Trust Bank Singapore
Trust Bank Singapore is a fully digital bank designed to make banking simpler, smarter, and more rewarding. Officially launched in September 2022, Trust is a joint venture between Standard Chartered Bank and FairPrice Group (NTUC) — combining global banking expertise with Singapore’s most trusted retail network.
Within just a few years, Trust has built a strong reputation as Singapore’s first digital bank offering savings, credit, and insurance products, all managed seamlessly through its mobile app.
Founding and Background[edit | edit source]
Origins[edit | edit source]
- Launched: 1 September 2022.
- Partnership: 60% owned by Standard Chartered Bank (Singapore) and 40% by FairPrice Group.
- Objective: To create a digital-first bank offering accessible, affordable, and rewarding financial services for Singaporeans.
Vision[edit | edit source]
Trust Bank aims to simplify personal finance by delivering transparent banking, instant access, and community rewards — reflecting the values of both Standard Chartered and FairPrice Group.
Key Features and Offerings[edit | edit source]
1. Trust Credit Card[edit | edit source]
- The Trust Credit Card is co-branded with FairPrice Group, making it one of the most popular cashback cards in Singapore.
- No annual fees.
- Up to 21% savings at FairPrice supermarkets, Kopitiam, and Unity pharmacies for NTUC Union members.
- 5% savings for non-members.
- Instant card approval and digital usage through Apple Pay and Google Pay.
2. Trust Savings Account[edit | edit source]
- No minimum balance or fall-below fees.
- Instant account opening via Singpass — no paperwork needed.
- Daily interest credited on balances, with higher rates for Trust cardholders.
- Designed for everyday savings and easy transfers using PayNow.
3. Personal Loans and Credit[edit | edit source]
- Fast approval and disbursement directly into the Trust account.
- Flexible repayment options with transparent rates.
- No hidden fees or complex terms.
4. Insurance Products[edit | edit source]
- In collaboration with NTUC Income, Trust offers digital insurance plans for personal accident and travel coverage.
- Policies are simple, affordable, and easily managed within the app.
Digital-First Experience[edit | edit source]
Trust Bank operates 100% online, with no physical branches — reflecting Singapore’s move toward a cashless, digital economy.
Key digital features include:
- Trust App: A sleek, intuitive platform for all banking activities.
- Instant Sign-Up: Open an account in minutes using Singpass MyInfo.
- Integrated Ecosystem: Links seamlessly with FairPrice, Kopitiam, and other NTUC services.
- Real-Time Cashback Tracking: View and redeem rewards instantly.
- Biometric Security: Login and transactions are protected by fingerprint or facial recognition.
Partnership with FairPrice Group[edit | edit source]
The collaboration with FairPrice Group makes Trust Bank unique in Singapore’s banking landscape.
- Exclusive NTUC Member Benefits: Higher cashback and bonus savings.
- Retail Integration: FairPrice stores serve as brand touchpoints for marketing and customer support.
- Everyday Relevance: Trust connects financial services to daily life — groceries, dining, and healthcare.
This partnership reflects Trust’s mission to be the “bank for everyday Singaporeans.”
Growth and Achievements[edit | edit source]
- Over 800,000 customers signed up within its first year of launch — a record for a new bank in Singapore.
- Rated highly for customer satisfaction and app usability.
- Awarded Best Digital Bank in Singapore (2024) by Asian Banking & Finance Awards.
- Recognized for innovation, transparency, and user experience by regional fintech publications.
Security and Trustworthiness[edit | edit source]
Trust Bank is fully licensed by the Monetary Authority of Singapore (MAS) and adheres to the same regulations as traditional banks.
- Backed by Standard Chartered’s global banking infrastructure.
- Protected by Singapore’s Deposit Insurance Scheme (up to S$75,000 per depositor).
- Regularly audited to ensure data protection, cybersecurity, and financial integrity.
Community and Sustainability[edit | edit source]
Aligned with FairPrice Group’s cooperative values, Trust supports social inclusion and responsible consumption:
- Encourages financial literacy and savings habits through its educational campaigns.
- Promotes paperless banking and digital sustainability.
- Participates in community partnerships under the NTUC umbrella to help lower-income families manage finances effectively.
Why Singaporeans Love Trust Bank[edit | edit source]
- Instant and Simple: Open an account in minutes — no branch visits.
- Rewarding Everyday Banking: Cashback and savings integrated with daily essentials.
- No Hidden Fees: Transparent rates, no surprises.
- Community-Focused: Backed by NTUC and FairPrice — brands Singaporeans know and trust.
- Secure and Regulated: Full MAS-licensed bank with Standard Chartered’s financial backing.
Looking Ahead[edit | edit source]
Trust Bank plans to expand its ecosystem by:
- Introducing joint accounts and business banking features.
- Launching more personalized financial tools using AI and data analytics.
- Deepening ties with NTUC to enhance loyalty and rewards programs.
- Exploring regional digital banking opportunities in partnership with Standard Chartered.
Conclusion[edit | edit source]
Trust Bank Singapore is redefining banking for modern Singaporeans — combining global banking expertise, digital convenience, and everyday rewards.
With its powerful partnership between Standard Chartered Bank and FairPrice Group, Trust stands out as a reliable, customer-first digital bank built around simplicity, transparency, and community values.
As Singapore moves toward a fully digital economy, Trust Bank is more than just a new player — it’s a revolution in how people save, spend, and connect with their money.