trust bank standard chartered ntuc
In this article

In September last year, Standard Chartered (StanChart) announced its partnership with the National Trades Union Congress (NTUC) to launch a digital-only bank.

According to StanChart, the bank takes on a 60 per cent stake in the joint venture, which is worth S$144 million, while NTUC gets the remaining 40 per cent stake, worth S$96 million.

Today (September 1), both entities announced the official launch of Trust Bank, its new digital bank for Singapore, following the grant of a full banking license by the Monetary Authority of Singapore (MAS) in December 2020.

According to a media statement, Trust will leverage NTUC and its unions, as well as its other social enterprises beyond FairPrice Group, to better address the needs of workers and their families.

With S$400 million invested by its shareholders – Standard Chartered Bank, FairPrice Group and NTUC Enterprise – Trust supports Singapore’s ambitions to further strengthen its financial sector for the digital economy of the future.

What Trust Bank is offering

It launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance. This is combined with Link Rewards, the rewards and loyalty programme integrated with the FairPrice Group ecosystem.

Since Trust is integrated into the FairPrice Group ecosystem, it brings best-in-market rewards of up to 21 per cent as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity.

These benefits come at a time when consumers are facing increasing pressure on everyday costs due to rising global inflation.

Image Credit: Trust

The Trust credit card is a numberless credit card. It enables customers to choose their repayment date and eliminates many fees. The Trust card is also the first to offer dual functionality as a credit and debit card, removing the need for users to carry multiple cards.

In addition, Trust’s savings account offers customers a market-leading base rate and the ability to easily earn up to 1.4 per cent on their deposits. NTUC union members will be able to enjoy the highest tier of savings and benefits from Trust.

Included in Trust’s launch offering is a family personal accident insurance that has been exclusively developed by Income, at a premium of S$0.50 per month. This is available, at no premium for the first two months, upon sign-up of the Trust credit card.

With no limit to the number of dependents covered, it offers unprecedented peace of mind to families at an affordable rate.

Trust has been built specifically for Singapore based on the extensive feedback received during its user testing period, and it will continue to develop its products and features based on consumer feedback.

A seamless digital experience for consumers

Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes, and use their digital card immediately. The Trust app also offers enhanced accessibility, with customers able to switch between English and Mandarin language based on their preference.

Transparency and ease of access to rewards are central to the design, with an in-app spend tracker for real-time tracking of Linkpoints earned.

Banking with Trust is done through the app only. In addition to the growing range of convenient self-serve features, users can interact 24/7 with Trust securely through the in-app customer service voice and messaging.

“We are hugely excited to launch Trust in Singapore and delighted to introduce a breakthrough client experience enabled by our best-in-class technology platform,” Dwaipayan Sadhu, Chief Executive Officer of Trust.

“Through listening to our customers and by leveraging the strengths of our partners, we are committed to bringing real tangible value to our customers in Singapore through accessibility and convenience, and making Trust a part of their everyday lives.”

Featured Image Credit: Trust Bank / Isaac Lawrence via AFP

Subscribe to our newsletter

Stay updated with Vulcan Post weekly curated news and updates.


Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)

Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)