Trust Bank
Trust Bank is a Singapore digital bank, jointly owned by Standard Chartered and NTUC FairPrice Group, offering mobile-first retail banking, savings, cards, loans, insurance, and US stock trading to Singapore consumers.
- Company typePrivate
- Founded2022
- HeadquartersSingapore, Singapore
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Trust Bank does
Trust Bank is a Singapore-incorporated digital bank that operates as a 50:50 joint venture between Standard Chartered Bank and NTUC FairPrice Group, with Co. Reg. No. 202039712G. The bank holds a Monetary Authority of Singapore digital full bank licence and operates entirely through its iOS and Android mobile app and trustbank.sg website, with no physical branches. Its target customer is the everyday Singapore retail consumer seeking transparent, fee-less digital banking for savings, spending, borrowing, insuring, and investing.
The product suite is organised around five pillars: save (Flex, Signature, and Zen savings accounts paying up to 2.40% p.a. on first S$1.2M, with Savings Pots and Trust Lock), spend (Cashback card up to 1% unlimited + 15% bonus on a preferred category capped at S$250/quarter, and Link card optimised for FairPrice Group with up to 21% savings), borrow (instant loans from 1.00% p.a., EIR 2.28% p.a., and balance transfers), insure (travel and life), and invest (TrustInvest for 7,000+ US stocks and ETFs with fractional shares, plus zero-fee mutual funds). The technology stack is described as cloud-native and digitally-native, with proprietary UX features including Smart Switch (debit/credit toggle on a single card) and an NLP-based customer service chatbot that absorbed ~48% of queries by late 2025. Integrations with Visa (Agentic Ready programme) and FairPrice Group (Linkpoints, grocery rewards) anchor the ecosystem.
The revenue model is a hybrid of interest-earning assets (personal loans, credit card balances, savings spread) and transaction/interchange fees (card spend, future US stock commissions, currently waived through 31 December 2026). FY2025 revenue reached S$135M (up from S$97M), with the bank achieving its first profitable month in March 2026 on 67% risk-adjusted revenue growth and 9% YoY cost reduction. Customer acquisition is product-led via app onboarding, social media, and the FairPrice + NTUC retail network, with no institutional or enterprise tier disclosed.
Trust Bank firmographics
Firmographics- Name
- Trust Bank
- Legal name
- Trust
- Website
- https://trustbank.sg
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Trust Bank is a Singapore digital bank, jointly owned by Standard Chartered and NTUC FairPrice Group, offering mobile-first retail banking, savings, cards, loans, insurance, and US stock trading to Singapore consumers.
- Ownership category
- akta.pro rank
Trust Bank industry classification
Industry- Product category
- Digital Retail Banking
- NAICS
- Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180), Open-End Investment Funds (525910)
- SIC
- State Commercial Banks (6022), National Commercial Banks (6021), Functions Related To Depository Banking, Nec (6099)
- akta.pro primary industry
- Virtual / Digital-First Credit Cards (FSAKABAK)
- akta.pro secondary industry
- High-Net-Worth & Private Wealth Digital Platforms (Digital Private Banking) (FSAGAEAI)
Keywords
Where Trust Bank is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices1 record
Markets served
Trust Bank business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure
Revenue model
- Interest Income: Interest earned on lending products including personal loans and credit cards. Trust Bank turned profitable in March 2026 driven by 67% risk-adjusted revenue growth.
- Credit Card Fees and Interchange: Fees and interchange income from credit card transactions. Offers cashback products with up to 1% unlimited instant cashback and up to 15% bonus cashback on preferred categories.
- Investment Trading Fees: Commission from retail trading of US stocks and ETFs. Currently zero commission till 31 December 2026, then 0.05% per trade (minimum USD 2.99).
- Savings Account Interest Spread: Interest rate spread between what is paid to depositors (up to 2.40% p.a. on first S$1.2M) and what is earned on loans and other products.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Flex Plan: up to 2.40% p.a. on first S$1.2M deposit |
| Subscription | Monthly | Signature Plan: up to 1.00% p.a. on first S$1.2M deposit |
| Subscription | Monthly | Zen Plan: flat 0.40% p.a. on first S$1.2M deposit |
| Transaction based/ take rate | Monthly | Cashback Credit Card: up to 1% unlimited instant cashback + up to 15% bonus cashback on preferred category |
| Transaction based/ take rate | Monthly | Link Credit Card: cashback at FairPrice Group |
| Subscription | Monthly | Instant Loan: from 1.00% p.a. (EIR 2.28% p.a.) |
| Transaction based/ take rate | Pay-as-you-go | US Stocks & ETFs Trading: zero commission till 31 Dec 2026, then 0.05% per trade (min USD 2.99) |
| Freemium | Monthly | Mutual Funds: no platform fees, no sales charges |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Trust Bank product offering
Product offeringCore offering
Trust Bank is a Singapore digital bank that delivers a unified suite of retail financial products — savings accounts, credit cards, instant personal loans, balance transfers, insurance, and investment products (US stocks/ETFs and mutual funds) — through a single mobile app with no physical branches. Its offering centres on fee-less, transparent, app-based banking with high savings interest rates, instant cashback, and integration with the FairPrice Group retail ecosystem via a joint-venture structure with Standard Chartered Bank.
Product overview
Trust Bank is a Singapore digital bank operating as a joint venture between Standard Chartered Bank and NTUC FairPrice Group. The company offers a unified mobile-first banking platform with a comprehensive product portfolio spanning transaction banking (savings accounts with multiple interest plans), credit products (cashback and FairPrice-optimized credit cards, instant loans, balance transfers), insurance (travel and life), and digital wealth management through TrustInvest (US stock/ETF trading with fractional investing and mutual funds). The ecosystem integrates spending rewards (Linkpoints), partner offers, referral bonuses, and security features like Trust Lock and Savings Pots. Trust Bank became the first Singapore digital bank to turn profitable in March 2026, approximately three years after launch.
Differentiator
Problem solved
Functional benefit
Products and services
- Savings Account (Flex, Signature, Zen plans) Digital savings account for Singapore retail consumers offering interest up to 2.40% p.a. on first S$1.2M deposit with multiple plan options (Flex, Signature, Zen), no monthly fee, no minimum balance, no closure fee, and no foreign transaction fee.
- Cashback Credit Card Credit card for Singapore retail consumers providing up to 1% unlimited instant cashback on eligible spend plus up to 15% bonus cashback on a user-selected preferred category (capped at S$250 per quarter).
- Link Credit Card Credit card tailored for FairPrice Group purchases, offering cashback on groceries and food spending at FairPrice Group merchants for Singapore retail consumers.
- Instant Loan Personal loan product for Singapore customers with rates from 1.00% p.a. (EIR 2.28% p.a.), 60-second approval, including a 0.88% first-year annual fee.
- TrustInvest (US Stocks & ETFs plus Mutual Funds) Integrated retail investment platform in the Trust Bank app enabling Singapore retail investors to trade 7,000+ US stocks and ETFs with fractional shares and invest in mutual funds with no platform fees or sales charges. First Singapore digital bank to offer US stock and ETF trading.
- Travel Insurance Travel insurance coverage distributed through the Trust Bank app for Singapore retail consumers.
- Life Insurance Life protection and retirement savings insurance coverage offered through Trust Insurance Specialists via the Trust Bank platform for Singapore retail consumers.
- Trust Bank Mobile App Unified mobile banking application (iOS and Android) serving as the single entry point for opening accounts, applying for credit cards and loans, accessing investments, managing rewards, and all banking services for Singapore retail consumers.
Quantifiable outcome
- First profit achieved in March 2026, approximately 3 years after launch
- +8 more outcomes
Companies that use Trust Bank
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Trust Bank technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Feature5 records
Trust Bank partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Standard Chartered BankcoreStandard Chartered Bank is the banking joint venture partner backing Trust Bank. Provides banking expertise, regulatory infrastructure, risk management, and technological capabilities. Trust Bank operates as a digital bank under Standard Chartered's umbrella.
- FairPrice Group (NTUC)coreFairPrice Group (NTUC) is the retail joint venture partner in Trust Bank. Provides the retail ecosystem and NTUC union member network for customer acquisition. Enables unique cashback and savings partnerships including up to 11% savings on groceries and food at FairPrice Group.
Scale indicators12 records
Recent moves5 records
Expansion highlights5 records
Trust Bank competitors and assessment
Company assessmentDirect peers
- GXS Bank: GXS Bank is a Singapore digital bank launched as a JV between Grab and Singtel, directly competing with Trust Bank for Singapore retail deposits, cards, and lending under a similar MAS digital full-bank license.
- MariBank: MariBank is the digital banking arm of Sea Limited, offering savings, payments, and credit products to Singapore consumers — a direct competitor with overlapping product set and target customer base.
- Revolut: Revolut is a global digital banking and money app that competes on app-led multi-currency accounts, cards, and wealth features; comparable to Trust Bank's mobile-first, branchless, product-led growth model.
- WeBank: WeBank is a China-based digital-only bank (backed by Tencent) offering app-led deposits, lending, and wealth; comparable to Trust Bank as a tech-led digital retail bank with JV-style strategic backing.
- Nubank: Nubank is one of the largest digital-only banks globally, offering fee-less accounts, cards, lending, and investments via a mobile app; a useful peer for Trust Bank's mobile-first, fee-led retail banking model.
- Monzo: Monzo is a UK digital challenger bank offering app-led current accounts, savings pots, and credit products; closely comparable in product set, PLG motion, and Savings Pots-style goal-based features.
- Starling Bank: Starling Bank is a UK digital-only bank with branchless, app-led current accounts, lending, and integrated features; comparable to Trust Bank on cloud-native, full-stack retail digital banking.
Broad incumbents
- DBS digibank: DBS is Singapore's largest bank and a digital-banking incumbent with a full app-led offering; it competes with Trust Bank across deposits, cards, payments, and wealth, but at much larger scale and across many segments.
Emerging players
- Wise: Wise is a digital-first cross-border payments and multi-currency platform; relevant adjacency to Trust Bank's Super Shiok exchange rates and the wealth/investment platform ambitions of TrustInvest.
Others
- Standard Chartered: Standard Chartered is the banking JV partner of Trust Bank, providing regulatory infrastructure and risk expertise; included as a related-party peer given its direct strategic and operational overlap with Trust Bank's banking stack.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Trust Bank social profiles
Digital presenceTrust Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Trust Bank leadership team
Management profileNumber of profiles
Profiles3 records
Trust Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Trust Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Trust Bank
What does Trust Bank do?
Trust Bank is a Singapore digital bank that delivers a unified suite of retail financial products — savings accounts, credit cards, instant personal loans, balance transfers, insurance, and investment products (US stocks/ETFs and mutual funds) — through a single mobile app with no physical branches. Its offering centres on fee-less, transparent, app-based banking with high savings interest rates, instant cashback, and integration with the FairPrice Group retail ecosystem via a joint-venture structure with Standard Chartered Bank.
Is Trust Bank a public or private company?
Trust Bank is a private company. It is classified as corporate owned and is currently operating.
When was Trust Bank founded?
Trust Bank was founded in 2022. It employs 101 to 250 people.
Where is Trust Bank based?
Trust Bank is headquartered in Singapore, Singapore, in the Asia region.
How does Trust Bank make money?
Four revenue lines are on record. Interest Income is the primary driver. The others are credit Card Fees and Interchange, investment Trading Fees and savings Account Interest Spread.
Who are Trust Bank's main competitors?
Direct peers on record are GXS Bank, MariBank, Revolut, WeBank, Nubank, Monzo and Starling Bank. DBS digibank is listed as a broad incumbent. Wise is listed as an emerging player. Standard Chartered is listed as an others.
Does Trust Bank have an API?
No public API is recorded for Trust Bank.
What industry is Trust Bank in?
Trust Bank's product category is Digital Retail Banking. Its primary akta.pro industry code is FSAKABAK, Virtual / Digital-First Credit Cards, with a secondary code of FSAGAEAI, High-Net-Worth & Private Wealth Digital Platforms (Digital Private Banking). Its NAICS code is 5221 and its SIC code is 6022.