A partnership between Standard Chartered Bank and FairPrice Group has launched new digital bank, Trust Bank, in Singapore with an investment of £400 million going towards a range of news products for customers including credit cards, savings account and personal accident insurance cover.
The investment has been provided by Standard Chartered Bank, FairPrice Group and NTUC Enterprise in a bid to further expand financial inclusion and digital economic prosperity in the APAC region.
Consumer rewards and security are some of the incentivising qualities of the business model. Consumers of the Trust Bank can access their account through the digital interface only, an app which incorporated with a robust technology platform provides a secure banking user experience.
Users can also have constant 24-hour communication with the Trust with integrated voice and messaging customer service bots.
Announced in January 2021, Standard Chartered also established a strategic partnership with commerce platform, Bukalapak to strengthen Indonesia’s digital banking landscape, since launching the a digibank-ing platform called BukaTabungan.
Victor Lesmana, President, Commerce & Fintech at Bukalapak commented: “BukaTabungan will be an interesting product because now, everyone in Indonesia within all levels of society will be able to access world-class digital banking services seamlessly and securely”.
BukaTabungan uses automation and security technologies leveraging AI, biometric facial recognition and E-KTP (Indonesia’s biometrics ID programme) validation.