Singapore's bank to watch 2023: Trust Bank
New kid on the block Trust Bank has been impressive since its launch in Singapore in September 2022. The digital bank – formed as a partnership between Standard Chartered and local retailer FairPrice Group – signed up more than half a million customers in its first 200 days and now has over S$1 billion ($756 million) in deposits.
Dwaipayan Sadhu, its chief executive, has said that Trust is aiming to become Singapore’s fourth-largest retail bank by customers by the end of 2024 and that its target is to break even in 2025.
Its rapid growth has also put incumbents on notice, with many bankers telling Asiamoney they are closely monitoring Trust’s growth.
All these factors rightly make Trust the bank to watch in the year ahead.
The bank uses an innovative referral programme, where the referee and the customer get instant, digital coupons to spend on everyday items sold by retailer FairPrice.
This may sound simple, but it has proved effective at a time when many Singaporeans are worried about the rising cost of living. The result: about 70% of new customers are referred to Trust by their friends or family.