StanChart to transfer part of credit card, personal loan clients to Trust Bank
Affected customers will be contacted with information on what the move means for them and any next steps
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[SINGAPORE] Standard Chartered (StanChart) will be transferring part of its credit card and personal loan clients to Trust Bank to boost growth in Singapore.
The move, which will take place in September, is expected to deepen both banks’ combined abilities to serve retail banking clients in Singapore, StanChart said on Friday (Jul 31).
Following this, Trust will continue to scale its digital banking platform and everyday banking propositions, while StanChart invests in wealth capabilities.
Affected customers’ other existing relationships with StanChart, including deposit accounts, wealth products and insurance policies, will be unchanged.
StanChart declined to disclose the number of affected customers.
A spokesperson said that mortgage loans are not part of the transfer. Affected customers will be contacted directly with information on what the transfer means for them and any next steps, the spokesperson added.
Trust is a subsidiary digital bank jointly owned by StanChart and FairPrice Group.
FairPrice Group CEO Vipul Chawla noted that Trust was set up to bring “fuss-free and rewarding banking services right into the heart of Singaporeans’ daily lives”.
Trust posted a loss of S$54 million in FY2025, narrowing from S$93 million the year before.
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But the digital bank managed to turn profitable in March 2026, making it one of the fastest digital banks in Singapore to swing into the black.
Trust has more than one million customers. Its products and features include numberless cards that combine debit and credit functions, no foreign-exchange fees on overseas spending, and integrated rewards across FairPrice Group purchases.
Meanwhile, London-headquartered StanChart beat expectations to post a pre-tax profit of US$2.33 billion for the second quarter of 2026, bolstered by the strength of its wealth business and global banking.
In a strategy update in May, StanChart said it was targeting higher returns by cutting headcount and expanding its wealth business.
StanChart also owns digital bank Mox in Hong Kong, which was set up in 2020 as a joint venture with telco HKT and its parent PCCW, as well as Trip.com.
Kathy Chan, Morningstar equity analyst, noted that StanChart’s latest move broadly mirrors its earlier transfer of a US$1 billion personal instalment loan portfolio to Mox.
StanChart is building scale in its majority-owned digital banks, while the parent bank sharpens its focus on affluent clients in line with strategy, she said.
Nevertheless, Chan does not see this as a “complete bifurcation” between its mass retail customers and the wealth management business.
“StanChart has previously highlighted the role of digital banks as a part of the client continuum, and a wealth incubator that provides a pipeline of future affluent clients,” she added.
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