Trust Bank (“Trust”), backed by Standard Chartered and FairPrice Group, selects Vault Core for core banking technology
Thought Machine, the cloud-native banking technology company, 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.
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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.”
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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.
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