Trust announced its official launch as the digital bank for Singapore, becoming the first of the nation’s new wave of digital banks and launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance.
Trust is backed by a partnership between Standard Chartered Bank and FairPrice Group. This brings together trusted and reliable banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day.
Standard Chartered and FairPrice Group have more than 200 years of combined experience of serving the community in Singapore. Trust will also leverage NTUC and its unions, as well as its other social enterprises beyond FairPrice Group, to better address the needs of workers and their families.
With S$400 million invested by its shareholders – Standard Chartered Bank, FairPrice Group and NTUC Enterprise – Trust supports Singapore’s ambitions to further strengthen its financial sector for the digital economy of the future.
Trust is integrated into the FairPrice Group ecosystem and brings best-in-market rewards of up to 21% as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers, and Unity.
Trust has been built specifically for Singapore based on the extensive feedback received during its user testing period. This customer-centric approach is at the heart of Trust’s culture and is enabled by the use of best-in-class technology to create a great user experience.
The launch was the starting point for Trust and customers can expect further products and features to be developed based on their feedback, according to the announcement.
Trust offers a differentiated customer experience, designed to make things easy and delightful. Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes, and use their digital card immediately to generate significant savings. The Trust app also offers enhanced accessibility, with customers able to switch between English and Mandarin language based on their preference.
“We are hugely excited to launch Trust in Singapore and delighted to introduce a breakthrough client experience enabled by our best-in-class technology platform. Through listening to our customers and by leveraging the strengths of our partners, we are committed to bringing real tangible value to our customers in Singapore through accessibility and convenience, and making Trust a part of their everyday lives,” said Trust CEO Dwaipayan Sadhu.