👩‍🍳 How we use AI at Tech in Asia, thoughtfully and responsibly.🧔‍♂️ A friendly human may check it before it goes live. More news hereTrust Bank, a retail bank in Singapore, saw strong growth in 2024. Revenue surged 148% to S$97 million (US$75.38 million), while costs rose just 4%.Operating losses narrowed to S$93 million (US$72.28 million), down from S$128 million (US$99.48 million) in 2023, showing clear progress toward profitability.CEO Dwaipayan Sadhu credited customer growth and product expansion for the improved performance.By December 2024, the bank’s customer base reached 974,000 and surpassed 1 million in early 2025, making it the fourth-largest retail bank in Singapore. Over 70% of new sign-ups came from customer referrals.Deposit balances doubled year-on-year to S$3.8 billion (US$2.95 billion).Lending balances rose 156% to S$0.8 billion (US$621.72 million), boosted by new products like a cashback credit card, personal loans, and the launch of Trust+, a fully digital banking platform.🔗 Source: Trust Bank🧠 Food for thought1️⃣ Singapore leads Asia’s digital banking revolution with high consumer adoptionTrust Bank’s success reflects broader trends in Singapore’s thriving digital banking landscape, which is leading adoption across Asia.A recent FIS survey shows 43% of Singaporean consumers are likely to try a digital bank within the next year, with 29% already using one, demonstrating strong market potential beyond Trust’s current base 1.Digital-focused customers show higher satisfaction levels and lower switching intent compared to traditional banking users, explaining Trust’s high referral rate (70%) and strong customer retention 2.Singapore’s position as the top-ranked country in the Asia-Pacific Open Banking Readiness Index has created a favorable environment for digital-first institutions like Trust 3.The APAC digital banking market is projected to reach $19.56 billion by 2029, positioning Trust at the forefront of a rapidly expanding sector 4.2️⃣ Customer experience directly correlates with financial performance in bankingTrust Bank’s strong revenue growth (148%) aligns with industry research showing banks that optimize customer experience grow 3.2 times faster than those that don’t 5.The bank’s emphasis on app quality and digital experience reflects the critical importance of user experience, as 50% of consumers will switch banks after just one unsatisfactory interaction 5.Trust’s award-winning mobile app addresses consumer expectations for immediate service (desired by 72% of customers) and personalized experiences (valued by 62%) 5.Financial institutions with high customer advocacy scores experience 1.7 times faster revenue growth, supporting Trust’s strategy of expanding innovative features and services 6.Trust’s successful growth demonstrates how digital banks can leverage technology to deliver superior customer experiences while maintaining lower operational costs compared to traditional banks 7.3️⃣ Path to profitability requires balancing acquisition with monetizationTrust Bank’s narrowing losses (from S$128M to S$93M) reflect the industry-wide challenge digital banks face on the path to profitability despite successful customer acquisition 7.The bank’s product diversification strategy aligns with industry best practices, as expanding beyond core offerings into credit cards and specialized services is critical for achieving profitability 7.Trust’s focus on increased deposits (doubled to S$3.8B) and lending (up 156% to S$0.8B) directly addresses the need to monetize the customer base through active product usage 7.The bank’s modest 4% cost increase despite substantial revenue growth demonstrates the scalability advantage digital banks have through technology-driven operations 7.Customer retention will be crucial for Trust’s continued progress, as research shows acquiring new customers costs five times more than retaining existing ones 8

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IN FOCUSIn today’s newsletter, we look at:IFast’s drive for global expansionAn imminent digital banking waveWelcome to The Top Up! Delivered every fortnight via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in fintech. Get it in your email inbox by registering here.Hello,I’ve visited Hong Kong twice: once over a decade ago and again last year. These experiences were night and day, money-wise.The first time around, my parents had to exchange physical cash in the Philippines, and we budgeted our trip accordingly. Granted, we still didn’t use GCash back then, and roaming data plans for accessing e-wallets were too expensive.Last year, visiting the city didn’t require as much preparation as my wife and I knew we could always use our e-wallets to pay for daily activities. We exchanged only the minimum amount of Hong Kong dollars we thought we’d need in case cash was required.Now, digital banks like iFast are taking things up a notch, offering savings accounts in different currencies. I could conceivably have a bank account in Hong Kong dollars and avoid paying exchange fees by spending the local currency while in the city.IFast also offers cross-border investment options