FairPrice Group is partnering with Standard Chartered to form Singapore's newest digital bank: Trust Bank.
Earn Linkpoints with new cards
Under the new partnership, Trust Bank has rolled out new debit and credit cards, both of which can be used to earn Linkpoints.
The bank's NTUC Link debit and credit cards are only for NTUC Union Members, and offer up to 11 and 21 per cent rebates respectively.
The regular Trust Link debit and credit cards offer up to five and 11 per cent rebates respectively for non-NTUC members.
However, Trust Bank's website says the 21 and 15 per cent rebates are promotional offers which "may be revised" to lower rates of 14 and eight per cent, after this year.
This comes a day after OCBC announced that its partnership with NTUC is coming to an end, and that existing OCBC Plus! debit and or credit cards will be phased out from Feb. 1, 2023.
Besides savings accounts and debit/credit cards, Trust Bank is also offering family personal accident insurance plans underwritten and issued by NTUC's insurance co-operative Income.
About Trust Bank
Trust Bank is the newest digital bank in Singapore and was launched officially on Sep. 1.
Standard Chartered and BetaPlus owns 60 and 40 per cent of Trust Bank respectively.
BetaPlus is a holding company owned by NTUC Enterprise and FairPrice Group.
Trust Bank won one of the five Monetary Authority of Singapore (MAS) digital bank licenses and obtained its full bank licence in December 2020.
GXS, a partnership between Grab and Singtel, is the other digital bank which has been awarded a full bank licence from MAS and was launched on Aug. 31.
Digital, but will have customer experience centre and ATMs
Digital banks operate very much like regular banks, except all of their services are done online.
Trust Bank, however, will be setting up a customer experience centre at VivoCity’s FairPrice outlet, CNA reported.
The customer experience centre is not to be mistaken as a bank branch, as it will not be accepting cash, cheques, or performing any banking transactions. These transactions can only be done through the Trust mobile application.
Instead, the purpose of the customer experience centre is to reach out to those who may not be as comfortable digitally, including individuals who are older, by showing them how to sign up and familiarising them with the processes of a digital bank.
The bank will also have an ATM located in the same FairPrice outlet at VivoCity.
Trust account holders can also access their cash through any Standard Chartered ATM in Singapore.
For more info on Trust, click here.
Top image from Trust website and by Team Spades/Medium