Trust Bank, backed by a partnership between Standard Chartered Bank and FairPrice Group, has officially launched as a new digital bank in Singapore. The challenger offers a savings account with a rate of 1.4% on deposits, credit cards, family personal accident insurance and a rewards and loyalty programme integrated with FairPrice Group. The bank adds its physical credit card will be numberless – a “market-first” in Singapore – and will also work as a dual credit and debit card, eliminating the need to carry multiple cards.
A wide product range, completely transparent product design with no hidden fees and a very intuitive and easy customer experience. Trust’s shareholders include Standard Chartered Bank (Singapore) and BetaPlus, a holding company owned by NTUC Enterprise and FairPrice Group. Together, they have invested around $285 million in the new digital bank. Standard Chartered and BetaPlus respectively hold 60% and 40% of the issued and paid-up share capital of Trust.