Trust Bank catapults to success in highly competitive market with modern, cloud-native technology

It became one of the world’s fastest-growing digital banks and delighted its customers with a new standard of experience.

Entering a well-banked and highly competitive market, digital bank Trust Bank took Singapore by storm when it launched in September 2022. Within its first 12 months, Trust became one of the world’s fastest-growing digital banks by market share. By the end of 2023, it had over 700,000 customers, equivalent to a market share of 14%.

Backed by a unique partnership between multinational bank Standard Chartered Bank and leading retailer FairPrice Group, Trust Bank brings together trusted and reliable banking foundations with an extensive consumer ecosystem that delivers more than a million customer experiences nationwide each day.

Its modern, cloud-native technology and customer-centric culture allow it to compete with long-established players in the market, building rapidly around customer needs. Customer feedback has been very strong with Trust Bank consistently ranked the #1 banking app on the Singapore Apple App Store and around 70% of Trust’s customers joining through existing customer referrals.

The bank has built a reputation for innovation and outstanding customer experience. Since its launch, it has introduced several market-first solutions based on customer feedback to create a banking experience that they will love. Singapore’s first fully digital supplementary credit card, an innovative and engaging budgeting tool based and Instant Loan - personal loan application that takes less than 60 seconds. 

These innovations have been rolled-out at incredible speed underpinned by Trust Bank’s cloud-native technology and its agile culture. This has resulted in a range of products and services that is almost unparalleled for a one-year-old bank.

In February 2024, it launched Singapore’s first fully elevated banking experience called Trust+ with an automatic qualification that is transparent on criteria and brings extra privileges to customers, including an extra tier of interest on deposit balances.

The company will continue to support the country’s ambitions to further strengthen its financial sector for the digital economy of the future. Singapore’s world-class digital foundations are combined with Trust’s modern technology to create an exceptional customer experience.

“Anchored by our vision to help people maximise their lives simply and delightfully, Trust will continue to deliver innovations to its customers that create a new standard of customer experience in Singapore." the company said.

This remarkable feat has been acknowledged by the SBR Technology Excellence Awards 2024, with the bank bringing home the win in the Digital - Banking category.

The prestigious awards programme recognises exceptional companies in Singapore that are riding the digital disruption wave and leading the technological revolution and digital journeys of their respective industries.

The SBR Technology Excellence Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Jane Patiag at [email protected].