The digital banking landscape in Singapore has expanded with the introduction of Trust Bank, a collaboration between Standard Chartered and local retailer FairPrice.
This challenger bank provides traditional retail banking services, including a unique numberless credit card that is touted as a market-first for Singapore. “We strongly believe we will be setting a new standard for digital banks – a wide product range, completely transparent product design with no hidden fees, and a very intuitive and easy customer experience,” stated Dwaipayan Sadhu, CEO of Trust Bank.
The shareholders, Standard Chartered and FairPrice’s holding company, BetaPlus, have made a joint investment of $285 million in this venture, with 60% and 40% ownership stakes, respectively.
The launch of Trust Bank follows closely behind GXS, a new digital bank for consumers and businesses that was unveiled by Singtel and the superapp Grab earlier this week. Additionally, in June, Chinese e-commerce giant Ant Group introduced Anext, a wholesale digital bank in Singapore.