Singapore’s Trust Bank taps Thought Machine for core banking tech

Singapore’s Trust Bank has selected Thought Machine and its Vault Core solution to power its new digital banking offering.

Trust Bank selects Thought Machine for core banking

Launched in September this year, the cloud-native neobank racked up 100,000 customers in its first 10 days and 300,000 customers within two months.

Thought Machine says the “flexibility” of its core banking tech “supports this rapid scaling and will enable Trust to build further products and features quickly while leveraging real-time data and analytics”.

The bank currently offers a savings account, credit cards and family personal accident insurance.

Trust is backed by Standard Chartered Bank (Singapore) and BetaPlus, a holding company owned by NTUC Enterprise and FairPrice Group. Together, they have invested around $285 million in the new challenger.

Trust Bank’s chief information officer (CIO) Rajay Rai says Vault Core will act as “the foundational platform for us to build and grow the first of Singapore’s new wave of digital banks”.

Headquartered in London, Thought Machine boasts a client list of banking heavyweights including Lloyds Banking Group, Al Rajhi Bank Malaysia, HD Bank and Intesa Sanpaolo.

Last month, the firm signed a deal with UK-based paytech Payset to deploy its Vault Core solution.

Thought Machine secured $160 million in a Series D funding round in May.