Lower customer acquisition cost
As the name suggests, digital banks differ from traditional banks by...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.
