SINGAPORE – The new digital bank by Standard Chartered Bank and the National Trades Union Congress (NTUC) opened its doors on Thursday to customers, offering a savings account, credit card and family personal accident insurance.
Trust Bank, 60 per cent owned by StanChart and 40 per cent by NTUC Enterprise, is offering an interest rate of 1.4 per cent per annum for the first $50,000 deposit.
Deputy Prime Minister Lawrence Wong, speaking at its launch, said Trust Bank plans to cater to older Singaporeans and the less tech-savvy by simplifying banking and being transparent about services and products.
Noting that the Covid-19 pandemic has accelerated the embrace of digital services, Mr Wong said seniors in Singapore, traditionally seen as less tech-savvy, have started using digital banking. He cited a Singapore Management University study, which found that 80 per cent of bank customers aged 60 and above used digital banking in 2021, up from just 20 per cent in 2019.
Mr Wong, who is also Finance Minister, said that Trust Bank also intends to launch innovative products to better meet the needs of customers. For example, the bank is offering Singapore’s first credit card that lets customers choose their repayment date.
He also urged the digital bank to protect consumers from bank scams and maintain a high level of data security.
“I understand that you have designed your tech infrastructure with this in mind. But beyond digital infrastructure, consumer education will be very important,” he added.
To this end, Mr Wong said there must collective efforts from the Government, banks and the Monetary Authority of Singapore, as well as every individual, to ensure that everyone adopts good online banking hygiene practices.
Based on the Trust Bank app seen by The Straits Times on Wednesday night, the bank’s savings account comes with a debit card that offers up to 11 per cent savings for NTUC members and a maximum of 5 per cent savings for others.
The account has no minimum balance, lock-in period or fees.
The digital bank is giving up to 21 per cent rebates on its credit card for NTUC members and 15 per cent savings for other people.
Its app stated that the credit card will not have an annual fee, foreign transaction fee and cash advance fee, among others.
Trust Bank is also offering a family personal accident insurance scheme developed by Income, at a premium of 50 cents a month. This will be available with no premiums for the first two months, upon signing up for the Trust credit card.
The official launch to the public on Thursday comes hot on the heels of GXS Bank’s announcement on Wednesday that its savings account app will be available for download from Sept 5.
GXS Bank is the digital bank backed by Grab and Singtel that was granted a digital full bank licence in December 2020, along with tech giant Sea, which has Maribank.