Trust has reached one million customers, making it the fourth largest retail bank in Singapore by customer numbers. Though we are one of Singapore’s newest banks, we have already established ourselves as a part of our customers’ daily lives. We got here thanks to our growing community with over 70% of our customers joining us through referrals from other customers.
While one million customers in Singapore is a big milestone for us, we know that becoming a successful and sustainable business isn’t just about customer numbers. It’s essential that customers find value in us and use our products and services as part of their daily lives. And in 2024, we made strong progress on this.
We rolled out several innovative products to meet the needs of our community. With Trust’s wide range of products and services, customers can save, spend, budget, borrow, and insure in easy and delightful ways. This has driven strong usage of our products:
- Credit card spend in 2024 was over S$4 billion boosted by the launch of our cashback credit card. Our credit card customers are very active, making an average of 21 transactions each month.
- Customers are making significant savings through Trust, earning over S$25 million worth of Linkpoints and saving around S$40 million on foreign exchange fees that they would have otherwise paid on their transactions.
- Our deposit balances doubled to S$3.8 billion benefitting from the launch of Singapore’s first fully digital elevated banking experience called Trust+. We are also seeing an increasing number of customers credit their salary to their Trust savings accounts.
- Customer loans (which includes credit card balances) increased 149% to S$0.8 billion as we launched balance transfer and split purchase loans.
As a result of this, our revenue for 2024 more than doubled compared with 2023, rising to S$97 million. This was achieved with costs increasing by only slightly more than inflation, showing how scalable our modern, automated platform is. This positions us well on our path towards profitability.
Dwaipayan Sadhu, CEO of Trust, said: “We are delighted to become the fourth largest retail bank in Singapore with more than one million customers. While this achievement is significant, we see it as just the beginning. Our journey continues, and we remain committed to innovating, improving, and serving every customer with the same passion that got us here.”
TrustInvest is here!
Building a diversified portfolio for long-term financial well-being just got a whole lot easier and less daunting. Today, we’re adding to our already extensive line up of products and services with the launch of TrustInvest.
While most banks have sophisticated investment offerings, our customer research found that getting easy access to investment products remains a challenge for many. Existing offerings on the market are designed for customers with significant amounts to invest, can be complex to understand and may require customers to visit branches or speak to relationship managers to access services.
As a result, rather than investing, many people hold their money in low yielding savings accounts. This means that their hard-earned savings are not keeping up with inflation and lose value each year.
We are here to change this by making investing radically simple. We want to make investing accessible for everyone and not just for a select few.
TrustInvest does this in partnership with global investment company abrdn Investments (“abrdn”), removing the inconveniences that other investment products often come with. TrustInvest is:
- Seamless: Self-contained within the Trust App so you don’t have to switch between different platforms to manage your investments. It takes just five taps to start investing.
- Accessible: The minimum investment amount is just S$100.
- Simple: From a curated selection of five funds covering a range of goals and risk profiles, investors may benefit from the long-term potential of markets, maximise yield, generate a monthly income, and grow their wealth.
- Transparent: No platform or sales fees. Only a fund management fee which is clear and upfront. As an added incentive to get started, customers who remain invested until the end of 2025 will receive part of the management fee back.
Funds specially created and managed by abrdn
Through TrustInvest, you can choose from five different funds. With each fund designed to meet differing investment goals and risk appetites, the TrustInvest experience shouldn’t feel overwhelming.
The range of funds consists of a money market fund (Cash+) for investors that want to maximise yield on their cash through a diversified selection of high quality bonds, a dividend paying fund (Income+) for investors that want to generate a monthly income cashflow higher than the rate of inflation through investment, and core funds (Wealth+) with three varying risk levels (Cautious, Moderate and Growth) to support investors in achieving their long-term wealth objectives.
Seamless customer experience with banking and investing on a single app
You’ll need a Trust savings account to access TrustInvest. If you don’t have one, don’t worry – opening one just takes a couple of minutes through our award-winning account opening experience.
Once you have your savings account open, select which fund you’d like to invest in and how much to invest.
Now you’re good to go! We’ll take care of the rest, from opening your investment account to depositing the selected amount from your savings account into your investment account.
While a long-term view is important when investing, there’s no lock-in period, so you can sell your investments and withdraw your money any time with no penalty fees.
Earn rewards while investing towards your future
To celebrate the launch of TrustInvest, we’ll be giving customers a scratch card with a sure-win cashback reward of up to S$1,000! Customers can earn one scratch card with a one-time investment of at least S$10,000 using TrustInvest. Each customer can get a maximum of two scratch cards.
See the Trust App for all the details on TrustInvest.
Dwaipayan Sadhu, Chief Executive Officer at Trust Bank, said, “We’re excited to partner with abrdn on the launch of Trust’s first investment solution and improve our customers’ financial wellbeing. We’re continuously exploring innovative ways to meet customer needs and designed TrustInvest to overcome the investing barriers people often face. With abrdn’s investment capabilities and our modern platform, TrustInvest makes expert money management accessible through a delightful experience on the Trust App.”
Rohit Mulani, Head of Invest at Trust Bank, said, “TrustInvest combines curated funds managed by abrdn and a seamless customer experience through the Trust App. By making investing radically simple and accessible, we hope even new investors will feel empowered to take the first step in building towards their future.”
Ian Macdonald, CEO Asia Pacific, abrdn Investments, said, “We are thrilled to be partnering with Trust Bank and wholly supportive of its vision to bring innovative yet simple investment solutions to the Singapore market, and help people build long-term financial resilience. Trust Bank’s approach to offering a curated range of investment solutions will serve consumers’ long-term investment needs and help first-time investors get started. This exciting offering will resonate with investors who want to keep things simple but effective.”
Ray Sharma-Ong, Head of Multi-asset Investment Solutions – Southeast Asia, abrdn Investments, said: “We are bringing the entire suite of multi-asset investment capabilities that we offer to large institutions to the customers of TrustInvest. With our advanced risk management tools, robust investment frameworks, and global and regional research capabilities, we have developed a range of holistic investment solutions. These solutions are specially tailored to help TrustInvest customers achieve their long-term wealth objectives, in accordance with their varying financial needs and risk appetites.”
About Trust Bank
We are Trust, Singapore’s digital bank backed by a unique partnership between Standard Chartered Bank and FairPrice Group.
We aim to make things simple, transparent and rewarding for our customers, using the latest technology to create delightful experiences. Through our wide range of products and services, our customers can save, spend, budget, borrow, invest and insure.
Since our launch in 2022, we’ve become one of the world’s fastest growing digital banks and have over 1 million customers in Singapore. We’ve been named the best digital bank in Singapore by The Asian Banker and best mobile banking App globally by The Digital Banker.
About abrdn
abrdn is a global investment company that helps clients and customers plan, save and invest for the future. Our purpose is to enable our clients to be better investors.
abrdn manages and administers £511bn of assets for clients (as at 31 December 2024). The capabilities in our global Investments business are built on the strength of our insight – generated from wide-ranging research, worldwide investment expertise and local market knowledge.
Our teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs.
As at 31 December 2024, our Investments business manages £370bn on behalf of a broad range of clients around the world – including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices.
