SCB, FairPrice’s Trust digibank launches in Singapore

Backed by Standard Chartered Bank and FairPrice Group, Trust Bank has announced its official launch in Singapore.

Trust Bank CEO Dwaipayan Sadhu / Photo credit: Trust Bank

The digital bank’s offerings at launch include credit card services, a savings account, and family personal accident insurance. The company said it has tailored these services with Singaporeans in mind, building upon the feedback it received during its user testing phase.

Additionally, the bank also has integrations into the ecosystems of FairPrice Group, such as with the company’s Link Rewards program. Trust also allows Singpass account owners to sign up for bank accounts within minutes and use their digital card immediately to generate savings.

“Today’s launch is the starting point for Trust and customers can expect further products and features to be developed based on their feedback,” the company said in a statement.

Trust was launched with a war chest of S$400 million (US$285.8 million) invested by its shareholders, which include Standard Chartered Bank, FairPrice Group, and NTUC Enterprise. It’s set to go up against offerings from the likes of Grab and Singtel’s GXS Bank, which was launched yesterday.

Earlier this year, Ant Group soft-launched its own digibank in Singapore called Anext Bank, which is headed by former DBS Bank executive Toh Su Mei.

See also: Can Singapore’s new digital banks break into a saturated market?

Currency converted from Singapore dollar to US dollar: US$1 = S$1.40.