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Here we present experimental evidence of the pseudo-doublet ground state of the non-Kramers compound SrTm2O4, based on specific heat, magnetic entropy and electron paramagnetic resonance. We demonstrate that the two crystallographic Tm3+ sites give rise to distinct single-ion anisotropies, and by extension, SrTm2O4 hosts two magnetic sublattices. Inelastic neutron scattering reveals low-lying dispersing crystal-field excitations, which we modelled using an effective charge model and mean field random phase approximation. The extracted magnetic exchange interactions are both antiferromagnetic and frustrated for both chains. Interchain magnetic exchange interactions are negligible. The strength of the magnetic exchange interactions in relation to the size of crystal field gaps, together with the frustration and low dimensionality, force the system to remain paramagnetic down to the lowest experimentally reachable temperature despite the pseudo-doublet nature of its ground state.