Digital bank Trust Bank has launched in Singapore, backed by a partnership between Standard Chartered Bank and grocery retailer FairPrice Group.
Trust, which calls itself “the first of the nation’s new wave of digital banks”, is offering a credit card, savings account and family personal accident insurance as part of its product range.
This is combined with loyalty programme Link Rewards, which is integrated with the FairPrice Group ecosystem.
The new bank’s shareholders – Standard Chartered Bank, FairPrice Group and NTUC Enterprise, which is a group of social enterprises – have invested a total of S$400 million.
Dwaipayan Sadhu, CEO of Trust, said: “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.”
“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,” added Judy Hsu, Standard Chartered’s CEO of consumer, private and business banking.
Established in 2019, FairPrice Group is formed of four entities, comprising NTUC FairPrice, NTUC Foodfare, Kopitiam, and NTUC Link.
The Group’s chairman Kee Teck Koon said that Trust’s credit card and savings account will integrate 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.