{"id":94497,"date":"2026-07-31T06:56:13","date_gmt":"2026-07-31T06:56:13","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/94497\/"},"modified":"2026-07-31T06:56:13","modified_gmt":"2026-07-31T06:56:13","slug":"stanchart-to-transfer-part-of-credit-card-personal-loan-clients-to-trust-bank","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/94497\/","title":{"rendered":"StanChart to transfer part of credit card, personal loan clients to Trust Bank"},"content":{"rendered":"<p data-testid=\"article-description\">Affected customers will be contacted with information on what the move means for them and any next steps<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">[SINGAPORE] Standard Chartered will be transferring part of its credit card and personal loan clients to Trust Bank to boost growth in Singapore.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">The move, which will take place in September, is expected to deepen both banks\u2019 combined abilities to serve retail banking clients in Singapore, StanChart said on Friday (Jul 31).<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Following this, Trust will continue to scale its digital banking platform and everyday banking propositions, while StanChart invests in wealth capabilities.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Affected customers\u2019 other existing relationships with StanChart, including deposit accounts, wealth products and insurance policies, will be unchanged.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">StanChart declined to disclose the number of affected customers.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">A spokesperson said that mortgage loans are not part of the transfer. Affected customers will be contacted directly with information on what the transfer means for them and any next steps, the spokesperson added.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Trust is a subsidiary digital bank jointly owned by StanChart and FairPrice Group.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">FairPrice Group CEO Vipul Chawla noted that Trust was set up to bring \u201cfuss-free and rewarding banking services right into the heart of Singaporeans\u2019 daily lives\u201d.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Trust posted a loss of S$54 million in FY2025, narrowing from S$93 million the year before.<\/p>\n<p class=\"mb-6 border-b border-gray-250 pb-4 font-poppins text-4xs font-medium tracking-10 text-gray-515\">SEE ALSO<\/p>\n<p><a class=\"block h-full w-full\" href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/singapore-digital-banks-gxs-maribank-lean-south-east-asia-fuel-profitability?ref=article-see-also\" data-discover=\"true\" rel=\"nofollow noopener\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"relative z-10 h-full w-full object-cover\" src=\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/07\/06196a24f69edc683b4fdedabd88f43dc340ba1cbe483956f82a6b66756030aa.webp\" alt=\"As digital banks in Singapore cross the three-year mark, profitability is coming into sharp focus.\" width=\"6564\" height=\"4460\"\/><\/a><\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">But the digital bank managed to <a class=\"text-verticals-btblue underline hover:text-blue-500\" data-testid=\"article-annotation-link-component\" href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/trust-bank-swings-profit-first-time-march-q1-still-loss-making\" target=\"_blank\" rel=\"nofollow noopener\">turn profitable in March 2026<\/a>, making it one of the fastest digital banks in Singapore to swing into the black.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Trust has more than one million customers. Its products and features include numberless cards that combine debit and credit functions, no foreign-exchange fees on overseas spending, and integrated rewards across FairPrice Group purchases.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">Meanwhile, London-headquartered StanChart beat expectations to post a pre-tax profit of US$2.33 billion for the second quarter of 2026, bolstered by the strength of its wealth business and global banking.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6\" data-testid=\"article-paragraph-component\">In a strategy update in May, StanChart said it was targeting higher returns <a class=\"text-verticals-btblue underline hover:text-blue-500\" data-testid=\"article-annotation-link-component\" href=\"https:\/\/www.businesstimes.com.sg\/companies-markets\/banking-finance\/what-furore-over-lower-value-human-capital-reveals-about-ai-and-future-banking\" target=\"_blank\" rel=\"nofollow noopener\">by cutting headcount<\/a> and expanding its wealth business.<\/p>\n<p class=\"whitespace-pre-wrap break-words mb-4 md:mb-6 inline-block\" data-testid=\"article-paragraph-component\">StanChart also owns digital bank Mox in Hong Kong, which was set up in 2020 as a joint venture with telco HKT and its parent PCCW, as well as Trip.com.<\/p>\n","protected":false},"excerpt":{"rendered":"Affected customers will be contacted with information on what the move means for them and any next steps&hellip;\n","protected":false},"author":2,"featured_media":94498,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[40251,40252,716,40250,20677,40249],"class_list":["post-94497","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-credit-debit-cards","tag-fairprice","tag-loans","tag-singapore-banks","tag-standard-chartered","tag-trust-bank"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117013288376971677","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/94497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=94497"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/94497\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/94498"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=94497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=94497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=94497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}