Trust Bank set to be Singapore’s 4th largest retail bank by end-2024

It now has over 800,000 customers in the Lion City.

Trust Bank said that it is on track to become Singapore’s fourth largest retail bank by number of customers by the end-2024.

The digital bank now has over 800,000 customers, equivalent to 16% of the adult population in the Lion City, Trust Bank said in a press release. Around 70% of all sign-ups reportedly come from existing customer referrals. 

Trust Bank said that its card offering has processed over S$4.5b of transactions since launch.

Customer deposits are S$3b as of end-June 2024, 2.6 times higher than in June 2023.

Total customer loans and advances as of end-June is 3.1 times higher than in 2023, with total balances approaching S$500m.

In July 2024, Trust Bank said that it disbursed over 12,000 loans to customers.

Total revenue is three times higher in the first six months of 2024 compared to the same period in 2023.

Trust Bank turns two on 1 September 2024. Amongst services it offers include a reported 3-minute onboarding journey; and having over 80% of its customer enquiries being picked up within 20 seconds.