Trust Bank (Singapore)
Native name | 优信銀行 |
|---|---|
| Company type | Private Limited |
| Industry | Bank, Financial services |
| Founded | 2022, incorporated in Singapore |
| Headquarters | 77 Robinson Road #25-00 77, 068896 , Singapore[1] |
Key people | Dwaipayan Sadhu (CEO) |
| Products | |
| Revenue |  SGD$39.1 million (US$29.18 million) (2023)[1] |
| - SGD$128 million (US$95.52 million)(2023)[1] (at a loss) | |
| Total assets | SGD$2.1 billion (US$1.57 billion) (2023)[1] |
| Total equity | SGD$168 million (US$125.37 million) (2023)[1] |
| Website | trustbank |
Trust Bank is the largest digital bank in Singapore, established in 2022 through a partnership between Standard Chartered and FairPrice Group.[2] It is operating under a Full Bank license issued by Monetary Authority of Singapore.[3]
History
[edit]On 1 September, 2022, Trust bank was officially launched as a joint venture between Standard Chartered Bank (Singapore) and Fairprice Group.[4] 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.[5][6]
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.[7] Other local digital banks are mostly similar collaborations between big tech companies, such as GXS bank by Grab and Singtel, Maribank by Sea Group.[8]
In 2023, Trust bank had more than 500,000 customers, which is about 10 per cent of Singapore’s adult population.[9] It was however running at a severe loss of S$128.4 million.[10]
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.[11] The CEO Sadhu predicted that the bank can become profitable by the end of 2025.[11]
Ownership
[edit]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.[12]
References
[edit]- ^ a b c d e "Trust Bank Singapore 2023 Annual Financial Statements" (PDF). Retrieved 7 February 2025.
- ^ Rowena, Annette (12 December 2024). "Two Years In, Are Singapore's Digital Banks Performing?". Fintech Singapore. Retrieved 7 February 2025.
- ^ "Financial Institutions Directory". eservices.mas.gov.sg. Retrieved 7 February 2025.
- ^ Huang, Claire (2 September 2022). "StanChart-NTUC digital bank launches savings account, credit card and personal insurance". Straits Times. Retrieved 7 February 2025.
- ^ "Singapore Fintech Report 2024: Losses Continue to Mount for Digital Banks". Fintech Singapore. 6 November 2024. Retrieved 7 February 2025.
- ^ 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.
- ^ "New digital bank Trust launches in Singapore - FinTech Futures: Fintech news". www.fintechfutures.com. 2 September 2022. Retrieved 7 February 2025.
- ^ See Kit, Tan (5 February 2025). "IN FOCUS: Would you put your life savings in a digital bank?". CNA. Retrieved 7 February 2025.
- ^ 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.
- ^ "Trust Bank Opens Waitlist for Upcoming Investment Offering". Fintech Singapore. 27 November 2024. Retrieved 7 February 2025.
- ^ a b 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.
- ^ Towner, Lauren (1 September 2022). "Trust Bank launches as the digital bank for Singapore". FF News | Fintech Finance. Retrieved 7 February 2025.
