FairPrice Group and Standard Chartered have launched on 1 September 2022 Trust Bank, Singapore’s first digital bank.
Trust Bank offers various products, including a credit card, savings account, and family personal accident insurance. The offerings are combined with the current Link Rewards and its Linkpoints loyalty programme.
The partnership brings together an extensive consumer ecosystem that delivers more than one million customer experiences nationwide every day.
Addressing the Rising Cost of Living
Trust Bank is integrated into the FairPrice Group ecosystem and offers rewards of up to 21 per cent rebate as a promotional launch rate.
Users can earn the rebates on spending at the FairPrice Group’s entities such as NTUC FairPrice, Kopitiam, Cheers and Unity.
Trust Bank says: “These benefits come at a time when consumers are facing increasing pressure on everyday costs due to rising global inflation.”
The bank added it will also leverage NTUC, its unions, and its other social enterprises beyond FairPrice Group to better address the needs of workers and their families.
FairPrice Group Chairman Kee Teck Koon said: “Trust’s digital banking solutions will complement FairPrice Group’s omni-channel offerings to meet the needs of our customers better.
“Trust’s credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group’s Link Rewards programme, while benefitting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest.”
Trust Bank’s Offerings
Trust Bank’s savings account offers customers up to 1.4 per cent on their deposits.
NTUC union members can enjoy the highest tier of savings and benefits.
Part of Trust Bank’s launch offering is a family personal accident insurance exclusively developed by NTUC Income.
The insurance is at a premium of $0.50 per month, and there will be no premium for the first two months.
There will also be no limit to the number of dependents covered.
Trust Bank’s credit card is the first-to-market numberless credit card. It is also the first to offer dual functionality as a credit and debit card, removing the need for users to carry multiple cards.
Cessation of Partnership
Trust Bank’s partnership between the FairPrice Group and Standard Chartered comes as OCBC Bank announced to its customers that it will cease its OCBC Plus! cards.
OCBC sent its users an email and SMS on 31 August 2022, saying that the NTUC and OCBC Plus! partnership will soon come to an end.
OCBC Plus! debit and credit cards, and the NTUC-OCBC Starter and Plus! savings accounts will also cease from 1 February 2023.
The email sent out by OCBC says: “You will not lose any Linkpoints that you have earned and may continue to use your Card(s) for now. We will send a letter from 7 September 2022 with more details.”
Good to Know
You can sign up for Trust Bank’s offerings with Singpass accounts in minutes and use their digital card immediately.
