As your business grows with you, it’s essential to upgrade your tools, resources and systems to serve your customers better and function more efficiently as a company. This could include making changes like shifting to a larger space, replacing manual data entry with the use of accounting software, and even moving from a personal account to a business one.
With the rise of entrepreneurs and small businesses in recent years, various banks in Singapore have created business banking solutions specifically made for SME founders.
Let’s explore some of the best SME banks in Singapore to help you find the right one for you and your business!
With operations across 18 markets, DBS is one of Singapore’s leading financial services providers offering a range of personal banking and financial planning products like deposits, personal loans, investments, insurance, and refinancing. Along with that, it also has a separate corporate arm dedicated solely to SME Banking.
As a regional leader in SME Banking in Singapore and Asia for more than four decades, DBS has tailor-made solutions for founders in the SME space including some of their most common offerings like the Business Digital Account and Corporate Multi-Currency Account. Regardless of which sector you’re in, whether it’s healthcare, logistics, or food and beverage, DBS can help you run your business with ease.
Best products for SMEs: DBS SME Digipay!, DBS MAX, and Business Digital Account,
Pro Tip: Did you know that you can open a DBS business account entirely online? Find out which online business accounts are best for SMEs here.
For many years, OCBC has supported small companies across the different stages of their business growth through bespoke banking solutions. Their product offerings for SMEs include digital business banking, trade financing, and green loans.
Just last year, OCBC Bank launched the SME Sustainable Finance Framework, which is an extension of their sustainable financing offerings to SME clients that can help them expand their ecological footprint. It provides funding to businesses in sectors such as renewable energy, clean transportation, sustainable water and waste management, and the likes. As the first of its kind in the industry, OCBC is paving the way for more sustainable SME banking solutions in the industry.
Best products for SMEs: Business Growth Account, SME Working Capital Loan, OCBC Velocity, Go Digital
Pro Tip: The OCBC Business Growth Account is one of the few business accounts in Singapore with no initial deposit and transaction fees. Find out how it compares to the Aspire Business Account here.
Apart from their commercial and global banking services, MayBank also provides comprehensive banking solutions for SMEs in Singapore and beyond. For over 50 years, they are one of the pioneers in SME banking in the country and have made countless contributions to help this underserved sector grow their business banking solutions.
This has won them several accolades including the ‘Highly Acclaimed - Excellence in SME Banking’ award at the 2019 Global Retail Banking Innovation Awards and ‘Winner – Excellence in SME Banking’ award at the 2020 Global Retail Banking Innovation Award.
Best products for SMEs: SME Start Digital Programme, BizMortgage Plus
Pro Tip: Maybank users can gain access to attractive incentives such as rebates and competitive interest rates. Find out which business accounts issue these rewards in this article.
Just like its counterparts, UOB is no stranger to the SME banking space. Just last year, they were named as the Best SME Bank in Singapore and Asia at the 2020 International Excellence in Retail Financial Services Awards—one of the many accolades proving their efforts in helping small companies through comprehensive business banking.
Their holistic suite of banking solutions includes business accounts, property loans, investments and accounting and integrations. To further equip small business owners with the necessary skills to move forward with digitisation, they also provide business management and digital expertise through its collaboration with Google on the SME Leadership Academy—a feature unique to UOB that many local banks lack. Regardless of the nature of your business, you’ll be able to find the most ideal banking solutions customised for you.
Best products for SMEs: eBusiness Account, BizTransact Account, Global Currency Account, UOB Infinity, and SME Go Digital Programme
Pro Tip: Corporate clients can utilise UOB’s latest digital banking platform, UOB Infinity for a variety of domestic and cross-border banking activities. Find out how to get started here.
Apart from the banking choices shown above, SMEs can also consider Aspire, a payment services company that offers a Business Account along with a suite of digital products. Since its inception, Aspire has helped modern businesses with its all in one Finance Operating Platform. With over 10,000 clients from Singapore, Southeast Asia, and beyond, their niche yet extensive product offerings have helped small companies grow through a range of digital solutions.
Within the Aspire Business Account, users can gain access to a plethora of unique features such as low FX fees, smart integrations, expense management, and cashback rewards—all of which can help grow their business tremendously.
Best products for SMEs: Aspire Business Account, Corporate Card, Credit Line
Pro tip: Aspire users can receive 1% cashback for all qualified marketing and SaaS spend. Click here to learn how to earn these rewards.
Having witnessed the lack of solutions catered towards underserved sectors firsthand, especially in SMEs, Aspire has devised a solution that caters to this new generation of digitally-savvy business owners. By serving clients across all sectors through seamless digital solutions, business solutions for SMEs has never been simpler.