Speaking on the launch, Deputy Best Minister and Financial Minister Lawrence Wong said Trust Bank will add to the variety of the local financial system and help strengthen Singapore’s digital economy.
He added that the launch is well-timed, as it comes among an acceleration in the society’s adoption of digital services due to the COVID-19 pandemic.
“With this higher digital adoption economic services, there is a lot potential for the banking sector to relook how to do things differently and serve customers better, ” Mister Wong said, observing how digital banking institutions can reach out to under-served segments better with the use of data and technology.
Mr Wong also urged the new virtual bank to protect customers from ever-evolving banking scams and maintain a high level of data security.
Rely on Bank, which is sixty per cent owned simply by Standard Chartered plus 40 per cent simply by NTUC’s enterprise adjustable rate mortgage, obtained a digital complete bank licence in December 2020. The licence permits it to serve both business and retail clients.
The launch comes a day after Grab and Singtel , that have jointly been granted a full bank license, unveiled their electronic bank – GXS – and its 1st product.
Technology firm Sea holds the third full financial institution licence issued by the Monetary Authority of Singapore (MAS) nearly 2 yrs ago, as part of liberalising the financial sector.
Apart from full bank licences, the MAS also gave out two licences to get digital wholesale banks targeting small- plus medium-size enterprises and other non-retail segments. Both virtual banks – Ant ANEXT Bank and the Eco-friendly Link Digital Financial institution – have launched in June.
In general, virtual banks provide services that one can get from conventional banking institutions, such as accepting deposit, loans, facilitating payments and loans, except that these will be performed online as digital banks do not have bodily branches.
Ms Judy Hsu, Regular Chartered’s chief executive officer associated with consumer, private plus business banking referred to the digital bank’s initial products as being a “well-rounded suite associated with savings, credit and protection solutions coupled with rewarding lifestyle provides and benefits”.
“By integrating Trust’s digital-first services seamlessly into customers’ daily lives, Trust is usually making banking available, secured and easy for everyone, ” the lady added.
FairPrice Group’s chairman Kee Teck Koon said: “Trust’s credit card and savings account will enable our customers to savor savings from household goods to food and everyday spend via smooth integration with FairPrice Group’s Link Benefits programme, while benefitting NTUC union users with an easier method to earn higher Linkpoint rebates and savings account interest.
“Together with the reliable partnership of Standard Chartered, we are self-confident that the synergies created through our mixed strengths and traditions will make Trust’s financial solutions convenient plus accessible for all. ”