Best business bank account in Singapore (2025)
The Digital Banking Revolution
I have been following up with digital banking closely since 2019. Then they were still fighting among each other who can get the Digital full bank vs Digital wholesale bank. A total of 21 applicant applied and MAS shortlisted 14 for next round.
Singapore’s central bank, the Monetary Authority of Singapore (MAS), initiated the digital bank licensing process with application rounds closing at the end of 2019. The MAS received 21 applications and subsequently shortlisted 14 for detailed assessment, which included virtual presentations and evaluation of business models, technological innovation, and financial sustainability.
By end 2020, MAS only awarded 4 digital bank licenses: 2 digital full bank licences + 2 digital wholesale bank licenses. By Sep 2021, the fifth bank by Standard Chartered & Fairprice joined in the last digital bank license make it a total of 5.
MAS is currently not granting new licences.
Top Digital Banks in Singapore
| GXS Bank | Grab & Singtel | Digital Full Bank | Individual, Soloprenuer | Aug 2022 |
| MariBank | Sea limited | Digital Full Bank | Individual, E-commerce business | Mar 2023 |
| ANEXT Bank | Ant Financial | Wholesale Bank | Jun 2022 | |
| Greenlink Digital Bank | Greenland & Linklogis | Digital Wholesal Bank | Jun 2022 | |
| Trust Bank | SCB & Fairprice | Full Bank License | Individual | Sep 2022 |
Key differences in digital banking license in Singapore
MAS only issue 2 types of digital bank licenses.
- Digital Full Banks (DFBs) : GXS and MariBank can serve both retail and business customers., while
- Digital Wholesale Banks (DWBs) ANEXT and Green Link Digital Bank (GLDB) serve SMEs/corporates only.
All digital banks in Singapore operate under one of these two licences.
However, Trust Bank, while operating entirely online, holds a full bank licence rather than a digital-specific one.
Digital Banks in Singapore: Application timeline
If you are considering applying for or engaging with digital banks in Singapore, understanding this phased timeline and regulatory framework can help set expectations for rollout and operational milestones.
- Application submission deadline: End of 2019
- Licenses awarded: Mid-2020
- Expected start of operations: Within 12 months post in-principle approval (around 2021 onwards)
- Restricted DFB transition phase: 3 to 5 years before becoming full-functioning DFB
- Ongoing regulatory reviews: Throughout transition to ensure stability and compliance
Detailed Comparison of Digital Banks
GXS Bank (Grab × Singtel)
GXS is the Grab–Singtel digital bank. It’s a digital full-bank (retail + business) with strong consumer-brand reach via Grab and Singtel channels and frequent product updates tied to Grab app / telco ecosystem. GXS has expanded into digital investment products (GXS Invest) and introduced novel card/loan models.
Target audience : Business (GXS Biz) accounts and small-business lending products targeted primarily at sole-proprietors and micro-businesses that want fast digital onboarding tied to the Grab/Singtel customer base.
GXS FlexiCard : an interest-free, fee-based credit card concept (flat fees instead of revolving interest) and low-friction credit access inside the app. This is an unusual product design that appeals to customers who prefer predictable fees over variable interest.
MariBank (Sea Group / Shopee)
MariBank is Sea Group’s Singapore digital bank (part of the Sea / Shopee ecosystem). It targets both retail customers (Shopee shoppers) and SMEs (sellers) with a digital-first experience, plus in-app investment features (Mari Invest) and a Mari Credit Card launched for consumers.
Target audience : Shopee/Sea ecosystem consumers and small merchants who want quick digital onboarding and integration to a large e-commerce ecosystem.
Mari Invest : Simple investment access and instant cash-out for certain funds and selected users, making it easy for retail customers and seller-profiles to park funds and earn yield inside the Mari app. This is attractive to e-commerce sellers who want simple savings and investment in one place.
ANEXT Bank (Ant Group)
ANEXT was launched by Ant Group as a Digital Wholesale Bank (DWB) focused on SMEs. It emphasises digital onboarding, SME lending, and cross-border / e-commerce capabilities — often partnering with trade networks and fintech players (e.g. Proxtera; open global digital ecosystem). ANEXT has received significant capital backing from Ant Group.
Target audience : Micro, small and medium enterprises (MSMEs), especially e-commerce sellers and businesses that need digital cross-border payments, trade support and SME credit.
Embedded SME credit : ANEXT’s combination of low friction onboarding (Corppass support) and SME-first credit lines (with no/minimum initial deposit) stands out for small companies that want to get running fast and access embedded lending.
Green Link Digital Bank (GLDB)
Green Link Digital Bank (GLDB) is a Digital Wholesale Bank with backing from groups with China-linked trade & property expertise. GLDB focuses heavily on trade, supply-chain finance and receivables/payables for SMEs engaged in regional trade (SGD/USD multi-currency capabilities). GLDB uses modern core banking platforms and positions itself for trade-finance customers.
Target audience : SMEs involved in trade with China/Asia, importers/exporters, and businesses needing receivables / payables financing or multi-currency deposit accounts.
Receivables / Supply-chain / Trade finance : GLDB’s depth in payables & receivables financing (plus multi-currency accounts and fixed-deposit tenors) positions it as a specialist for trading companies that need working capital tied to international flows.
Trust Bank (Standard Chartered × FairPrice Group)
Trust is the digitally-native retail bank formed in partnership between Standard Chartered (banking backbone) and FairPrice / NTUC (strong retail/loyalty ecosystem). It launched as a consumer-focused digital bank and heavily integrates FairPrice/Link rewards and grocery/household savings perks.
Target audience : Everyday consumers, families, and shoppers who want rewards and grocery savings (NTUC / FairPrice ecosystem).
Trust Personal Loan & NTUC rewards : High-yield savings structures (tiered/bonus criteria), cashback/Link reward credit cards, instant consumer loans, and low-fee retail banking features. Trust is clearly positioned as a retail bank rather than a corporate banking provider.
Corporate Accounts and Loans: What SMEs Must Prepare
- Confirm your entity type (Sole prop vs Pte. Ltd.) and whether the bank supports it. (Some banks favour sole-props; others support full corporate entities.)
- Prepare digital access tools: Singpass for owner/director personal verification (common for Mari, GXS, others); CorpPass for company signatory verification (ANEXT, often needed for Pte. Ltd.).
- Have ACRA / UEN details ready, recent bank statements, invoices or receipts showing business activity, and IDs of directors/UBOs. For trade finance, prepare invoices/POs and contracts.
- Decide priorities: fast onboarding vs specialised product (trade finance vs embedded e-commerce rails). Pick ANEXT/GLDB for SME needs and Mari/GXS for ecosystem retail and SME convenience. Trust is best for retail/employee benefits.
How to Choose the Right Digital Bank
Fast, simple business onboarding (SME/sole-prop): ANEXT. Good for e-commerce sellers and MSMEs seeking quick accounts and SME credit.
Trade finance / multi-currency treasury / supply-chain: Green Link Digital Bank (GLDB). Best if you have import/export flows and need receivables/payables financing.
Ecommerce / Shopee sellers & retail-ecosystem convenience: MariBank. Good if you want Shopee/Sea integration and quick Singpass onboarding.
Micro sole-proprietor tied to consumer channels: GXS Biz (Grab/Singtel ecosystem); good for solo founders who want app-first banking and consumer products.
Retail / personal banking (not corporate treasury): Trust Bank great for staff personal banking, founder personal accounts, and grocery-loyalty integration, but not a corporate banking provider.
Beyond Singapore: Revolut for Global Business
Aspire is a fintech-first, digital business account solution designed for startups and SMEs. Its offering includes:
- Multi-currency accounts (SGD, USD, EUR, GBP, and support to send/receive in 30+ currencies) : all with no monthly fees, no minimum balance, and zero upfront deposit.
- Corporate Virtual & Physical Cards : unlimited issuance, with 1% cashback on SaaS and digital marketing spend. Integration with Xero, QuickBooks, and expense tracking in real time.
- Expense management & AP automation : smart categorization, receipt capture, batch vendor payments, and real-time dashboards.
- Fast, fully digital onboarding : apply online in under 5–10 minutes; often approved within 24–48 hours.
- Competitive FX & transfers : mid-market rates via Wise, with transparent, low-cost international transactions and free local transfers.
- Credit line access : revolving working capital up to S$300,000, low interest (1–3.9%/month), minimal requirements.
| Feature / Bank | GXS (Grab-Singtel) | Trust Bank (SC × FairPrice) | MariBank (Sea / Shopee) | ANEXT (Ant Group) | GLDB | Aspire |
|---|---|---|---|---|---|---|
| Licence / Type | Digital Full Bank (retail + micro SME) | Digital Full Bank (retail) | Digital Full Bank (retail + SME) | Digital Wholesale (SME-only) | Digital Wholesale (trade-focused) | Fintech platform (non-bank) |
| Target Audience | Consumers, gig workers, micro-business | Retail / families / shoppers | Shopee users + SMEs | SMEs, e-commerce sellers | Trading SMEs/import-export | Startups & SMEs (flexible) |
| Business Account Onboarding | Digital via app, eligibility for sole-props | Not offered | Digital via Singpass & ACRA | Digital via Corppass & ACRA | Digital with KYC trade focus | Online, minutes, flexible docs |
| Standout Product | FlexiCard (flat-fee vs interest) | Link-rewards Credit Card | Mari Invest (in-app investing) | SME account + embedded lending | Trade/receivables financing | Multi-currency + expense tools |
| FX & Multi-Currency | Limited (primarily SGD) | SGD only | SGD only | SGD only or few currencies | Multi-currency (business) | 30+ currencies, Wise rates |
| Corporate Cards | Not for business | Retail card only | Mari Credit Card (retail) | Virtual business card | — | Unlimited virtual & physical cards |
| Automation / Integrations | Basic app features | Retail banking tools | Shopee integration | Business tools focus | Trade finance systems | Expense tracking, Xero, AP automation |
| Credit / Loans Facility | Personal/reno loans (retail) | Personal loans (retail) | Loans (selected users) | SME credit lines | Receivables/term loans | Revolving credit line (≤ S\$300k) |
| Fees & Accessibility | App-based, ecosystem-linked | Retail, family-focused | E-commerce synergy | Micro-SME focused | Trade-focused SME offering | No fees, no minimum balance |
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Conclusion
So thats the wrap up of 5 digital banks and Aspire account for SME business needs. If you also need to get your website set up for free. Please click here to find out more.