Trust Bank Selects Thought Machine to Power the First of Singapore’s New Wave of Digital Banks
Trust Bank (“Trust"), backed by Standard Chartered and FairPrice Group, selects Vault Core for core banking technology
Running on Vault Core, Trust reached 300,000 customers in less than two months
The partnership follows the successful launch of Standard Chartered-backed Mox Bank in 2020
SINGAPORE & LONDON--(Business Wire / Korea Newswire) November 30, 2022 -- Thought Machine, the cloud-native banking technology company, today announces it is powering Trust Bank, the first of Singapore’s cloud-native digital banks. Trust is a rapidly growing digital-only bank with an exceptional user experience built in the cloud.
Leveraging Thought Machine’s technology, Trust has designed a world-class solution with an intuitive customer experience combining best-in-market rewards with a suite of products. At launch, this includes a credit card, savings account and family personal accident insurance.
Using Vault Core, Thought Machine’s core banking platform, Trust scaled rapidly following its launch on 1 September 2022. The bank acquired 100,000 customers in its first 10 days and its community grew to more than 300,000 customers within its first two months. The flexibility of Vault Core supports this rapid scaling and will enable Trust to build further products and features quickly while leveraging real-time data and analytics.
Vault Core is a highly configurable platform - uniquely positioned to support large-scale banks undertaking core transformation, and for smaller banks and fintechs launching new propositions to the market.
Rajay Rai, Chief Information Officer, Trust Bank, says: “We have been working collaboratively with Thought Machine to test, deploy and deliver a transparent banking service which we are truly proud of. Vault Core is the foundational platform for us to build and grow the first of Singapore’s new wave of digital banks. We look forward to building on our joint success and delivering even greater levels of customer experience and innovation.”
Nick Wilde, managing director of Asia Pacific, Thought Machine, says: “We are proud to be working on this exciting new project with Trust Bank. Trust has already delivered a compelling proposition to the market, and we’re excited to work alongside its team to expand and grow the service further. It’s clear that Trust, powered by Thought Machine technology, has the vision and ambition needed to create a digital bank that greatly enhances Singapore’s banking landscape - and gains huge market share.”
Thought Machine’s client list now includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, HD Bank, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world. The company has raised more than $500m in funding and has headquarters in London, with regional headquarters in Singapore, New York and Sydney.
About Thought Machine
Thought Machine has developed the foundational layer of modern banking. Its cloud-native core banking engine, Vault Core, is trusted and used by leading banks and financial institutions around the world - including Intesa Sanpaolo, Lloyds Banking Group, Standard Chartered, ING, Atom bank, Curve and more.
Vault Core has been written from scratch as an entirely cloud-native platform and gives banks full control to build any product required to flourish in a rapidly changing world.
Thought Machine is currently a team of more than 500 people spread across offices in London, New York, Singapore, Sydney, and Melbourne, and has raised more than $500m in funding.
For more information visit thoughtmachine.net
About Trust Bank Singapore Limited
Trust Bank Singapore Limited (Trust) is backed by Standard Chartered Bank and the FairPrice Group. Built in Singapore for the Singapore market, Trust aims to bring a new standard to digital banking to consumers, combining it with best-in-market rewards on everyday living expenses at FairPrice Group’s extensive island-wide network.
Trust’s shareholders are Standard Chartered Bank (Singapore) Limited (“SCBSL”) and BetaPlus, a holding company owned by NTUC Enterprise and FairPrice Group. SCBSL and BetaPlus respectively hold 60 per cent and 40 per cent of the issued and paid-up share capital of Trust.
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This is a news release distributed by Korea Newswire on behalf of this company.