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Singapore welcomes another digital bank

Singapore welcomes another digital bank

The digital bank market in Singapore has grown following the launch of Trust Bank, a partnership between Standard Chartered and local retailer FairPrice.

The challenger bank offers the typical retail banking service, along with a numberless credit card which the bank claims is a market-first for Singapore. 

“We strongly believe we will be setting a new standard for digital banks – a wide product range, completely transparent product design with no hidden fees and a very intuitive and easy customer experience,” said Dwaipayan Sadhu, CEO of Trust Bank.

The shareholders, Standard Charted and FairPrice holding company BetaPlus, have jointly invested $285m in the venutre and hold 60% and 40% stakes respectively.

The launch of Trust comes hot on the heels of GXS, a digital bank for consumers and business launched by Telco Singtel and superapp Grab which launched earlier this week.

Meanwhile in June Chinese e-commerce giant Ant Group launched Anext, a wholesale digital bank in Singapore.



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