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New Singapore digital bank Trust selects Thought Machine core

New Singapore digital bank Trust selects Thought Machine core

Trust Bank, the Standard Chartered and FairPrice-backed digital challenger that recently launched in Singapore, is running on Thought Machine's cloud-native core platform.

Trust launched in September after securing one of a handful of new digital banking licences doled out by the Monetary Authority of Singapore.

Initially offering a credit card, savings account and family personal accident insurance, the bank has signed up more than 300,000 customers in its first two months.

Trust is running on Vault Core, Thought Machine's configurable platform, which the vendor says has enabled this rapid scaling and will also help the bank build more products and features quickly.

Rajay Rai, CIO, Trust, says: “We have been working collaboratively with Thought Machine to test, deploy and deliver a transparent banking service which we are truly proud of. Vault Core is the foundational platform for us to build and grow the first of Singapore’s new wave of digital banks."

Standard Chartered, which owns 60% of Trust, is a Thought Machine investor and also tapped the London-based firm's technology for Mox, its new digital bank in Hong Kong.

Finextra has recently launched the inaugural Financial Cloud Summit, scheduled to take place on 2 March 2023. For more information and to register for this event, please visit the event page here.


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