Trust Bank has reached a major milestone, surpassing one million customers and cementing its position as the fourth-largest retail bank in Singapore by customer numbers. The bank, which has rapidly integrated into the daily financial lives of Singaporeans, attributes much of its growth to word-of-mouth referrals, with over 70% of customers joining through recommendations.
As it continues its expansion, Trust Bank is focusing not just on numbers but on delivering value through innovative products and services. In 2024, the bank introduced new financial solutions that significantly boosted customer engagement, including a cashback credit card, foreign exchange savings, and Singapore’s first fully digital elevated banking experience, Trust+.
Strong Growth Across Key Financial Metrics
Trust Bank reported significant growth in customer activity and financial performance in 2024:
- Credit card spending exceeded S$4 billion, with active users making an average of 21 transactions per month.
- Customer rewards and savings reached S$25 million in Linkpoints and S$40 million saved in foreign exchange fees.
- Deposits doubled to S$3.8 billion, driven by Trust+ and an increasing number of salary credits into Trust savings accounts.
- Loans, including credit card balances, surged 149% to S$0.8 billion, following the introduction of balance transfer and split purchase loans.
These developments led to a more than twofold increase in revenue to S$97 million, while cost growth remained minimal, demonstrating the scalability of Trust Bank’s digital platform.
Dwaipayan Sadhu, CEO of Trust Bank, 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.”
Introducing TrustInvest: A Simple, Accessible Investment Platform
Building on its momentum, Trust Bank is launching TrustInvest, an investment platform designed to simplify wealth management and break down barriers to entry. Developed in partnership with abrdn Investments, TrustInvest aims to make investing accessible to everyone, not just those with significant capital or financial expertise.
Key Features of TrustInvest:
- Seamless Integration: Fully contained within the Trust App, enabling investment management without switching platforms.
- Low Entry Barrier: Minimum investment of just S$100, making investing accessible to a wider audience.
- Simple and Curated Choices: Five investment funds catering to different financial goals and risk profiles.
- Transparent Fees: No platform or sales fees, only a clear fund management fee, with a partial refund for customers staying invested until the end of 2025.
A New Approach to Investing
TrustInvest offers five distinct funds managed by abrdn, each tailored to different investment needs:
- Cash+ (Money Market Fund): Designed to maximise yield on cash through a diversified portfolio of high-quality bonds.
- Income+ (Dividend Fund): Aims to generate monthly income above inflation rates.
- Wealth+ (Core Funds): Three risk-based options—Cautious, Moderate, and Growth—helping investors achieve long-term financial goals.
To encourage participation, Trust Bank is offering a cashback reward of up to S$1,000 via a scratch card for customers investing at least S$10,000 in TrustInvest.
Dwaipayan Sadhu, CEO of Trust Bank, highlighted the platform’s impact: “We’re excited to partner with abrdn on the launch of Trust’s first investment solution and improve our customers’ financial well-being. TrustInvest was designed to remove barriers to investing and provide a seamless experience.”
Ian Macdonald, CEO Asia Pacific, abrdn Investments, echoed this sentiment: “We are thrilled to partner with Trust Bank to bring innovative yet simple investment solutions to the Singapore market. This offering will resonate with investors who want to keep things straightforward but effective.”
As Trust Bank continues its rapid ascent in Singapore’s financial sector, the launch of TrustInvest marks another step towards its goal of delivering inclusive, customer-centric financial solutions.
