Comparing the best SME banking solutions in Singapore in 2026

Why SMEs need dedicated banking

Before diving into specific providers, it's worth understanding what sets SME banking apart from personal accounts.

Small and medium enterprises have distinct banking requirements that differ from personal banking needs. SME-specific accounts typically offer features tailored to business operations, including:

• Multi-currency capabilities for international trade and payments
• Cash flow management tools and working capital solutions
• Digital integration with accounting and payment systems
• Trade financing and business loan facilities
• Corporate card programmes for expense management

These features support operational efficiency and help businesses manage finances more effectively as they scale.

How this comparison works and what SMEs should evaluate

This comparison reviews SME banking and financial platform options in Singapore across fees, accessibility, digital capabilities, and SME-focused features. All information is current as of February 2026 and should be verified directly with providers, as pricing, eligibility, and service terms may change.

The purpose is to present a factual, non-promotional comparison, enabling businesses to assess options based on their operational and financial needs rather than a one-size-fits-all approach.

Before selecting a banking or financial platform, SMEs should evaluate the following key factors:

• Fees and minimum balance requirements
  Understand total monthly costs, including maintenance and transaction fees, and assess whether minimum balance requirements are practical for your cash flow.
• Foreign exchange and cross-border transactions
  Businesses with international exposure should compare FX rates and charges, as small pricing differences can have a meaningful impact over time.
• Digital capabilities and integrations
  Consider how well the platform integrates with accounting, payroll, and payment systems. Strong automation can reduce manual work and improve financial visibility.
• Credit and financing needs
  Assess current and future requirements for loans, overdrafts, or trade facilities, which are typically offered by licensed banks rather than digital-only platforms.
• Support and service model
  Decide whether a digital-first support experience is sufficient or if access to relationship managers and in-person assistance is important for your business.

Leading traditional banks and what they offer businesses in 2026

This table compares key features across providers.

*Aspire is a non-banking platform

SME banking with DBS

DBS operates as a full-service traditional bank with operations across 18 markets. The bank provides business banking services for SMEs, including digital accounts and multi-currency solutions.

DBS account types and fees

DBS offers several multi-currency account options for businesses:

• Corporate Multi-Currency Account: SGD $40 annual account fee, SGD $40 monthly service fee, waived with SGD $10,000 minimum daily balance
• Business Multi-Currency Account: SGD $50 annual account fee, SGD $40 monthly service fee, waived with SGD $10,000 minimum daily balance
• Business Multi-Currency Account Starter: SGD $10 monthly fee and no service charge

Note: Fees and requirements listed are as of February 2026. Verify current details with DBS directly.

Commonly used SME products from DBS

Beyond basic accounts, these products are frequently used by SME clients.

• DBS SME Digipay!
• DBS MAX
• Business Digital Account

SME banking with OCBC

OCBC provides business banking solutions for SMEs, including digital banking, trade financing, and sustainability-focused lending options. The bank offers green loan facilities through its SME Sustainable Finance Framework for businesses in sectors such as renewable energy, clean transportation, and sustainable resource management.

OCBC Business Growth Account

The OCBC Business Growth Account serves as the comprehensive business account solution for startups or new businesses:

• Minimum opening balance: SGD $1,000
• Monthly account fee: SGD $10 (waived for first 2 months)
• SGD $15 monthly fee applies if average balance falls below SGD $1,000
• Free 80 GIRO and FAST payments per month

Business Entrepreneur Account Plus

Designed for growing and established businesses, this account carries no monthly account fee.

• Minimum deposit: SGD $30,000
• Minimum balance: SGD $30,000
• SGD $50 per month if the monthly average balance falls below SGD $30,000
• Monthly account fee: None

Commonly used SME products from OCBC

These are the products that SMEs typically access alongside their accounts.

• Business Growth Account
• SME Working Capital Loan
• OCBC Velocity
• Go Digital

SME banking with Maybank

Maybank provides SME banking solutions with a focus on cost-conscious options for businesses. The bank offers various account types suited to different business stages and transaction volumes.

Maybank account types

Maybank offers two primary account options, each designed for different business profiles.

FlexiBiz Account:

• Suitable for startups and emerging businesses
• Zero monthly fees
• Minimum deposit: SGD $1,000
• Free business internet banking
• FAST transfers at SGD $0.50 per transaction

PremierBiz Account:

• Designed for established businesses with higher transaction volumes
• Minimum deposit: SGD $1,000
• Transaction rebates available
• Potential annual savings of over SGD $1,000 on FAST and GIRO fees

Maybank also offers Current Account-i (Shariah-compliant) and Singapore Dollar Current Account (non-interest bearing), both requiring SGD $1,000 minimum deposit.

Popular products among SMEs

Beyond accounts, these products see regular use by Maybank's SME customers.

• SME Start Digital Programme
• BizMortgage Plus

SME banking with UOB

UOB offers SME banking solutions with a digital ecosystem and business management resources. The bank provides various account types suited to different business scales and transaction requirements.

UOB account types and balance thresholds

Understanding the balance requirements is crucial when evaluating UOB's options.

eBusiness Account:

• SGD $1,000 minimum initial deposit 
• SGD $5000 minimum daily balance requirement 
• SGD $35 annual account fee
• Free outgoing FAST/PayNow FAST transactions
• Free GIRO payment, collection, and payroll transactions
• Potential savings of over SGD $500 annually on transaction fees

BizTransact Account:

• SGD $1,000 minimum initial deposit 
• SGD $50,000 minimum daily balance requirement 
• SGD $35 annual account fee
• 300 free outgoing FAST/PayNow transactions per month
• 300 free GIRO payment and collection transactions per month
• Potential savings of over SGD $2,500 annually on transaction fees

Corporate Current Account:

• SGD $1,000 minimum initial deposit 
• SGD $10,000 minimum daily balance requirement 
• SGD $35 annual account fee
• Includes a corporate ATM card with NETS support for payments and cash withdrawals at UOB ATMs islandwide
• Manage your account on the go using UOB Infinity or the UOB SME App, with real-time alerts via UOB eAlerts

Corporate Global Currency Account

• Multi-currency account for managing foreign currency payments
• Daily interest on selected currency balances
• Minimum balance varies by currency (e.g., USD 8,000 daily average for USD account)

The Shift in SME Banking: From Accounts to Financial Control

While most SME banking providers now offer digital access, the real shift in recent years is not just digitisation; it is integration. Businesses today need visibility over spending, expenses, and cash flow alongside their bank account. This is where newer financial platforms are expanding beyond traditional banking functions into end-to-end financial operations. Fintech platforms like Aspire reflect this shift by combining business accounts with tools such as expense management, multi-currency capabilities, and spend controls. These are features that go beyond what many standard SME bank accounts were originally designed to handle.

Aspire Business Account features overview

Here's what Aspire includes in its platform without the typical banking fees.

• No monthly fees or minimum balance requirements
• Multi-currency support with competitive FX rates
• Corporate card programme with spending controls
• Earn returns in USD and SGD with no lock-ins with Yield
• Expense management and automation tools
• Integration with accounting software (Xero, QuickBooks, etc.)
• 1% cashback on qualified marketing and SaaS spending

Aspire pricing and limitations

Aspire offers a no-fee Basic account, while users can access additional benefits with the Premium plan for a monthly fee of SGD $15. With the Premium plan, users receive all the benefits of the Basic plan, plus:

• 5 free outbound international transfers per month
• Cheaper FX fees on up to SGD $13,000 per month
• Higher Yield returns in USD and SGD

However, it’s also important to note that Aspire operates as a fintech provider, not a licensed bank. Key limitations include:

• Doesn’t provide traditional banking services such as business loans, overdraft facilities, or trade financing
• Physical branch access not available

Businesses requiring comprehensive banking relationships, including credit facilities or insurance, may need to consider traditional bank options alongside or instead of digital alternatives.

Traditional banks vs fintech (non-banking)  platforms 

Understanding the fundamental differences between traditional banks and digital platforms helps in choosing the right fit:

Traditional banks offer:

• Full banking licences backed by strong regulatory oversight under MAS
• Credit facilities such as business loans, overdrafts, and trade financing
• Physical branch networks for cash handling and face-to-face support
• Relationship managers for mid-sized and larger business accounts
• Long-established track records and institutional stability

Fintech (non-banking)  platforms offer:

• Lower or zero account fees with minimal balance requirements
• Faster onboarding and approvals, often fully digital
• Modern, intuitive platforms with automation and accounting integrations
• Competitive foreign exchange rates for cross-border transactions
• Built-in tools such as expense management, spend controls, and corporate cards

The choice depends on your business model, transaction types, credit requirements, and operational preferences. Many businesses use both traditional banks and digital platforms to leverage the strengths of each.

Conclusion

There is no single best SME bank for every business. Traditional banks remain important for credit facilities, trade finance, and in-person support, while digital platforms offer efficiency, automation, and lower costs for daily operations.

Many SMEs benefit from using both, applying each where it adds the most value. Reviewing your recent banking activity and future needs can help you choose banking partners that support growth without unnecessary complexity or cost.