Trust Bank hits 650k active users a month after launch

Singapore-based Trust Bank has hit 650,000 weekly active users within a month of its launch, according to estimates from Data.ai.

Trust launch event / Photo credit: Trust

The news comes after the firm announced on September 13 that it had onboarded 100,000 customers in the first 10 days of its official rollout.

By the last week of September, the app had racked up an estimated 17,900 weekly iOS downloads and 15,400 weekly Google Play downloads in Singapore, the bank’s first and only market. This made Trust the most-downloaded finance app on both iPhone and Android devices, according to Data.ai.

Trust Bank was formed through a partnership between Standard Chartered Bank and Fairprice Group, which comprises the supermarket NTUC FairPrice, food courts NTUC Foodfare and Kopitam, and NTUC Link. The digital bank offers products such as savings accounts, credit cards, as well as family personal accident insurance. Trust bank is also integrated with Link Rewards, FairPrice Group’s loyalty prgoram.

Several digital banks have launched in Singapore of late. Trust Bank launched just a day after Grab and Singtel launched GXS Bank, which is being rolled out progressively to the public. Unlike Trust Bank’s more general audience, GXS focuses on providing services to underbanked gig economy workers.

See also: Sizing up GXS and Trust, Singapore’s newly launched digital banks