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Trust Bank reveals it has over 600,000 sign-ups since 2022 launch

The digital bank, a partnership between Standard Chartered Bank and Fairprice Group, shared data insights on customer usage and savings trends.

Dwaipayan Sadhu, CEO of Trust Bank at a media briefing at Trust's office in Singapore.
Trust Bank has seen more than 600,000 sign-ups in its first year of operations. (PHOTO: Yahoo Finance Singapore) (Yahoo Finance Singapore)

SINGAPORE — More than 600,000 customers have signed up for digital bank Trust since it launched on 1 September 2022, the bank announced on Wednesday (30 Aug).

Trust, which is a partnership between Standard Chartered Bank and Fairprice Group, added that this figure represents 12 per cent of the bankable market, referring to Singapore's adult population with a bank account.

In the announcement, Trust revealed insights on its customer usage and savings trends data over the past year. Among them, Trust said its users spent more than S$1.6 billion on their Trust cards, which includes debit and credit cards.

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In addition, Trust users accumulated 1.4 billion Linkpoints in total for the past year and have used over 2.2 million digital coupons. Trust also said that its users were able to save more than S$16 million collectively through FairPrice e-vouchers.

On overseas expenditure, Trust said that its users made over 2.1 million transactions with a total savings of more than S$6 million. The total savings were made in comparison with other cards that charge foreign exchange (FX) fees, as Trust says that it has a zero FX fee offering.

Trust rewards

As the digital bank approaches the one-year mark since its inception, Trust announced that it will be bringing back two giveaways that were popular when it first launched. The bank said that it will be giving away 100,000 bags of FairPrice rice weighing 1kg and will be launching new lucky draws for two Tesla cars.

Trust will also be doubling its referral rewards of FairPrice e-vouchers to S$20 in September 2023. Each successful referral will allow users 10 chances at winning a Tesla with no limit on the number of referrals users can make.

Earlier in May, the digital bank announced that its users will be able to purchase travel insurance by Income Insurance directly from its app.

At the time, Trust chief executive Dwaipayan Sadhu 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.

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