Thought Machine to power the first of Singapore’s new wave of digital banks

Thought Machine, the global cloud-native banking technology company, announced it is powering Trust Bank, the first of Singapore’s cloud-native digital banks. Trust is a rapidly growing digital-only bank with an exceptional user experience built in the cloud.

What does Thought Machine bring to the partnership?

Leveraging Thought Machine’s technology, Trust has designed a world-class solution with an intuitive customer experience combining best-in-market rewards with a suite of products. At launch, this includes a credit card, savings account and family personal accident insurance.

Using Vault Core, Thought Machine’s core banking platform, Trust scaled rapidly following its launch on 1st September 2022. The bank acquired 100,000 customers in its first 10 days and its community grew to more than 300,000 customers within its first two months.

The flexibility of Vault Core supports this rapid scaling and will enable Trust to build further products and features quickly while leveraging real-time data and analytics. Vault Core is a highly configurable platform – positioned to support large-scale banks undertaking core transformation, and for smaller banks and fintechs launching new propositions to the market.

Rajay Rai, Chief Information Officer at Trust Bank, commented: “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.”

What does the partnership mean for Thought Machine?

Nick Wilde, Managing Director of Asia Pacific, Thought Machine, said: “We are proud to work on this project with Trust Bank. Trust has 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 tech, has the ambition needed to create a digital bank that enhances Singapore’s banking landscape – and gains huge market share.”

Thought Machine’s customer list now includes Lloyds Banking Group, Standard Chartered Bank, Al Rajhi Bank Malaysia, HD Bank, Intesa Sanpaolo, Lunar, and Atom bank, among others around the world. The company has raised more than $500m in funding and has headquarters in London, with regional headquarters in Singapore, New York and Sydney.