Trust Bank has announced it has reached 1 million users, meeting its target of becoming the fourth largest retail bank in Singapore.
The digital bank, backed by Standard Chartered Bank and FairPrice Group, has seen strong customer adoption, with over 70% of customers joining through referrals from existing users.
The bank reported revenue growth of more than double in 2024, reaching S$97 million, while reportedly keeping cost increases only slightly above inflation.
According to Trust Bank, credit card spending surpassed S$4 billion for the year, supported by the launch of its cashback credit card.
Meanwhile, its customers earned over S$25 million in Linkpoints and saved around S$40 million on foreign exchange fees.
Deposit balances doubled to S$3.8 billion, benefiting from Trust+, its fully digital elevated banking experience, which has encouraged more customers to credit their salaries to Trust savings accounts.
Customer loans, including credit card balances, grew by 149% to S$0.8 billion, driven by newly launched loan features like balance transfer and split purchase loans.
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.”
The bank has also expanded into investment services with the launch of TrustInvest, a digital investment solution developed in partnership with abrdn.
The platform aims to simplify investing with a seamless experience within the Trust app.
Customers can start from S$100 and choose from five curated funds designed for different investment goals and risk profiles: Cash+, Income+, and Wealth+ (Cautious, Moderate, and Growth).
TrustInvest has unique features, including its ease of use, fully integrated app experience, and the carefully selected funds managed by abrdn.
TrustInvest charges no platform or sales fees, only a fund management fee.
As an added incentive, customers who stay invested until the end of 2025 will receive a partial refund of the management fee.
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.”
Nick Woodruff, Chief of Staff at Trust Bank Singapore, shared the bank’s approach to growth in a recent interview with Fintech News here.
@fintechnewsnetwork Can @Trust Bank Singapore Be Singapore’s 4th Largest Bank By Year’s End? 🇸🇬 #fintech#banking#financetiktok#finance101#virtualbank#digitalbanking#bank#singapore#fyp#foryou
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Featured image: (From left) Trust’s Head of Invest Rohit Mulani and Chief Executive Officer Dwaipayan Sadhu, and abrdn Investments’ CEO Asia Pacific Ian Macdonald and Head of Wholesale Southeast Asia Natalie Tan
