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.