SINGAPORE — A digital bank called Trust Bank, a tie-up between Standard Chartered Bank (StanChart) and the FairPrice Group, was launched on Thursday (Sept 1), touting itself as Singapore's first bank to allow customers to nominate the date of the month they intend to repay their credit card bills.
offer the same type of banking services as traditional banks except that they operates entirely online without physical infrastructure, such as bank branches.
While banking will be done only through Trust Bank’s mobile application, Mr Sadhu — who spent more than 14 years heading various departments at StanChart — said customers can withdraw money from any of StanChart’s automated teller machines , or a dedicated ATM located at VivoCity. In terms of interest, the bank’s savings account offers a rate of up to 1.4 per cent for deposits of up to S$50,000.
Also included within Trust Bank launch offerings is a family personal accident insurance plan, with coverage of up to S$8,000 for death and permanent total disability, by the NTUC Income insurance company. When asked by TODAY how the bank hopes to reach out to older customers who might be less comfortable with technology, Mr Sadhu said there are a couple of ways that the bank hopes to bring this segment of Singaporeans onboard.
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