Singaporean ‘digital bank’ Trust Bank – a joint venture of the UK-based Standard Chartered and the National Trade Unions Congress (NTUC) Enterprise, will now offer travel insurance via its app.
The insurance will be provided by NTUC Enterprise subsidiary Income Insurance, and will provide rapid quotes and coverage to customers.
The ability to purchase travel insurance is one of a number of new products and features that the digital bank aims to launch in the coming months, alongside the ability to apply for ‘instant loans’ via the app.
Trust Bank’s Chief Executive Officer, Dwaipayan Sadhu, said that the company aims to ‘become the fourth largest retail bank in Singapore by the end of next year, and to break even in 2025’. Trust Bank was launched in September 2022, and currently serves around 500,000 users.
Prudential Singapore recently launched a new financial advisory firm, Prudential Financial Advisers (PFA), which will also be able to sell general insurance products such as travel insurance.