Trust Bank hits over S$1 billion in deposits; expects to break even by 2025

DIGITAL bank Trust Bank breached the S$1 billion mark in deposits in early May, with 500,000 customers signed up.

“We want to become the fourth-largest retail bank in Singapore (in terms of customer numbers) by the end of next year,” said Dwaipayan Sadhu, chief executive officer of Trust. He added that the bank is targeting to break even by 2025, some three years from its inception in September 2022.

More than 70 per cent of Trust’s customers have come through referrals. Its customers clock in 15 credit card transactions per month. Card balances have grown 5.9 times between September 2022 and March 2023 to S$120 million, with 85 per cent of cards being activated.