One year after being launched, Singapore's Trust Bank has already declared a very ambitious plan: become the fourth-largest retail bank in the country.
It may seem like a tall order, but in just 12 months, the digital bank- the brainchild of global banking giant Standard Chartered and Singapore supermarket chain Fairprice Group has made great strides that other digital banks across Asia Pacific are struggling to replicate.
In its first anniversary in September 2023, the bank listed 600,000 customers. That's easily 12% of the total population of Singapore. These metrics make Trust the world's fastest growing digital bank by market share, Dwaipayan Sadhu, CEO of Trust Bank, told Asian Banking & Finance in an exclusive interview.
Two things are key to this: its ecosystem and its real-time feedback. Today, over 70% of our clients join us as reference from another client. So, you can see how strong our word-of-mouth referral has been, Sadhu told attendees at the Asian Banking & Finance Summit in Singapore.
Every nine days, we have a new app update going out. That's twice as fast as in the market. In about 90 days, we have delivered over 700 product enhancements, he added.
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