Standard Chartered and FairPrice Group-backed Trust Bank has announced zero foreign exchange markup on overseas transactions as well as the ability to purchase Income’s travel insurance in-app.
This is amid growing travel demand in Singapore on the back of border reopening.
Trust CEO Dwaipayan Sadhu claims that Trust is the only credit card in the market offering zero foreign exchange fees, compared to the general range of about 3.5% charged on overseas transactions by other credit card providers.
Meanwhile, Trust’s travel insurance product was previously made available to customers on a separate platform from the app. On the back of continued demand and high levels of adoption, Trust is now making the product available in-app, allowing for instant application.
Since its launch in September 2022, Trust has released a personal financial management solution dubbed “Budget Buddies” and supplementary cards.
In its product pipeline, Trust is looking to launch an instant loan product by the next few months. Before the end of the year, the bank is looking to enable GIRO payments; introduce saving pots and other in-app self services; as well as expanding its insurance offerings.
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Earlier this month, Trust has achieved over $1 billion in deposit balances. Its customers have made around 24 million transactions since launch, while over 1.7 million digital coupons have been redeemed on the app from the FairPrice ecosystem as well as other partners.
Moving forward, Trust aims to become Singapore’s fourth largest retail bank by number of customers by the end of 2024. It is also targeting to break even in the following year.
