Trust Bank partners with Thought Machine

Friday 2 December 2022 14:36 CET | News

Thought Machine, a cloud-native banking technology company, has announced it is powering Trust Bank, a Singapore-based cloud-native digital banks.

Leveraging Thought Machine’s technology, Trust has designed a world-class solution with an intuitive customer experience combining best-in-market rewards with a suite of products. At launch, this includes a credit card, savings account, and family personal accident insurance.

Using Vault Core, Thought Machine’s core banking platform, Trust scaled following its launch on 1 September 2022. According to the press release, he bank acquired 100,000 customers in its first 10 days and its community grew to more than 300,000 customers within its first two months. The flexibility of Vault Core supports this scaling and will enable Trust to build further products and features while leveraging real-time data and analytics.

Vault Core is a configurable platform –positioned to support large-scale banks undertaking core transformation, and for smaller banks and fintechs launching new propositions to the market.Thought Machine’s client list now includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, HD Bank, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world.

More about Trust Bank

Trust is backed by a partnership between Standard Chartered Bank and FairPrice Group. This brings together banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day. These two organisations have more than 200 years of combined experience of serving the community in Singapore.

Trust leverages NTUC and its unions, as well as its other social enterprises beyond FairPrice Group, to better address the needs of workers and their families.

With USD 296 million invested by its shareholders – Standard Chartered Bank, FairPrice Group, and NTUC Enterprise – Trust supports Singapore’s ambitions to further strengthen its financial sector for the digital economy of the future.

Included in Trust’s launch offering is a family personal accident insurance that has been exclusively developed by Income, at a premium of USD 0.37 per month. This is available, at no premium for the first two months, upon sign-up of the Trust credit card. With no limit to the number of dependents covered, it offers unprecedented peace of mind to families at an affordable rate.

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Keywords: banks, partnership, digital banking, cloud, credit card
Categories: Banking & Fintech
Companies: Thought Machine, Trust Bank
Countries: Singapore
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Banking & Fintech

Thought Machine


Trust Bank

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