Thought Machine, a cloud-native banking technology company, announced that it will power Trust Bank, Singapore’s first cloud-native digital bank. Trust is a digital-only bank that is expanding quickly and has a cloud-based user interface.
Rajay Rai, Chief Information Officer, of Trust Bank said, “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.”
Trust has developed a solution with an intuitive customer experience, leveraging the technology of Thought Machine, combining some of the best rewards with a variety of products. At the time of launch, this includes a credit card, a savings account, and family personal accident insurance.
Nick Wilde, managing director of Asia Pacific, Thought Machine said, “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.”
Following its September 2022 launch, Trust quickly expanded using Thought Machine’s core banking platform, Vault Core. The bank gained 100,000 customers in its first ten days and more than 300,000 customers in its first two months. The scalability of Vault Core enables Trust to build additional products and features quickly while leveraging real-time data and analytics. Vault Core is a highly configurable platform designed to support both smaller banks and FinTechs introducing new products to the market as well as large banks undergoing core transformation.