# Trust Bank (Singapore)

> Source: https://docs.barcoder.ai/docs/wallets/trust-bank
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Trust Bank — official](https://trustbank.sg/)

## Overview

**Trust Bank** is **Singapore's largest + first digital-full bank**, established **September 2022** as **Standard Chartered + FairPrice Group joint venture** <sup>[1][1], [2][2], [Singapore report](https://docs.barcoder.ai/docs/payments/SG)</sup>. **February 2025 — Trust Bank crossed 1 million customers + $2.8 billion (S$3.8B) deposit balances** — became **4th-largest retail bank in Singapore by customer number**.

**March 2026 — Trust Bank reported first-ever profit** <sup>[3][3]</sup>:
- **170,000 customers using Trust Bank as primary bank**
- **50,000 TrustInvest accounts**
- **75,000 insurance policies sold**
- **$704 million (S$900M) loans disbursed in 2025**

**Strategic JV structure** <sup>[4][4]</sup>:
- **Standard Chartered**: 60% stake in initial S$400M investment
- **FairPrice Group**: 40% stake

**Distinctive Singaporean digital-banking model**: Standard-Chartered-banking-license + FairPrice-retail-ecosystem (NTUC FairPrice supermarket network + Foodfare + Kopitiam + Cheers + Unity Pharmacy) = **integrated retail + banking customer-acquisition**.

## History

**September 2022 — Trust Bank launches** <sup>[2][2]</sup> as SG's first digital bank via Standard Chartered + FairPrice Group JV.

**2022-2024 — Mass Singaporean adoption**: Multi-hundred-thousand customer growth via NTUC FairPrice retail-ecosystem integration.

**February 2025 — 1M+ customers + S$3.8B (~$2.8B) deposits + 4th-largest retail bank by customers** <sup>[1][1]</sup>.

**March 2026 — First-ever profit + 170K primary customers + 50K TrustInvest accounts + 75K insurance policies + $704M loans disbursed 2025** <sup>[3][3]</sup>.

## Ownership & operator

**Operating entity**: **Trust Bank Singapore Limited** (Standard Chartered + FairPrice Group JV).

**Major shareholders**:
- **Standard Chartered Bank**: 60% (initial S$400M investment lead)
- **FairPrice Group (NTUC Enterprise)**: 40%

**Regulator**: **MAS (Monetary Authority of Singapore)** — Digital Full Bank license.

## Technical integration

| Layer | Description |
|---|---|
| **Channels** | Trust Bank mobile app (iOS + Android) + Trust Bank Visa cards |
| **Identifiers** | Phone + email + card number + NRIC |
| **SG rails** | **[PayNow QR](https://docs.barcoder.ai/docs/standards/paynow-qr) + [SGQR](https://docs.barcoder.ai/docs/standards/sgqr)** (MAS national instant payment + national QR) |
| **License** | MAS Digital Full Bank (first SG digital bank operationally launched) |
| **Sub-products** | Trust Bank Account + Trust Card (NTUC + cashback) + TrustInvest (investing platform) + Trust Insurance + Trust Loans |
| **NTUC FairPrice integration** | Retail-ecosystem integrated cashback + rewards at FairPrice supermarkets + Foodfare + Kopitiam + Cheers + Unity Pharmacy |

## Users & growth

**Feb 2025 + Mar 2026 baseline** <sup>[1][1], [3][3]</sup>:
- **Customers (Feb 2025)**: 1 million+ (4th-largest SG retail bank by customers)
- **Deposits (Feb 2025)**: $2.8B (S$3.8B)
- **First-ever profit**: March 2026
- **Primary-bank customers (Mar 2026)**: 170,000
- **TrustInvest accounts**: 50,000
- **Insurance policies sold**: 75,000
- **Loans disbursed in 2025**: $704M (S$900M)
- **Initial S$400M JV investment** (Standard Chartered 60% + FairPrice Group 40%)

## Use cases

Singaporean retail digital banking (deposits + cards + loans + investments + insurance); NTUC FairPrice retail-ecosystem cashback + rewards (supermarkets + Foodfare + Kopitiam + Cheers + Unity Pharmacy); PayNow + SGQR national instant payment + QR; TrustInvest investing platform; Trust Insurance policies.

## Implementations & partners

**Operator**: **Trust Bank Singapore Limited** (Standard Chartered + FairPrice Group JV).

**Major shareholders**:
- **Standard Chartered Bank** (60% — UK-headquartered global bank)
- **FairPrice Group (NTUC Enterprise)** (40% — Singapore consumer cooperative)

**Major Singapore digital-bank + neobank competitors**:
- **[GXS Bank](https://docs.barcoder.ai/docs/wallets/gxs-bank)** (Grab + Singtel JV; targets profit by March 2027)
- **MariBank** (Sea Group SG digital bank)
- **ANEXT Bank** (Ant Group SG digital wholesale bank)
- **Green Link Digital Bank** (Greenland Financial Holdings + Linklogis + Beijing Cooperative Equity)
- **[DBS PayLah!](https://docs.barcoder.ai/docs/standards/dbs-paylah)** (DBS Singapore; covered Batch 7)

**Regulator**: **MAS (Monetary Authority of Singapore)** Digital Full Bank.

## Fun facts

- **Singapore's first digital-full bank operationally launched** (Sep 2022).
- **Feb 2025 — Crossed 1M customers + 4th-largest SG retail bank by customers**.
- **March 2026 first-ever profit** — distinctive vs growth-stage SG digital-bank peers.
- **Standard Chartered 60% + FairPrice Group 40% JV** — distinctive global-bank + SG-retail-cooperative integration.
- **NTUC FairPrice retail-ecosystem integration**: supermarkets + Foodfare + Kopitiam + Cheers + Unity Pharmacy customer-acquisition advantage.
- **2025 metrics**: 170K primary customers + 50K TrustInvest + 75K insurance + S$900M loans.
- **Initial S$400M JV investment**.

## Comparison

| Feature | Trust Bank | [GXS Bank](https://docs.barcoder.ai/docs/wallets/gxs-bank) (Grab + Singtel SG rival) | MariBank (Sea Group SG rival) | [DBS PayLah!](https://docs.barcoder.ai/docs/standards/dbs-paylah) (DBS SG covered Batch 7) | [Wio Bank](https://docs.barcoder.ai/docs/wallets/wio-bank) (UAE analogous JV digital bank) |
|---|---|---|---|---|---|
| Operator | **Trust Bank Singapore Limited (Standard Chartered 60% + FairPrice Group 40% JV)** | GXS Bank (Grab + Singtel JV) | MariBank (Sea Group; NYSE: SE) | DBS Bank (DBS Group Holdings) | Wio Bank PJSC (ADQ + Alpha Dhabi + e& UAE + FAB) |
| Type | **SG first + largest digital-full bank + NTUC FairPrice retail ecosystem** | SG digital bank + Grab + Singtel app integration | SG digital bank + Sea Group + Shopee ecosystem | SG largest bank + PayLah wallet | UAE full-banking-license digital bank + SME + retail + Invest |
| Country | Singapore | Singapore | Singapore | Singapore | UAE |
| Users | **1M+ customers (Feb 2025) + 170K primary (Mar 2026)** | Growing; targets $3B deposits + $2B loan book over 3 years | Growing | Major DBS-anchored | 250K retail + 120K business |
| Distinctive | **First SG digital-full bank operationally; 4th-largest by customers; first-ever profit Mar 2026; NTUC FairPrice retail integration** | Targets profit March 2027; Grab + Singtel ecosystem | Sea Group + Shopee ecosystem | DBS-parent-anchored | Euromoney Best Digital Bank SMEs 2025; 4 strategic UAE shareholders |

## Status

**Active, Singapore's first + largest digital-full bank with March 2026 first-ever profit** <sup>[1][1], [3][3]</sup>:
- **Trust Bank Singapore Limited** (Standard Chartered 60% + FairPrice Group 40% JV) since September 2022.
- **Feb 2025 — 1M+ customers + S$3.8B deposits + 4th-largest SG retail bank by customers**.
- **March 2026 — First-ever profit + 170K primary customers + 50K TrustInvest + 75K insurance + S$900M loans disbursed 2025**.
- **NTUC FairPrice retail-ecosystem integration**.
- **MAS Digital Full Bank licensed**.

## Sources

[1]: https://en.wikipedia.org/wiki/Trust_Bank_(Singapore) "Trust Bank — Wikipedia"
[2]: https://www.ntuc.org.sg/uportal/news/FairPrice-Group-and-Standard-Chartered-Launch-Trust-Bank-Singapores-First-Digital-Bank/ "FairPrice + Standard Chartered launch Trust Bank — NTUC"
[3]: https://www.caproasia.com/2026/05/26/singapore-digital-bank-trust-bank-reports-first-ever-profit-in-2026-march-170000-customers-using-trust-bank-as-primary-bank-50000-trustinvest-accounts-75000-insurance-policies-sold-704-millio/ "Trust Bank first-ever profit Mar 2026 — Caproasia"
[4]: https://trustbank.sg/ "Trust Bank — official"
[sg-cro]: https://docs.barcoder.ai/docs/payments/SG

- [1] [Trust Bank — Wikipedia][1]
- [2] [FairPrice + Standard Chartered launch Trust Bank — NTUC][2]
- [3] [Trust Bank first-ever profit Mar 2026 — Caproasia][3]
- [4] [Trust Bank — official][4]
- <sup>[Singapore report](https://docs.barcoder.ai/docs/payments/SG)</sup> In-corpus: `reports/countries/SG-singapore.md`

## Source

Biography extracted from [trust-bank.md](https://docs.barcoder.ai/source/wallets/trust-bank). See `matrix.md` for standards-support matrix if present.