Last year, Standard Chartered entered a joint venture deal to launch a digital-only bank in Singapore with National Trades Union Congress (NTUC). While understood to be referred to as Project Phoenix to those on the projects with the unnamed bank, the new digital-only bank has finally unveiled a name for itself – Trust Bank.

Trust Bank’s venture comes shortly after StanChart launched its digital-only Mox Bank brand in Hong Kong in 2020. Like Mox, Trust too follows through with a shade of blue. Mox was created as part of StandChart’s joint venture with PCCW, HKT, and

A quick check by MARKETING-INTERACTIVE saw that the bank’s LinkedIn page is live with approximately 31 employees and boasting that it is backed by Standard Chartered, but the bank could not confirm any further details. A website is also created for the Singapore users. According to MARKETING-INTERACTIVE ’s sources, the bank is currently working with creative agency iris and media agency Havas Media prior to its official launch. Neither agency responded to MARKETING-INTERACTIVE ’s queries at the time of writing. Meanwhile MARKETING-INTERACTIVE understands branding duties were done by Superunion. 


The bank was created with Standard Chartered taking on a 60% stake in the venture , worth SG$144 million Singapore dollars ($107.28 million), and NTUC enterprise arm taking the remaining 40% stake, worth SG$96 million..

In September last year, NTUC FairPrice Group’s director and head of consumer marketing for the retail business Kelvin Tan joined the new entity as CMO. Tan has more than 15 years of full-spectrum marketing experience in developing agency business and regional partnerships, managing brands and regional accounts in B2C and B2B markets. Currently, the chief of staff role is held by Nick Woodruff. Woodruff was a founding member of the management team and has worked over 10 years with Standard Chartered. He also has extensive experience working with the likes of Barclays and Finsbury. Meanwhile, the Trust Bank has also hired Sujin Thomas as its corporate affairs specialist. Thomas was previously with OCBC as assistant VP of group brand communications. A journalist by training, Thomas also worked with the likes of Business Insider and SPH where he spent a bulk of his career.

The CEO of the business, according to MAS is  Dwaipayan Sadhu.  Sadhu, who has over two decades of experience across wealth management, payments, deposits, consumer lending, and digital banking.

Commenting on MARKETING-INTERACTIVE ’s queries, a spokesperson said, “Trust Bank is Singapore’s newest digital bank and will provide innovative digital banking services to meet the needs of its customers.”

Amidst a fintech investment boom in Southeast Asia , MAS received  a total of 21 applications  for digital bank licences in 2020. This followed MAS' announcement in 2019 that it will issue up to two digital full bank licences and three digital wholesale bank licences; which will allow entities, including non-bank players, to conduct digital banking business in Singapore.

The Grab-Singtel consortium  was selected by the MAS  last December to set up a digital full bank in Singapore led by Charles Wong as CEO. At the same time, Sea Group as well as another consortium comprising Greenland Financial, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management, as well as an entity wholly-owned by Ant Group was also granted a digital wholesale bank licence by MAS last year. 

Related articles: 
Standard Chartered unveils Mox, its new Hong Kong virtual bank
Standard Chartered launches “Invest from Home. Bank from Home” COVID-19 campaign
Standard Chartered Bank launches learning hub in SG following SG$5m investment
FairPrice Group's retail marketing lead Kelvin Tan joins Standard Chartered Bank

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