Speaking at the launch, Deputy Prime Minister and Finance Minister Lawrence Wong said Trust Bank will add to the diversity of the local banking system and help strengthen Singapore’s digital economy.
He added that the launch is timely, as it comes amid an acceleration in the society’s adoption of digital services due to the COVID-19 pandemic.
“With this greater digital adoption in financial services, there is much potential for the banking sector to relook how to do things differently and serve customers better,” Mr Wong said, noting how digital banks can reach out to under-served segments better with the use of data and technology.
Mr Wong also encouraged the new virtual bank to protect customers from ever-evolving banking scams and maintain a high level of data security.
Trust Bank, which is 60 per cent owned by Standard Chartered and 40 per cent by NTUC’s enterprise arm, obtained a digital full bank licence in December 2020. The licence permits it to serve both corporate and retail customers.
The launch comes a day after Grab and Singtel, which have jointly been awarded a full bank licence, unveiled their digital bank – GXS – and its first product.
Technology firm Sea holds the third full bank licence issued by the Monetary Authority of Singapore (MAS) nearly two years ago, as part of liberalising the financial industry.
Apart from full bank licences, the MAS also gave out two licences for digital wholesale banks targeting small- and medium-size enterprises and other non-retail segments. Both virtual banks – Ant ANEXT Bank and the Green Link Digital Bank – have launched in June.
In general, virtual banks offer services that one can expect from conventional banks, such as accepting deposits, loans, facilitating payments and loans, except that these will be performed online as digital banks do not have physical branches.
Ms Judy Hsu, Standard Chartered's chief executive officer of consumer, private and business banking described the digital bank’s initial products as a “well-rounded suite of savings, credit and protection solutions coupled with rewarding lifestyle offers and benefits”.
“By integrating Trust's digital-first services seamlessly into customers' everyday lives, Trust is making banking accessible, secured and effortless for everyone,” she added.
FairPrice Group’s chairman Kee Teck Koon said: “Trust's credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group's Link Rewards programme, while benefitting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest.
“Together with the trusted partnership of Standard Chartered, we are confident that the synergies created through our combined strengths and heritage will make Trust's banking solutions convenient and accessible for all.”
Continue reading...
He added that the launch is timely, as it comes amid an acceleration in the society’s adoption of digital services due to the COVID-19 pandemic.
“With this greater digital adoption in financial services, there is much potential for the banking sector to relook how to do things differently and serve customers better,” Mr Wong said, noting how digital banks can reach out to under-served segments better with the use of data and technology.
Mr Wong also encouraged the new virtual bank to protect customers from ever-evolving banking scams and maintain a high level of data security.
Trust Bank, which is 60 per cent owned by Standard Chartered and 40 per cent by NTUC’s enterprise arm, obtained a digital full bank licence in December 2020. The licence permits it to serve both corporate and retail customers.
The launch comes a day after Grab and Singtel, which have jointly been awarded a full bank licence, unveiled their digital bank – GXS – and its first product.
Technology firm Sea holds the third full bank licence issued by the Monetary Authority of Singapore (MAS) nearly two years ago, as part of liberalising the financial industry.
Apart from full bank licences, the MAS also gave out two licences for digital wholesale banks targeting small- and medium-size enterprises and other non-retail segments. Both virtual banks – Ant ANEXT Bank and the Green Link Digital Bank – have launched in June.
In general, virtual banks offer services that one can expect from conventional banks, such as accepting deposits, loans, facilitating payments and loans, except that these will be performed online as digital banks do not have physical branches.
Ms Judy Hsu, Standard Chartered's chief executive officer of consumer, private and business banking described the digital bank’s initial products as a “well-rounded suite of savings, credit and protection solutions coupled with rewarding lifestyle offers and benefits”.
“By integrating Trust's digital-first services seamlessly into customers' everyday lives, Trust is making banking accessible, secured and effortless for everyone,” she added.
FairPrice Group’s chairman Kee Teck Koon said: “Trust's credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group's Link Rewards programme, while benefitting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest.
“Together with the trusted partnership of Standard Chartered, we are confident that the synergies created through our combined strengths and heritage will make Trust's banking solutions convenient and accessible for all.”
Continue reading...