How Belief Financial institution Quietly Turned Singapore’s 4th Largest Financial institution

“From onboarding to a working credit score or debit card in underneath three minutes.”

That line from Dwaipayan Sadhu, CEO of Belief Financial institution, caught with me.

Sure, getting a banking account arrange in underneath three minutes is quick, little question. However in 2025, that form of velocity is extra of a baseline expectation than a mind-blowing achievement.

Nevertheless nonetheless, it’s nonetheless a compelling instance of how Belief Financial institution used that begin to win belief, and extra importantly, each day engagement, profitable over one million Singaporeans.

Plus, the financial institution launched in 2022, a time when many individuals have been sceptical that Singapore even wanted one other financial institution, not to mention a completely digital one.

Quick ahead just some years, and Belief Financial institution has emerged because the nation’s fourth-largest retail financial institution.

How did they pull this off in a crowded market? We caught up with Sadhu at Money20/20 Asia to seek out out.

Difficult the “Do We Even Want a Digital Financial institution?” Narrative

Earlier than launch, there was loads of doubt.

Dwaipayan remembers that early scepticism clearly. Many questioned if digital banks had a spot in Singapore, a market already dominated by established gamers.

“We now have over one million shoppers. That’s about 20% of the Singapore inhabitants,” he noticed.

However greater than the quantity, it’s the extent of exercise that impressed him. Belief targeted on trendy infrastructure to unlock velocity and expertise.

Onboarding takes minutes, not hours. Clients can obtain a working debit or bank card instantly. Mortgage disbursement? Accomplished in 60 seconds, in keeping with Dwaipayan. Even monetary instruments are gamified to maintain customers engaged.

Constructed for Swipe-Comfortable, Deal-Loving Singaporeans

Rising the person base was one factor. Getting them to really use the platform each day was one other.

The CEO of Belief Financial institution highlighted that Belief’s bank cards are swiped a mean of 21 occasions a month per buyer. Deposit balances have additionally grown quickly, reaching practically S$4 billion final 12 months alone.

The enchantment isn’t restricted to each day spending. The financial institution’s bank cards additionally include zero overseas change markup. It’s a characteristic that has made them a well-liked alternative for Singaporeans travelling overseas, which they sometimes do 4 to 6 occasions a 12 months.

What makes this stickier than most person acquisition tales is {that a} majority of shoppers (over 70%) got here in by means of referrals. That form of natural development isn’t only a comfortable accident.

That form of word-of-mouth development is a transparent signal that folks genuinely take pleasure in utilizing Belief Financial institution, or as Dwaipayan Sadhu calls it, being “delightfully totally different.”

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They grew to be Singapore’s 4 largest financial institution in 2 years Belief Financial institution CEO, Dwaipayan Sadhu reveals the secrets and techniques to their fast development @Belief Financial institution Singapore #fintech#digitalbanking#banking#innovation#fyp#foryou

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One other main driver behind Belief Financial institution’s fast adoption is its partnership with NTUC.

“Nearly each Singaporean interacts with NTUC in some type or the opposite,” Dwaipayan talked about.

And Belief is embedded in that ecosystem, from groceries and meals reductions to unique privileges. If you wish to save on each day necessities, it helps to have a Belief account.

It’s not the flashiest tech story, but it surely’s efficient distribution. When a monetary product turns into a part of your on a regular basis errands, that’s highly effective.

Making Investing Much less Scary

Belief additionally desires to be the one financial institution you stick to and never only for spending and saving, however for every little thing else in your monetary life, too.

The most recent step in that journey is Belief Make investments, a product aimed toward getting extra Singaporeans to begin investing with out feeling overwhelmed. Many Singaporeans are conscious of the significance of investing, however hesitate to start as a result of complexity.

Dwaipayan shifts the main focus to how the staff heard repeatedly from customers who felt overwhelmed by selections and unfamiliar jargon, typically defaulting to mounted deposits just because they appeared simpler.

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Investing is just too advanced. Belief Financial institution CEO Dwaipayan Sadhu believes that they’ve cracked the issue by creating an investing product that takes solely 5 faucets and 5 minutes to get began on investing. @Belief Financial institution Singapore #fintech#digitalbanking#banking#innovation#funding#fyp#foryou

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As an alternative of throwing clients into advanced dashboards, Belief created 5 clear fund choices in partnership with abrdn.

The onboarding course of? 5 minutes, 5 steps, and simply S$100 to begin. It’s a pitch to the numerous Singaporeans who know they need to be investing however are paralysed by alternative.

A Head Begin from Hong Kong

One factor that separates Belief from different digital challengers is its regulatory setup. The financial institution holds a full banking license, because of Normal Chartered’s stake.

That comes with obligations.

“We’re held to the identical danger and governance requirements as any full-service financial institution,” stated Dwaipayan.

Whereas Belief is constructed on velocity and agility, the inspiration remains to be stable banking self-discipline.

Belief didn’t begin utterly from scratch. Its sister financial institution, Mox in Hong Kong, which launched earlier, offered useful learnings. The 2 function independently however share experiences and, extra importantly, their missteps.

Dwaipayan Sadhu, CEO of Belief Financial institution, credit this openness with serving to Belief keep away from pointless setbacks and speed up its development.

“All of us discuss what has labored nicely, however there are numerous issues that haven’t gone nicely. And why would you need to repeat these errors?” underlined Dwaipayan.

Desirous to Change into the On a regular basis Major Financial institution

Dwaipayan additionally doesn’t see Belief as successful story simply but.

“We’re nonetheless within the first lap of the marathon,” he identified.

Their subsequent objective is to grow to be the following native financial institution in Singapore. Not simply the fourth largest, however the go-to supplier for financial savings, funds, investing, borrowing, and every little thing in between.

He additionally pointed to information as their subsequent frontier. As a digital-native financial institution, Belief has real-time insights into how clients behave, and plans to make use of that (with AI) to roll out extra personalised, environment friendly options.

Trying again at his time at Normal Chartered, which is sort of 20 years in the past, Sadhu stated he typically imagined what it might be prefer to tear every little thing down and begin contemporary. Belief gave him that likelihood.

That have gave the staff at Belief a uncommon alternative. An opportunity to construct a brand new form of financial institution from the bottom up, one the place buyer expertise wasn’t an afterthought however the basis.

The flexibility to rethink every little thing from scratch meant the staff may problem legacy assumptions and craft a banking mannequin that felt genuinely trendy and helpful.

“The one motive we exist as a brand new financial institution is to ship an expertise shoppers haven’t seen earlier than. In any other case, what’s the purpose?”

Dwaipayan’s problem going ahead is strictly that. Proving there’s, certainly, a degree and maintaining Belief Financial institution fascinating sufficient that folks hold coming again.

Catch the interview “The Secret Behind Belief Financial institution’s Rise to Singapore’s 4th Largest Financial institution | ft CEO Dwaipayan Sadhu” and find out how Dwaipayan Sadhu took Belief Financial institution from a brand new entrant to turning into the 4th largest financial institution in Singapore.