Trust reaches 100,000 customers

Media release

13.09.2022

SINGAPORE, 13 September 2022: Trust announced today that its community of customers has reached 100,000 following its launch on 1 September 2022. Sign-ups were received from a diverse range of users in Singapore aged 18 to over 90. 

Trust’s 100,000th customer, Mr Shaoyi Wang from Tampines shared his initial experience with Trust. Mr Wang said, “Digital banking is the new, in-thing and I wanted to try it out. NTUC and Standard Chartered Bank are reputable brands, so I decided to sign up. My onboarding was seamless and way faster than I have previously experienced. The app interface is really friendly, clear and concise. It’s very easy!” 

Over the last 13 days, Mr Wang and many of Trust’s other users have provided valuable feedback on how their experience can be enhanced. Trust has made several updates to the app based on this as it continues to build its user experience around their needs. 

Dwaipayan Sadhu, Chief Executive Officer of Trust, said: “We are incredibly grateful to our customers for the response they have given us since our launch. This is just the beginning and we are excited to improve the Trust experience through our deepening partnership with our community.” 

Trust is the first of Singapore’s new wave of digital banks and its app was made available to all residents in Singapore on 1 September 2022. It is backed by a unique partnership between Standard Chartered Bank and FairPrice Group and launched with a range of products, 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. 

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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. 

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