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

§ 01 Executive Snapshot

• What: Trust Bank has launched fractional trading for US stocks and ETFs within its app in Singapore.
• Who: Trust Bank, Saxo Singapore.
• Why it matters: This initiative simplifies access to global markets for investors, reflecting a trend towards lower-cost investment options.

§ 02 Key Developments

• Trust Bank's fractional trading allows investments starting from US$10, providing access to over 7,000 US-listed stocks and ETFs.
• Since the waitlist opened in November 2025, 10,000 users have opened trading accounts, with 45% opting for fractional shares.
• The bank offers zero commission on trades until 30 June 2026, with no custody, platform, or settlement fees.

§ 03 Strategic Context

• The launch reflects a growing demand in Singapore for simpler investment solutions that cater to retail investors.
• This move aligns with global trends of democratizing access to financial markets through technology and innovative banking solutions.

§ 04 Strategic Implications

• Immediate consequences include increased user engagement and potential market share for Trust Bank in the competitive retail banking sector.
• Long-term implications may involve changing the landscape of investment accessibility and consumer behavior in financial markets.

§ 05 Risks & Constraints

• Potential risks include regulatory scrutiny regarding fractional trading and investment products in Singapore.
• Competition from other banks and fintech firms that may offer similar or enhanced investment features could impact adoption rates.

§ 06 Watchlist / Forward Signals

• Key milestones to watch include the uptake of the zero-commission offer and user adoption rates through 2026.
• Future developments such as new features or investment products launched by Trust Bank or competitors will signal the direction of this initiative's success.