The virtual banking sector in Singapore has grown significantly in the past few years. Recently, the launch of Trust Bank was announced via a partnership between Standard Chartered and retailer FairPrice.
The Southeast Asian challenger bank platform provides the typical retail banking service, along with a numberless credit card which the firm claims is a “market-first” for Singapore-based clients.
Dwaipayan Sadhu, CEO of Trust Bank, stated:
“We strongly believe we will be setting a new standard for digital banks – a wide product range, completely transparent product design with no hidden fees and a very intuitive and easy customer experience.”
The shareholders, Standard Charted and FairPrice holding company BetaPlus, have invested a total of $285 million in the initiative and maintain 60% and 40% stakes respectively.
Judy Hsu, Standard Chartered’s Chief Executive Officer of Consumer, Private and Business Banking, shared:
“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. 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.”
Kee Teck Koon, Chairman of FairPrice Group, also shared:
“Trust’s digital banking solutions will complement FairPrice Group’s omni-channel offerings to meet the needs of our 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.”
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The introduction of Trust Bank comes right after GXS, a virtual bank for consumers and business launched by Telco Singtel and superapp Grab which launched recently
In June, Chinese digital commerce giant Ant Group had introduced Anext, a wholesale virtual bank based in Singapore.