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] [5]
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. [6] Other local digital banks are mostly similar collaborations between big tech companies, such as GXS bank by Grab and Singtel, Maribank by Sea Group. [7]
In 2023, Trust bank had more than 500,000 customers, which is about 10 per cent of Singapore’s adult population. [8]
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. [9] The CEO Sadhu predicted that the bank can become profitable by the end of 2025. [9]
In February 2025, Trust bank became the fourth-largest retail bank in Singapore by customer number after hitting 1 million sign-ups. [10]
This page is based on this
Wikipedia article Text is available under the
CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.
SGD$39.1 million (US$29.18 million) (2023) [1] 
