Standard Chartered-Backed Trust Bank Launches in Singapore

Trust Bank has announced its official launch in Singapore.

The new digital-only bank is backed by British multinational banking group Standard Chartered, local supermarket chain giant FairPrice Group, and NTUC Enterprise. The trio, along with shareholders, were said to have invested a total of S$400m into the bank, according to a press release.

Trust currently offers credit card, savings account, and a family personal accident insurance at a premium of S$0.5 per month as well as two months free of premiums. Customers will also access Link Rewards, the rewards and loyalty programme integrated with the FairPrince Group ecosystem.

Customers can earn up to 1.4% on their deposits.

Trust said that it 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.

As part of its launch, Trust offers a promotional launch rate of up to a 21% rewards on everyday spending at touchpoints across NTUC FairPrice, Kopitiam, Cheers, and Unity.

(Source: Asian Banking and Finance)