Yahoo Finance Trust Bank, digital bank formed by Standard Chartered and NTUC, launches in Singapore
Trust Bank, a partnership between Standard Chartered Bank and NTUC, on 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.
Read Yahoo Finance Singapore's Trust Bank coverage for more.
Video transcript
[MUSIC PLAYING]
[CHATTER]
JUDY HSU: Trust was born out of the vision of two strong partners, Standard Chartered and FairPrice Group.
[APPLAUSE]
LAWRENCE WONG: The addition of Trust Bank, of course, is also very timely. We all know that the pandemic has accelerated our societies and [INAUDIBLE] services.
- 3, 2, 1!
- Yay!
[CHEERING, APPLAUSE]
DWAIPAYAN SADHU: I think one of the key advantages we strongly feel for Trust Bank is our very wide reach that we have. Our real target segment is the NTUC FairPrice ecosystem because our propositions are built around that. You get the most benefits when you are a part of the NTUC FairPrice ecosystem. If you're a union member, you get even more privileges.
One of the things that we are going to do in the next few weeks, which is very different from what anybody else is doing, is we are going to set up our Customer Experience Center. And the Customer Experience Center will be set up within VivoCity in the FairPrice shop. This Customer Experience Center is not a bank branch. We do not accept cash. We do not accept checks. We do not do any of the banking transactions.
What this does is it takes the client on the digital journey. It shows the client how to sign up, how to safely and securely use digital banking, and essentially answers the client's questions or the objections he or she may have towards taking up digital banking. So I think using these methods and really reaching out to the clients, helping the clients in their journey, we feel that we would be able to attract all segments of Singapore to join us.
We know our customers still need some cash. We want them to move entirely cashless. We want them to move fully digital. But it's a journey. While cash usage is coming down, there is still some places you need cash. We have our own ATM, which is there in VivoCity. When you go down to FairPrice, you can see our ATM there. But in addition to that, we also have access to the largest [INAUDIBLE] ATMs. So all the [INAUDIBLE] ATMs in Singapore, we have access to that.
[CHEERING]
[MUSIC PLAYING]
