitalise the sector and provide more convenience to customers. [4]

Even though it is operating as a fully digital bank, it still secured a Full Bank license from MAS. Most other digital banks in Singapore were only issued a Digital Bank license by MAS which would not have their own ATMs or cash deposit machines. [5] Other local digital banks are mostly similar collaborations between big tech companies, such as GXS bank by Grab and Singtel, Maribank by Sea Group. [6]

In 2023, Trust bank had more than 500,000 customers, which is about 10 per cent of Singapore’s adult population. [7]

In 2024, the bank had more than 800,000 customers. The deposit balance had surged from S$1.2 billion to more than S$3 billion. [8] The CEO Sadhu predicted that the bank can become profitable by the end of 2025. [8]

Ownership

Trust Bank is backed by Standard Chartered and FairPrice Group. Standard Chartered holds a 60% stake in the initial S$400 million investment, while Fairprice holds the remaining 40%. This collaboration combines Standard Chartered's banking expertise with FairPrice Group's extensive retail network to offer innovative financial solutions tailored for Singapore consumers. [9]

References

  1. 1 2 3 4 5 "Trust Bank Singapore 2023 Annual Financial Statements" (PDF). Retrieved 7 February 2025.
  2. ↑ "Financial Institutions Directory". eservices.mas.gov.sg. Retrieved 7 February 2025.
  3. ↑ Huang, Claire (2 September 2022). "StanChart-NTUC digital bank launches savings account, credit card and personal insurance". Straits Times. Retrieved 7 February 2025.
  4. ↑ Heng, Crystal (1 September 2022). "优信银行正式登场 推出产品包括信用卡储蓄户头等". www.zaobao.com.sg (in Simplified Chinese). Retrieved 7 February 2025.
  5. ↑ "New digital bank Trust launches in Singapore - FinTech Futures: Fintech news". www.fintechfutures.com. 2 September 2022. Retrieved 7 February 2025.
  6. ↑ See Kit, Tan (5 February 2025). "IN FOCUS: Would you put your life savings in a digital bank?". CNA. Retrieved 7 February 2025.
  7. ↑ Kang, Wan Chern (21 November 2024). "Trust expands product offerings in bid to become S'pore's 4th-largest bank". Straits Times. Retrieved 7 February 2025.
  8. 1 2 Ang, Prisca (29 August 2024). "Trust Bank on track to be profitable around end of 2025 as revenue surges, says CEO". Straits Times. Retrieved 7 February 2025.
  9. ↑ Towner, Lauren (1 September 2022). "Trust Bank launches as the digital bank for Singapore". FF News | Fintech Finance. Retrieved 7 February 2025.


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