Should Singapore Banks Be Wary? Trust Bank Attracts Over S$1 Billion in Deposits
By The Smart Investor  •  September 5, 2023
Singapore banks DBS Group (SGX: D05), United Overseas Bank (SGX: U11) or UOB, and OCBC Ltd (SGX: O39) are widely known to many Singaporeans. Together, their latest reported deposit base of over S$1.27 trillion constitutes the majority of total deposits in Singapore. Recently, a new contender has announced its intention to challenge the trio. Trust Bank, or Trust for short, is a 60%/40% partnership between Standard Chartered (LSE: STAN) and FairPrice Group. Trust was launched as a Singapore digital bank back in September last year. Eight months in, the partnership became the fourth largest retail bank in Singapore, attracting over S$1 billion in deposits from half a million customers. CEO Dwaipayan Sadhu also articulated the digital bank’s aim to breakeven by 2025. We dig deeper to find out if this up-and-coming digital bank can eventually qualify as one of the top three banks in Singapore.

Lower customer acquisition cost

As the name suggests, digital banks differ from traditional banks by...
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By The Smart Investor
The Smart Investor is co-founded by David Kuo, Joanna Sng, and Chin Hui Leong. The company was formed in late 2019 from the ashes of the Motley Fool Singapore. The Smart Investor believes that everybody can learn how to invest, smartly. We aim to educate people on how to invest smartly by providing investing education, stock commentary and market coverage for Singapore and around the world.

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