Trust Bank aims to break even in 2025 as deposit balances breach $739m

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Singapore-based Trust Bank said deposit balances have exceeded S$1 billion (US$739.5 million) since its launch in September last year, with the company having tallied a total of 24 million transactions. It is also targeting to break even by 2025.

Trust Bank was formed through a partnership between Standard Chartered Bank and FairPrice Group. 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 program.

The company said it has tailored these services with Singaporeans in mind, building upon the feedback it received during its user testing phase. “We want to become the fourth largest retail bank in Singapore by the end of next year and to break even in 2025,” Trust Bank CEO Dwaipayan Sadhu said in a statement.

In October 2022, within a month of its launch, Trust Bank hit 650,000 weekly active users, according to estimates from Data.ai. The company also onboarded 100,000 customers in the first 10 days of its official rollout.

The firm’s main competitors include GXS Bank, the digibank from Grab and Singtel. At a recent press event, GXS CEO Charles Wong said the Bank is pausing new customer onboarding as it quickly approaches its maximum of S$50 million (US$37.5 million) in deposits during its initial launch phase.

See also: SG digibank GXS trails Trust in adoption as deposit cap hampers growth

Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.