• Trust Bank (known as Trust) is backed by a unique partnership between Standard Chartered Bank and FairPrice Group, bringing together a leading international bank and a leading “Everything Food” retailer with more than 200 years of combined experience in Singapore.

• Through its customer-centric design and use of latest technology, Trust aims to bring a new standard of banking to Singapore and enable significant savings on everyday expenses through the FairPrice Group and Income ecosystems.

• Trust’s launch was officiated by guest-of-honour Deputy Prime Minister and Finance Minister Mr Lawrence Wong at an event held at VivoCity.

SINGAPORE, 1 September 2022: Trust today announced its official launch as the digital bank for Singapore. Trust is the first of the nation’s new wave of digital banks and launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance. This is combined with Link Rewards, the market-leading rewards and loyalty programme integrated with the FairPrice Group ecosystem.

Trust is backed by a unique partnership

Trust is backed by a unique partnership between Standard Chartered Bank and FairPrice Group. This brings together trusted and reliable banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day. These two organisations have more than 200 years of combined experience of serving the community in Singapore. Trust will also leverage NTUC and its unions, as well as its other social enterprises beyond FairPrice Group, to better address the needs of workers and their families.

With S$400 million invested by its shareholders – Standard Chartered Bank, FairPrice Group and NTUC Enterprise – Trust supports Singapore’s ambitions to further strengthen its financial sector for the digital economy of the future.

Trust is integrated into the FairPrice Group ecosystem and brings best-in-market rewards of up to 21 per cent as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity. These benefits come at a time when consumers are facing increasing pressure on everyday costs due to rising global inflation. Trust’s savings account offers customers a market-leading base rate and the ability to easily earn up to 1.4 per cent on their deposits*. NTUC union members will be able to enjoy the highest tier of savings and benefits from Trust.

Included in Trust’s launch offering is a family personal accident insurance that has been exclusively developed by Income, at a premium of S$0.50 per month. This is available, at no premium for the first two months, upon sign-up of the Trust credit card. With no limit to the number of dependents covered, it offers unprecedented peace of mind to families at an affordable rate.

Trust is built for Singapore

Trust has been built specifically for Singapore based on the extensive feedback received during its user testing period. This customer-centric approach is at the heart of Trust’s culture and is enabled by the use of best-in-class technology to create a great user experience. Today’s launch is the starting point for Trust and customers can expect further products and features to be developed based on their feedback.

Trust offers a differentiated customer experience, designed to make things easy and delightful. Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes, and use their digital card immediately to generate significant savings. The Trust app also offers enhanced accessibility, with customers able to switch between English and Mandarin language based on their preference.

Transparency and ease of access to rewards are central to the design, with an in-app spend tracker for real-time tracking of Linkpoints earned. Banking with Trust is done through the app only, which – combined with its state-of-the-art technology platform – creates a more secure interface. In addition to the growing range of convenient self-serve features, users can interact 24/7 with Trust securely through the in-app customer service voice and messaging.

In addition to its user experience, Trust also brings several market-first innovations to Singapore. The Trust credit card is the first-to-market numberless credit card. It enables customers to choose their repayment date and eliminates many fees. The Trust card is also the first to offer dual functionality as a credit and debit card, removing the need for users to carry multiple cards. These innovative features were driven by extensive user feedback given during the roll-out phase.

Dwaipayan Sadhu, Chief Executive Officer of Trust, said: “We are hugely excited to launch Trust in Singapore and delighted to introduce a breakthrough client experience enabled by our best-in-class technology platform. Through listening to our customers and by leveraging the strengths of our partners, we are committed to bringing real tangible value to our customers in Singapore through accessibility and convenience, and making Trust a part of their everyday lives.”

Judy Hsu, Standard Chartered’s Chief Executive Officer of Consumer, Private and Business Banking, shared: “Standard Chartered has been serving clients in Singapore for more than 160 years, and the launch of Trust further extends our commitment to continuously invest in innovative ways to serve the communities in Singapore. Backed by Standard Chartered's track record in building successful digital banks globally and our partner FairPrice Group’s strong brand and extensive ecosystem, Trust offers at launch a well-rounded suite of savings, credit and protection solutions coupled with rewarding lifestyle offers and benefits. By integrating Trust’s digital-first services seamlessly into customers’ everyday lives, Trust is making banking accessible, secured and effortless for everyone.”

Kee Teck Koon, Chairman of FairPrice Group, also shared: “Trust's digital banking solutions will complement FairPrice Group's omni-channel offerings to meet the needs of our customers better. Trust’s credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group’s Link Rewards programme, while benefitting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest. Together with the trusted partnership of Standard Chartered, we are confident that the synergies created through our combined strengths and heritage will make Trust's banking solutions convenient and accessible for all."

++

For further information, please contact:

Sujin Thomas, Corporate Affairs Specialist

Tessa Liang, Communications Specialist

media@trustbank.sg

For more information on Trust Bank, please visit: https://trustbank.sg

About Trust Bank Singapore Limited

Trust Bank Singapore Limited (Trust) is backed by Standard Chartered Bank and the FairPrice Group. Built in Singapore for the Singapore market, Trust aims to bring a new standard to digital banking to consumers, combining it with best-in-market rewards on everyday living expenses at FairPrice Group’s extensive island-wide network.

Trust’s shareholders are Standard Chartered Bank (Singapore) Limited (“SCBSL”) and BetaPlus, a holding company owned by NTUC Enterprise and FairPrice Group.SCBSL and BetaPlus respectively hold 60 per cent and 40 per cent of the issued and paid-up share capital of Trust.

About Standard Chartered Bank (Singapore) Limited

SCBSL offers an entire range of financial services across personal, priority and private banking as well as its business, commercial and corporate banking teams. Standard Chartered has a history of over 160 years in Singapore and was among the first international banks to receive a Qualifying Full Bank (QFB) licence.  In August 2020, SCBSL was the first and only bank to be awarded the Significantly Rooted Foreign Bank (“SRFB”) status by the Monetary Authority of Singapore. In December 2020, it was granted enhanced SRFB privileges, giving SCBSL the opportunity to secure an additional full bank licence to establish a subsidiary to operate new or alternative business models such as a digital-led bank with ecosystem partners.

About NTUC Enterprise Co-operative Limited

NTUC Enterprise is the holding entity and single largest shareholder of the NTUC Enterprise group of social enterprises. NTUC Enterprise aims to create a greater social force to do good by harnessing the capabilities of the social enterprises to meet pressing social needs in areas like health and eldercare, childcare, daily essentials, cooked food and financial services. Serving over two million customers, NTUC Enterprise wants to enable and empower all in Singapore to live better and more meaningful lives. The NTUC Enterprise group of social enterprises are FairPrice Group (comprising NTUC FairPrice, NTUC Foodfare, Kopitiam and NTUC Link), NTUC First Campus, NTUC Health, Income, NTUC LearningHub, Mercatus and MoneyOwl.

About FairPrice Group 

FairPrice Group was established in 2019 through the formation of four entities comprising NTUC FairPrice, NTUC Foodfare, Kopitiam, and NTUC Link, with the purpose of making life better for all and to fulfil a vision of being a leader in everything food. FairPrice Group looks to optimise the resources of all four social enterprises and leverage their respective strengths to put customers first, provide better value for all and to make everything about food easy.

With an extensive network of close to 570 touchpoints, FairPrice Group seeks to provide an integrated array of products and services, from groceries, ready-to-cook, and ready-to-eat offerings, to on-premise meals, food take-aways, and a rewards programme that delivers personalised and delightful experiences.

* Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.