Our progress and ambition – becoming Singapore’s fourth largest retail bank



It’s been an incredible nine months since we launched – we are so grateful for your support. We wanted to take a moment to share an update on our progress and our ambition. We’re also excited to share details of our latest product launch.

We’re making great progress – thanks to you!

We recently shared how our customer numbers have grown to 500,000 in our first 200 days. That means over 10% of Singapore’s adult population have joined us, making us one of the world’s fastest growing digital banks. But beyond customer numbers, our business metrics have also been growing at a very healthy rate.

Deposit balances are now over S$1 billion, with customers enjoying the ease and transparency with which they can earn interest. Our customers have made around 24 million Trust transactions since launch, and more and more customers are enjoying our zero FX fees on overseas spending. Our App has also been helping our customers keep their everyday expenses down, with over 1.7 million digital coupons redeemed from the FairPrice ecosystem and from our wide range of partners.

We have a bold ambition

We may be the new kid on the block, but we are here to stay! We are humbled by our customers’ faith in us and we are confident that we can now gain large scale. We aim to become Singapore’s fourth largest retail bank by customer numbers by the end of next year and we are also targeting break even in 2025. Reaching these milestones is important to us as it means we are creating a sustainable business for our customers.

We will reach these goals by continuing to build for our customers’ needs. Since launch, we have quickly rolled out products and features based on what our customers have told us is important to them. This has included innovations such as our Budget Buddies, our reimagined Performance Financial Management solution which brings a fun experience to expense tracking and our recently launched digital Supp Card. Our supplementary card journey is the only pure digital supplementary card journey and reimagines the experience.

We’ll continue to grow our range of products and features, working with our customers to improve their experience. This year, our customers can expect more from us, including personal loans, savings pots, GIRO payments and a greater range of self-serve features.

Dwaipayan Sadhu, CEO of Trust said: “We have only just begun but we have bold ambitions. We want to become the fourth largest retail bank in Singapore by the end of next year and to break even in 2025. To do this, we will continue to build for what our customers tell us is important and what makes a difference to their everyday needs."

Planning a trip soon? Trust is great for travel!

Trust card is the best card to travel with zero FX fees. This compares to other banks that charge anywhere up to 3.5% fees. On top of the benefits of zero FX on your overseas spend, we are delighted to announce that customers are now able to purchase travel insurance by Income Insurance Limited entirely within the Trust App. It’s affordable, easy and of course a seamless experience, taking about a minute to complete.

Trust’s Head of Bancassurance, Tiffany Teo commented: “We’ve rolled out many innovations since September and we are delighted to launch fast and seamless digital travel insurance for our customers. Combined with our fee-free FX, this makes Trust your go-to travel partner this holiday season!”

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