Trust Bank: Singapore’s first digitally-native bank Qorus Reinvention Awards - APAC - Winner

Singapore’s established and competitive banking industry has been undergoing transformation driven by pervasive internet access, the rise of big data, and the growth of platform ecosystems. The pandemic has taught businesses, including banks, that becoming truly digital and adapting to evolving customer needs are crucial to long-term success. Singapore also has ambitions to further strengthen its financial sector for the digital economy of the future. It was under these conditions that Trust Bank Singapore (known as Trust), was born. Trust was publicly launched on 1 September 2022 as the first of Singapore’s digitally-native banks. Backed by a unique partnership between Standard Chartered Bank and FairPrice Group, Trust brings together trusted and reliable banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day. Its integration into the FairPrice ecosystem, along with a ground-breaking rewards and referral programme, helped Singaporeans of all ages maximise their savings on everyday spending. With these benefits coming at a time when consumers are facing increasing pressure on everyday costs due to rising global inflation, Trust has brought a new standard to digital banking experience for consumers, combined with best-in-market rewards on everyday living expenses at FairPrice Group’s extensive island-wide network to better address the needs of workers and their families. Trust launched with a credit card, savings account and family personal accident insurance. Coming to market with three products and a well-developed loyalty rewards system is rare for a digital bank, where the standard approach is to launch with one product - typically a deposit-based product – and then expand at a later point. Delivering this was complex, but extensive user research indicated this would create a far more compelling proposition, particularly given the strong levels of competition in the market.