Free Newsletter
Get the hottest Fintech Singapore News once a month in your Inbox
When Dwaipayan Sadhu spoke to Fintech News Singapore last year, the Trust Bank CEO shared that said the bank was actively working towards profitability.
@fintechnewsnetwork
Trust Bank just announced that they are the first digital bank to be profitable in Singapore. Last year their CEO Dwai said Fintech News Network that they anticipate to be profitable this year. fintech digitalbanking #Banking
♬ original sound – Fintech News Network – Fintech News Network
That target has now materialised.
Trust Bank hit profitability in Singapore for the first time in March 2026, just over three years after its launch in September 2022, becoming the first of Singapore’s five digital banks to announce the milestone.
But the more important story is how it got there. Backed by Standard Chartered and FairPrice Group, Trust Bank credits the milestone to three drivers: stronger customer engagement, a broader product suite, and greater operating efficiency through AI and automation.
How Trust Bank Reached Profitability
Trust Bank’s path to profitability appears to have come from increasing usage across more parts of the customer’s financial life, rather than relying on customer acquisition alone. The first driver, to that end, is customer engagement.
“We are also built on customer advocacy, with 70+% of new clients coming in as references from other clients,” Dwaipayan shared.
Trust credit cards are now used about 25 times every month on average. In 2025, the bank also disbursed over S$900 million in loans as 50,000+ customers kicked off their investment journey with the bank.
The second driver was product expansion. Trust Bank has developed an ecosystem spanning saving, spending, budgeting, borrowing, insurance and investing, giving customers more reasons to use it beyond a single bank product.
This expansive product suite has helped deepen multi-product relationships and strengthen customer engagement, which the bank refers to as a “true all-in-one digital bank.”
Trust Bank shares that its third driver is AI and automation.
Since 2023, Trust Bank’s customer base has grown by more than 1.5 times, while card transactions have increased by almost 2.5 times in spite of costs declining. In 2025, revenues grew 39% YoY while costs fell by
7%.
The bank attributed its efficiency gains to extensive automation and early adoption of AI.
The bank also shares that it is the first to introduce a fully integrated Gen-AI-enabled customer service chatbot, delivering real-time handoffs to human agents. Nearly half of all customer chats today are handled by the Trust AI chatbot from start to finish.
The success behind this lies in how the interaction is designed. Unlike traditional chatbots that run on rigid scripts, Trust AI allows customers to interact naturally.
Should human intervention become necessary, the conversation is transferred within the same chat. This allows the human agent to pick up where the AI left off without customers having to repeat themselves.
AI is also applied to shift from reactive complaint handling to proactive complaint prevention, as Trust’s AI solution conducts sentiment analysis of every customer interaction in real time.
In doing so, Trust Bank is able to intervene more swiftly than regular conventional processes, which only surfaces an issue once a formal complaint is in.
Trust Bank Profitability in Singapore: Numbers at a Glance
Trust Bank reports that over 170,000 customers now use Trust as their primary financial institution, while 240,000 Savings Pots are being used by customers to fund their financial goals. The bank’s Trust card spending also captured about 22% of the market share for total Visa foreign exchange spending.
Source: Trust Bank
Salary crediting now accounts for about a third of the bank’s total deposit balances. In 2025, Trust Bank disbursed about S$900 million in loans. The digital bank also sold over 75,000 insurance policies and saw around 50,000 customers open TrustInvest accounts.
One Key Milestone in a Bigger, Customer-Led Journey
In an exclusive interview with Fintech News Network today, Dwaipayan went deeper into that journey, sharing how Trust Bank has been steadily improving its operating losses every quarter.
Those gains have gradually compounded into the bank’s current profitability milestone in March 2026.
Dwaipayan Sadhu
“For example, last year, we grew revenue by 39%, which has, at the same time, been accompanied by efficiency gains, reduced costs by 7%, as well as our strong risk management discipline.”
This is no small feat.
Looking back, Dwaipayan said that Trust Bank has been “quite fortunate” to have crossed several vital milestones, reaching 1 million clients in Singapore and becoming the 4th largest bank here by customer numbers.
But for him, financial sustainability is only one part of the story. A realist at heart and one firmly focused on the customer, he shared more insights,
“The real milestone that matters is to make sure we are the best bank that customers love, and the fact that we are rated the #1 app in the App store gives me a lot of confidence and happiness. We are also built on customer advocacy, with 70+% of new clients coming in as references from other clients.”
His next ambition is for Trust Bank to become Singapore’s most loved bank. If the bank can achieve that, he believes sustainable growth will follow.
Trust Bank intends to continue zeroing in on the consumer segment, where its strength lies. Its proposition, anchored by NTUC FairPrice, gives the bank a clear avenue to create everyday value for customers.
“You can expect us to bring new innovations to the market. We will build new cards and lending propositions, and new product innovations in digital wealth. We started Trust Invest last year, but we are just scratching the surface. As a digital-native bank, we believe we have an opportunity to create something really differentiated.”
Keen to know what else is on the table post the Trust Bank profitability Singapore announcement today? Watch the YouTube video for a deeper picture of Dwaipayan Sadhu’s vision.
Featured image by Trust Bank
