Global cloud-native banking technology firm, Thought Machine, has announced it has supplied the technology behind the launch of Singapore’s first cloud-native digital bank backed by Standard Chartered and FairPrice Group, Trust Bank.
Leveraging Thought Machine’s Vault Core solution as its “core banking technology”, Trust Bank reached over 100,000 customers in its first 10 days and over 300,000 customers within two months since its launch on 1 September.
The technology is “highly configurable”, providing tailored support for both large-scale banks undergoing organisation-wide transformation and smaller institutions and fintechs launching new offerings on the market.
“We have been working collaboratively with Thought Machine to test, deploy and deliver a transparent banking service which we are truly proud of,” Rajay Rai, Chief Information Officer at Trust Bank, said.
“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.”
Trust Bank singled out the flexibility of Vault Core that supported the bank’s rapid take-up as well as future product development and launches, offering real-time data and analytics functions.
“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,” Nick Wilde, managing director of Asia Pacific at Thought Machine, said.
“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.”
Trust Bank is only the latest to leverage Thought Machine’s capabilities, joining the likes of Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, HD Bank, Intesa Sanpaolo, Lunar and Atom bank, among others.