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Trust Bank announces in-app travel insurance offering by Income Insurance
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SINGAPORE — Trust Bank, the digital banking service backed by Standard Chartered and FairPrice Group, announced that its users will now be able to directly purchase travel insurance by Income Insurance from its app.
The latest offering will enable users to get near-instant travel insurance quotations and coverage, as well as being a complementary feature of the bank's zero foreign exchange fees on overseas credit card spend.
Trust Bank chief executive officer, Dwaipayan Sadhu, announced the new feature at a press event on Monday (29 May), when he also gave a business update on Trust's progress.
Since its launch in September 2022, Trust has grown to about 500,000 users, processed 24 million transactions, and has exceeded over S$1 billion in deposit balances as of early May 2023.
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The digital bank has also rolled out products such as a credit card that doubles up as a debit card, supplementary cards, personal accident insurance, and a personal financial management feature.
Sadhu also said that the bank would be launching more new products and features in the "next couple of months", such as allowing users to apply for an "instant loan" through the app.
“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," said Sadhu.
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