StanChart customers to ‘gain from wider range of services’ after move to Trust Bank: digital bank CEO

Trust Bank executives have announced that customers transferring to the bank from Standard Chartered (StanChart) will benefit from a broader range of rewards and services. Trust Bank CEO Dwaipayan Sadhu highlighted that the two banks are focusing on their areas of expertise, with Trust specializing in digital retail financial services and StanChart focusing on wealth management.

This move follows an increase in Trust Bank's customer base, as customers increasingly adopt it as their primary bank. With an 85% credit card activation rate and an average of 25 transactions per month per card, Trust has developed a robust suite of digital innovations since its launch in 2022. Once customers move over in October, they will have access to the entire suite of Trust Bank's digital offerings.

In July, StanChart revealed that part of its credit card and personal loan clients will be transferred to Trust Bank, aiming to enhance both banks' capabilities in serving retail banking clients in Singapore. However, Sadhu did not disclose the number of customers being transferred or their status as new clients to the bank.