SINGAPORE — Trust Bank, a partnership between Standard Chartered Bank and NTUC, on Thursday (1 September) launched Singapore's latest digital bank.
Coming a day after the launch of GXS, it offers, among others, a savings account that allows users to earn up to 1.4 per cent interest per annum. Customers will get a 1 per cent per annum daily interest rate on deposits of up to S$50,000, and 0.5 per cent on deposits over S$50,000.
NTUC Union members are eligible for a 0.4 per cent bonus interest p.a. on deposits up to S$50,000 for making five eligible Visa purchases on their Trust credit card, another of the digibank's offerings. Non-union members will receive bonus interest of 0.2 per cent.
Other market-first offerings, revealed at the launch officiated by Deputy Prime Minister Lawrence Wong, is a numberless credit card. Customers are also able to choose their repayment date and many fees are eliminated, such as annual and foreign transaction fees. It also offers dual functionality as a credit and debit card. The card also allows users to earn NTUC Linkpoints quicker.
Discounts and promotions
Trust Bank did not have to apply for a separate digital full digital licence, unlike GXS and Sea's Maribank, as Standard Chartered Bank in Singapore secured 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. This comes after it was awarded Significantly Rooted Foreign Bank (SRFB) privileges by the Monetary Authority of Singapore in August 2020.
With S$400 million invested by its shareholders — Standard Chartered Bank, FairPrice Group and NTUC Enterprise — Trust will leverage on NTUC and its unions, as well as its other social enterprises beyond FairPrice Group, to address the needs of workers in Singapore and their families, the bank said. For instance, account and card holders will enjoy discounts and promotions on food and groceries.
The chief executive of Trust, Dwaipayan Sadhu, said, “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...”
For example, its app, which has been built based on feedback received during a user-testing period, allows customers with Singpass accounts to sign up for a Trust account in minutes, and use their digital card immediately.
Users can also switch between the English and Mandarin language on the app, as well as refer to an in-app spend tracker for realtime tracking of Linkpoints earned.
While banking with Trust is done through the app only, users can interact 24/7 with the bank through the in-app customer service voice and messaging system.
The Trust app is available to all consumers, in the Apple's App Store and Google Play Store from 1 September.