Trust Bank attracts more than S$1 billion in deposits, aims for breakeven by 2025
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SINGAPORE: Trust Bank, the digital bank launched by Standard Chartered and FairPrice Group in September last year, has attracted more than S$1 billion (US$739 million) in deposits as of this month.
Less than 5 per cent of these deposits came from Standard Chartered, with the remaining from other banks, chief executive officer Dwaipayan Sadhu told reporters on Monday (May 29).
In Singapore, the three local banks still make up the lion's share of local deposits, with DBS having a deposit base of S$529 billion as of the first quarter of 2023. OCBC has S$367 billion while UOB holds about S$374 billion in deposits.
Trust Bank has also acquired more than 500,000 retail customers in its first seven months, with referrals accounting for more than 70 per cent of the new sign-ups, its CEO said.
This is a big benefit to the digital banks path to profitability, given how its customer acquisition cost is seven times lower than other banks in Singapore, he added.
