Trust Bank is also aiming to become Singapore’s fourth largest retail bank in terms of customer numbers by the end of next year.
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 .
This is a “big benefit” to the digital bank’s path to profitability, given how its customer acquisition cost is seven times lower than other banks in Singapore, he added. Trust Bank is aiming to become Singapore’s fourth-largest retail bank in terms of customer numbers by the end of next year. It is also targeting to break even in 2025.Digital banks offer higher interest rates, grocery rebates to pull customers from traditional banks
Both GXS and MariBank hold “digital full bank” licences which permit the offering of online-only banking services to retail and corporate customers. These retail digital banks are also subject to a cap of S$50 million in deposits during the entry phase. The digital bank's proposition is also “not based on one-time offers or a high acquisition gift or a promotional interest rate”, said Mr Sadhu.
With travel back in demand as borders reopen, the lender announced on Monday the launch of its travel insurance product underwritten by Income.
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