Beyond deposits: S’pore digital banks are targeting your wallet with new credit cards and rewards

(Clockwise from left) Haiyan Huo, head of consumer business of Maribank; GXS Bank group head of retail Jenn Ong and CEO Pei-Si Lai; Adeline Kim, Visa’s group country manager; and, Dwaipayan Sadhu, chief executive of Trust Bank.

PHOTOS: AZMI ATHNI, GXS BANK, TRUST BANK

Published Sep 09, 2026, 10:00 AM

Updated Sep 09, 2026, 11:20 AM

Singapore digital banks are launching new credit cards with unique rewards to attract customers beyond deposits, aiming to become primary spending cards.

Trust Bank offers stockback rewards that invest customers' spending into US stocks or ETFs, encouraging micro investing among young Singaporeans.

GXS Bank leverages the Grab and Singtel ecosystems to provide cashback and perks, deepening engagement while keeping customer acquisition costs low.

SINGAPORE – Digital banks in Singapore are intensifying the battle for consumers’ wallet share, launching new credit cards within days of one another and leaning on their ecosystems to drive spending and customer acquisition.

Trust Bank rolled out what it described as the first stockback credit card in Singapore on Aug 13, with the flexibility to choose between stock rewards, unlimited cashback and bonus cashback.

Meanwhile, GXS Bank launched its new cashback card on Aug 17, tapping the Grab and Singtel ecosystems.

The flurry of launches points to a broader shift: Digital banks are no longer content with just competing for customers’ deposits, investments and loans – they also want to be the primary card customers reach for when they spend.

Analysts view the new credit card offerings as part of digital banks’ broader strategy to expand their retail banking franchises – a path commonly pursued by banks with retail operations in Singapore – with rewards representing a necessary customer-acquisition cost.

The strategies reflect the digital banks’ efforts to leverage their respective ecosystems to target specific customer segments, said Tamma Febrian, director of financial institutions group at Fitch Ratings Singapore.

Trust Bank chief executive Dwaipayan Sadhu noted that investing is gaining traction in Singapore, particularly among younger investors. However, many remain on the sidelines, yet to make their first investment.

A Trust study, which surveyed 1,050 Singapore residents aged 18 to 40 in May and June 2026, found that around half were not investing primarily because of a lack of confidence and not knowing where to start.

Sadhu told The Straits Times: “The habit of micro-investing with daily spend will help customers gain confidence in investing over time.”

On the Trust Freedom card, customers earn stockback rewards on every dollar spent.

Once their accumulated rewards reach $10, the amount is automatically invested in their selected US stock or exchange-traded fund (ETF). Customers can choose from a curated list of 50 stocks and ETFs, and change their selection in the Trust Bank app any time before the next investment transaction.

Trust is planning to introduce air miles by October. Customers can then opt for cashback, stockback or air miles.

The bank has seen more than a 100 per cent increase in total credit card sign-ups since the Freedom card was launched.

Trust cards, which include the Trust Link credit card designed for earning rewards within the NTUC and Linkpoints ecosystem, are being used more than 25 times a month. This shows that Trust is an everyday card, said Sadhu.

Trust has remained profitable for four consecutive months since achieving net profitability in March. It also acquired more than one million users by early 2025, making it the fourth-largest retail bank in Singapore by customer numbers.

GXS Bank group head of retail Jenn Ong said most Singaporeans already use Grab or Singtel in their daily lives, and the GXS credit card is designed to bring them greater value.

For instance, frequent Grab users can earn up to 10 per cent back in GrabCoins on any spend on the platform.

“The additional value they receive encourages further usage and deeper engagement with the services they already use, and value on Grab and Singtel,” Ong said, adding that the combined reach of Grab and Singtel in Singapore is more than 4.5 million customers.

Cashback also came up as a preferred form of reward among ecosystem customers when they are asked what they valued in a credit card, she said.

She added that tapping the Grab and Singtel ecosystems keeps customer acquisition costs close to zero . For example, t he bank can offer tailored sign-up perks like $8 off Grab rides or 25 per cent off new subscriptions on selected Gomo 5G+ plans for six months.

Ong said there have been strong sign-ups for the GXS credit card since its launch, with a third of sign-ups originating from the Grab app. More than three in four cardholders have also linked their card directly to their Grab app.

“ We are seeing the card become part of our customers’ everyday spending within our ecosystem. About 90 per cent of GXS credit-card holders have made a payment on Grab and/or Singtel using their card, ” she added.

This is not the first time digital banks have tapped their ecosystems to capture more customer spend.

In 2024, MariBank rolled out the Mari credit card, leveraging Sea’s wider digital ecosystem, including e-commerce platform Shopee. Among the benefits, cardholders earn 1.5 per cent in Shopee Coins on eligible Shopee spending, giving customers an incentive to use the card for purchases on the platform, while also reinforcing the link between Sea’s financial and e-commerce businesses.

MariBank head of consumer business Huo Haiyan said the bank stays committed to keeping its value proposition simple and clear despite increased competition.

It is also extending its current promotions – 1.5 per cent Shopee coins, 1.5 per cent cashback on overseas spend and promotional foreign exchange rates in seven countries – to the end of 2027.

“Our momentum isn’t driven by reacting to competitor tactics, but by staying committed to what modern consumers actually want: frictionless simplicity, instant rewards and zero hidden costs,” Huo said.

GL Insight director Zennon Kapron said becoming a customer’s main bank is the ultimate prize, with a card helping to embed the bank into customers’ daily spending habits.

“A savings account produces one login a month. A card produces 30 transactions, which is where the data and the habit come from,” he said.

Tengfu Li, vice-president for ratings at Moody’s Ratings, said that beyond diversifying revenue through interchange fees and interest on outstanding balances, cards can deepen customer relationships and support cross-selling.

“The non-cash rewards – such as GXS’ GrabCoins, MariBank’s Shopee Coins and Trust’s StockBack – can also boost engagement and reinforce customer habits within their respective ecosystems,” said Li.

Febrian, however, said he does not expect these launches to materially change or heighten competitive dynamics in the sector over the foreseeable future.

“Overall, we do not view the rewards being offered as materially different from those already available from incumbent banks,” he added.

Amid the battle for wallet share, digital banks are also managing the long-term sustainability of these rewards.

MariBank cut its standard Mari credit card cashback rate from 1.7 per cent to 1.5 per cent in January 2026 for local Singapore-dollar spending.

Some 90 per cent of new MariBank credit card customers in 2026 remain active six months after opening an account. PHOTO: MARIBANK

Some 90 per cent of new MariBank credit card customers in 2026 remain active six months after opening an account.

Huo said that the bank’s credit card proposition has evolved, and that the current structure is more sustainable while continuing to offer broad-based value to customers.

“For MariBank, it is not about having the most complicated rewards proposition. It is about giving customers value where they value it most, in a way we can sustain over the long term,” she said.

For example, following customer feedback that they value cashback on overseas spend, the bank simplified its proposition to offer a flat 1.5 per cent cashback on overseas spend, from the previous 1.5 per cent cashback with a 3 per cent foreign exchange fee. The foreign exchange fee has been removed since January.

MariBank’s customers appear to be engaged, with some 90 per cent of new credit card customers in 2026 remaining active six months after opening an account.

Meanwhile, Trust has gone further and published the date its introductory rate expires.

Trust’s introductory 3 per cent stockback rate on eligible local and overseas spending is available until Dec 31. From Jan 1, the rate will fall to 2 per cent for local eligible spend and 0.5 per cent for foreign eligible spend.

Sadhu said: “We have always been very transparent, and it has already been announced what the rates are going to be long-term. It’s clearly mentioned that it’s a promotional rate for the first four months of launch.”

Asked if he was concerned about a fall in usage after Dec 31, he said the 2 per cent stockback rate will continue to be an attractive proposition for the Freedom card.

The zero foreign transaction fees and the flexibility to choose among reward programmes are also distinct propositions to keep customers engaged, he added.

Sheila Chiang is a business correspondent at The Straits Times.

Banks and financial institutions

（从左顺时针方向）Maribank 消费业务主管霍海燕；GXS 银行集团零售主管 Jenn Ong 和首席执行官赖培思；Visa 集团国家经理 Adeline Kim；以及 Trust Bank 首席执行官 Dwaipayan Sadhu。

照片：AZMI ATHNI、GXS 银行、TRUST 银行

发布于 2026 年 9 月 9 日上午 10:00

更新于2026年9月9日上午11:20

新加坡数字银行正在推出具有独特奖励的新信用卡，以吸引存款以外的客户，目标是成为主要的消费卡。

Trust Bank 提供股票返还奖励，将客户的消费投资于美国股票或 ETF，鼓励新加坡年轻人进行小额投资。

GXS Bank 利用 Grab 和 Singtel 生态系统提供现金返还和优惠，加深用户参与度，同时保持较低的客户获取成本。

新加坡——新加坡的数字银行正在加剧争夺消费者钱包份额的竞争，它们在短短几天内相继推出新的信用卡，并依靠其生态系统来推动消费和客户获取。

Trust Bank 于 8 月 13 日在新加坡推出了首张股票返现信用卡，用户可以灵活选择股票奖励、无限现金返还和额外现金返还。

与此同时，GXS 银行于 8 月 17 日推出了新的返现卡，利用了 Grab 和 Singtel 的生态系统。

这一系列新卡的推出表明了一种更广泛的转变：数字银行不再满足于仅仅争夺客户的存款、投资和贷款——它们还希望成为客户消费时首选的信用卡。

分析师认为，这些新的信用卡产品是数字银行扩大其零售银行业务的更广泛战略的一部分——这是在新加坡开展零售业务的银行普遍采取的策略——奖励代表了必要的客户获取成本。

惠誉评级新加坡金融机构集团总监塔玛·费布里安表示，这些策略反映了数字银行努力利用各自的生态系统来瞄准特定的客户群体。

新加坡信托银行首席执行官德瓦帕扬·萨杜指出，投资在新加坡正逐渐兴起，尤其是在年轻投资者群体中。然而，许多人仍持观望态度，尚未进行首次投资。

信托基金在 2026 年 5 月和 6 月对 1050 名 18 至 40 岁的新加坡居民进行了一项调查，结果发现约有一半人没有进行投资，主要原因是缺乏信心，不知道从哪里开始。

Sadhu告诉《海峡时报》：“养成日常消费进行小额投资的习惯，将有助于客户随着时间的推移建立投资信心。”

使用 Trust Freedom 卡，顾客每消费一美元即可获得股票返利奖励。

当客户的累计奖励达到 10 美元时，这笔金额将自动投资于他们选择的美国股票或交易所交易基金 (ETF)。客户可以从精选的 50 只股票和 ETF 列表中进行选择，并可在下次投资交易前随时通过 Trust Bank 应用程序更改选择。

Trust计划在10月份推出航空里程奖励计划。届时，客户可以选择现金返还、股票返还或航空里程奖励。

自 Freedom 卡推出以来，该银行的信用卡注册总量增长超过 100%。

萨杜表示，Trust卡，包括专为在NTUC和Linkpoints生态系统内赚取奖励而设计的Trust Link信用卡，每月使用次数超过25次。这表明Trust卡是一张日常使用的信用卡。

自3月份实现净盈利以来，Trust银行已连续四个月保持盈利。到2025年初，其用户数量预计将超过100万，使其成为新加坡客户数量第四大的零售银行。

GXS 银行集团零售主管 Jenn Ong 表示，大多数新加坡人在日常生活中已经使用 Grab 或 Singtel，GXS 信用卡旨在为他们带来更大的价值。

例如，经常使用 Grab 的用户在平台上消费任何金额，均可获得高达 10% 的 GrabCoins 返利。

Ong表示：“他们获得的额外价值鼓励他们进一步使用并更深入地参与他们已经使用的服务，以及Grab和Singtel的价值。”他还补充说，Grab和Singtel在新加坡的合并用户超过450万。

她表示，在被问及他们最看重信用卡的什么时，返现也是生态系统客户最喜欢的奖励形式之一。

她补充说，利用Grab和Singtel的生态系统，可以将获客成本降至接近于零。例如，该银行可以提供定制化的注册优惠，例如Grab乘车立减8新元，或指定Gomo 5G+套餐新用户订阅六个月可享25%折扣。

Ong表示，GXS信用卡自推出以来申请人数众多，其中三分之一的申请人来自Grab应用程序。超过四分之三的持卡人已将信用卡直接绑定到Grab应用程序。

她补充说：“我们看到这张卡正在成为我们客户在我们生态系统内日常消费的一部分。大约90%的GXS信用卡持卡人都曾使用他们的卡在Grab和/或Singtel上进行过支付。”

这并非数字银行首次利用其生态系统来获取更多客户消费。

2024年，MariBank推出了Mari信用卡，充分利用了Sea集团广泛的数字生态系统，包括电商平台Shopee。持卡人可享受诸多优惠，例如在Shopee平台消费可获得1.5%的Shopee币返利，这不仅鼓励客户使用该卡在Shopee平台购物，也进一步加强了Sea集团金融业务与电商业务之间的联系。

MariBank消费者业务负责人霍海燕表示，尽管竞争日益激烈，但该行仍致力于保持其价值主张的简洁明了。

Shopee 还将目前的促销活动（1.5% Shopee 金币、1.5% 海外消费返现以及七个国家的优惠外汇汇率）延长至 2027 年底。

霍表示：“我们的发展势头并非源于对竞争对手策略的应对，而是源于我们始终致力于满足现代消费者的真正需求：便捷无阻的体验、即时的回报和零隐藏成本。”

GL Insight 总监 Zennon Kapron 表示，成为客户的主要银行是最终目标，而银行卡有助于将银行融入客户的日常消费习惯中。

他说：“储蓄账户每月只产生一次登录，而银行卡每月产生30笔交易，数据和消费习惯都来源于此。”

穆迪评级公司评级副总裁李腾福表示，除了通过交换费和未偿余额利息实现收入多元化外，信用卡还可以加深客户关系并支持交叉销售。

李表示：“非现金奖励——例如 GXS 的 GrabCoins、MariBank 的 Shopee Coins 和 Trust 的 StockBack——也可以提高用户参与度，并在各自的生态系统中强化客户习惯。”

然而，费布里安表示，他预计这些新品发布不会在可预见的未来实质性地改变或加剧该行业的竞争格局。

他补充说：“总的来说，我们认为这些奖励与现有银行提供的奖励并没有实质性的不同。”

在争夺用户钱包份额的激烈竞争中，数字银行也在努力确保这些奖励机制的长期可持续性。

MariBank 将其标准 Mari 信用卡现金返还率从 1.7% 下调至 1.5%，适用于 2026 年 1 月新加坡元本地消费。

预计到2026年，MariBank新开卡客户中约有90%在开卡六个月后仍保持活跃状态​​。图片来源：MariBank

2026 年，MariBank 新信用卡客户中约有 90% 在开户六个月后仍保持活跃。

霍表示，该银行的信用卡产品已经发展演变，目前的结构更具可持续性，同时继续为客户提供广泛的价值。

“对MariBank来说，关键不在于拥有最复杂的奖励方案，而在于以我们能够长期持续的方式，在客户最看重的地方为他们提供价值，”她说道。

例如，根据客户反馈，他们重视海外消费返现，该银行简化了返现方案，将之前的1.5%返现加3%外汇手续费改为统一的1.5%返现。外汇手续费已于1月份取消。

MariBank 的客户似乎很活跃，预计到 2026 年，约有 90% 的新信用卡客户在开户六个月后仍保持活跃。

与此同时，Trust银行更进一步，公布了其优惠利率到期的日期。

Trust 针对符合条件的本地和海外消费推出的 3% 优惠返现率活动持续至 12 月 31 日。从 1 月 1 日起，本地符合条件的消费返现率将降至 2%，海外符合条件的消费返现率将降至 0.5%。

萨杜说：“我们一直都非常透明，长期价格也已经公布了。而且，我们也明确说明，这是推出后的前四个月的促销价格。”

当被问及是否担心 12 月 31 日之后使用量会下降时，他表示 2% 的返现率对于 Freedom 卡来说仍将是一个有吸引力的方案。

他还补充说，零境外交易手续费和灵活的奖励计划选择也是吸引客户的独特卖点。

Sheila Chiang是《海峡时报》的商业记者。

银行和金融机构