Trust Bank set to become the 4th largest retail bank in Singapore by end 2024 and today launches a new innovative cashback credit card

Celebrating our 2nd birthday!

Trust turns two years old on 1 September 2024. Since our launch, we’ve been busy building a range of innovative products and services for our growing community. And how our community has grown – we now have over 800,000 customers, which is equivalent to around 16% of the adult population of Singapore. This rapid growth has made us one of the world’s fastest growing digital banks by share of population.

Our growth has been driven by the endorsement our customers have given us, with around 70% of all sign-ups coming from existing customer referrals. Your reviews have made us the highest rated bank on the Singapore Apple App Store. That’s a lot of love and we are extremely humbled by it.

Delighting our customer remains our top priority

We know that building a bank that our customers love means creating an outstanding experience and elevating standards in the market. We aim to do this by meeting our customers’ needs with products and services that are easy, transparent and rewarding.

At our two-year mark, our extensive offering already helps our customers with many of their daily needs while also setting new experience benchmarks. These include our 3-minute onboarding journey (rated best in the world by The Asian Banker), the only fully digital supplementary credit card in the market, and our playful takes on budgeting and savings pots.

We’ve become known as the bank for everyday essentials (Linkpoints savings, Kopitiam coffees, fuel savings and more) and for travel (zero FX-fees!). Together, these have given our customers significant benefits, including over S$35 million of savings from Linkpoints earned, 2.7 million digital coupons awarded, and more than S$30 million saved on FX fees that they may have otherwise paid.

Progress towards our goals

For the longer term, it’s important that we build a bank that is both loved by our customers, and which is strong and sustainable. We’re pleased to update that we are making good progress on this.

• We delight customers with our 24/7 service. More than 80% of customer enquiries are picked up within 20 seconds.

• Our customer engagement continues to be very strong with our card becoming a daily use card. On average, customers use their credit cards 21 times each month.

• Our card has become a mainstay of our customers’ wallets, with over S$4.5 billion worth of transactions since we launched. Trust is the fastest growing Singapore Financial Institution card issuer for domestic and cross-border spending in the 12 months ending June 2024 based on Visa data.

• Our customer deposits at the end of June 2024 reached S$3 billion which is 2.6 times the level of June 2023. Customers have benefitted from the combination of the great experience, interest rates they can earn simply and transparently, and from Trust+, Singapore’s first fully digital elevated banking experience.

• And with three different loan products now available, even more of our customers are funding their dreams. Total customer loans and advances at the end of June 2024 were 3.1 times the level of June 2023, with total balances approaching S$500 million. In July 2024 alone, more than 12,000 loans were disbursed to customers.

• Putting all this together, we’ve seen strong financial progress. Our total revenue in the first half of 2024 was 3 times the same period last year. This revenue growth was achieved with costs roughly flat, showing how efficiently we can scale our modern digital platform.

Introducing…Trust Cashback card

We’ve got another reason to celebrate this year. We’re thrilled to let you know that today we’ve launched an all-new innovative cashback card that’s instant, transparent and flexible.

You’d be right in thinking there are many cashback card options in the market. What sets the Trust Cashback card apart is the holistic proposition, from great cashback rates to the experience of ease and transparency. For example, Trust is the only cashback card that gives you instant cashback credit, real-time tracking of your earnings and allows you to pay a consolidated credit card bill if you have both the Trust Link and the Cashback card. And we’re sure you’ll have fun earning additional cashback rewards with our innovative digital scratch cards when you refer your friends to Trust or simply spend on your Cashback card.

This experience is coupled with a market-leading quarterly bonus rate of up to 15% on your preferred spend category. You can also enjoy up to 20% off on exclusive deals from our well-loved partners: Agoda, Caltex, CDG Zig, Deliveroo and KFC. What’s more, until 31 December 2024, new Trust customers get an unlimited 1.5% cashback on all other spending with no caps. Existing Trust customers will get 1%.

As with all things Trust, there are no annual fees, and absolutely zero foreign exchange transaction fees.

Who doesn’t want to be a millionaire?

Yes, you read that right. It's not a birthday if we don’t celebrate it with you. So, we’re giving away S$1 million to one lucky Trust cashback customer!

Get a chance to become a millionaire by simply signing up for a Trust Cashback card and referring a friend or family member. Signing up for the Trust cashback card gives you one chance and every successful referral gives you 10 chances. You have until 31 December 2024 to qualify. It’s that simple. The Trust millionaire will be unveiled in a lucky draw to be held on 16 January next year. Stay tuned!

And everyone is guaranteed to be a winner. As a sign-up promotion for all new Trust Cashback card customers until 31 December 2024, we’re offering up to 3 digital scratch cards in the Trust app – which can be earned by spending on the card – with guaranteed cashback rewards of up to S$3,000.

Dwaipayan Sadhu, Chief Executive Officer of Trust, said: “As we celebrate our second birthday, we are humbled by the response from our customers. We have brought many new innovations to the market, building them based on our customers’ feedback. This approach has been key to building the experience we now offer, and we would like to thank our customers for their incredible support.”

Commenting on Trust’s progress and new product launch, Dwaipayan Sadhu added: “We are seeing strong growth in our key business metrics, with more than 800,000 customers, deposits reaching S$3 billion, and loans and advances approaching S$500 million. We are on track to becoming Singapore’s fourth largest retail bank by customer numbers by the end of this year. As we look towards delivering more delightful experiences, we’re thrilled to launch a market-leading cashback card which is innovative, easy to use and transparent.”

For further details on Trust’s business update and cashback credit card launch, please click here.