Saxo partners with Trust Bank to launch fractional trading of US stocks and ETFs in Singapore

§ 01 Executive Snapshot

• What: Trust Bank launches fractional trading for US stocks and ETFs in Singapore.
• Who: Trust Bank, Saxo Singapore, Dwaipayan Sadhu (CEO of Trust Bank), Mahesh Sethuraman (Singapore CEO of Saxo).
• Why it matters: This initiative represents a significant advancement in investment accessibility, catering to growing demand for low-cost entry into global markets.

§ 02 Key Developments

• Trust Bank is the first banking app in Singapore to offer fractional trading directly within its consumer banking platform.
• The new service allows investments starting from US$10 in over 7,000 US-listed stocks and ETFs.
• Approximately 10,000 users opened trading accounts since the waitlist admissions began in November 2025, with 45% opting for fractional shares.

§ 03 Strategic Context

• The launch aligns with a broader trend of increasing demand for simplified and lower-cost access to investing in global markets.
• Trust Bank's partnership with Saxo Singapore reflects a shift towards integrating banking and investing functionalities in consumer apps.

§ 04 Strategic Implications

• Immediate implications include enhanced competitive positioning for Trust Bank in the fintech landscape, particularly in investment services.
• Long-term, this could lead to broader adoption of fractional investing, potentially changing how retail investors engage with high-value US equities.

§ 05 Risks & Constraints

• Potential risks include regulatory scrutiny related to the promotion of investment products and the inherent risks of investing, which are not covered by Singapore’s Deposit Insurance Scheme.
• Competition from other fintech platforms and traditional brokers that may also introduce similar features can impact user acquisition.

§ 06 Watchlist / Forward Signals

• The promotional offer of zero commission on trades until 30 June 2026 and the free fractional stock incentive will be crucial in gauging initial customer engagement.
• Monitoring user growth and trading activity over the next quarters will signal the long-term viability of fractional trading adoption in Singapore.