At a glance:
Trust Bank of Singapore, the first of the country’s new wave of digital banks, partnered with Euronet’s Ren Payments, leveraging its modern card issuing platform hosted on Amazon Web Services (AWS) cloud. This collaboration enabled Trust Bank to serve over 200,000 customers within the first month since launch and achieve exceptional growth with a 10% market share within 200 days.
About Trust Bank:
Trust Bank of Singapore is the country’s pioneering digitally native bank, supported by a unique partnership between Standard Chartered Bank and FairPrice Group. With a customer-centric design, innovative technology, and a focus on delivering a new standard of banking, Trust Bank aims to provide significant savings on everyday expenses through a vast ecosystem of over one million customer experiences in Singapore each day.
Needs and Challenges:
Trust Bank is based in Singapore which is one of the most banked nations in the world. Setting up another bank in this environment meant establishing a robust digital banking presence, rapidly expanding its customer base, and ensuring seamless and secure financial management experiences. With a goal of becoming the 4th largest retail bank by 2024 and achieving profitability by 2025, Trust Bank sought a strategic solution to address these challenges.
Ren Payments solution:
Trust Bank selected Euronet’s Ren Payments for its comprehensive payment processing capabilities. Ren’s modern card issuing platform, hosted on AWS cloud, provided Trust Bank with a reliable and scalable infrastructure to handle the increasing demand for digital banking services. By leveraging Ren’s technology, Trust Bank successfully acquired 500,000 customers in just seven months and experienced rapid growth with customer numbers doubling, card balances growing sixfold, and deposits increasing fourfold in the past six months.
The partnership with Ren Payments allowed Trust Bank to introduce a range of products, including credit cards, savings accounts, and supplementary cards, with instant loans, GIRO, and in-app self-service planned for the future. Trust Bank’s customer engagement and advocacy remain strong, with millions of digital coupons redeemed, showcasing the success of their customer-centric approach.