Top MAS-approved digital banks in Singapore in 2026: Types, features, limitations, alternatives and comparison

Understanding digital banks in Singapore

Digital banks are changing how we handle money, and Singapore is leading the charge in this shift.

So, what's a digital bank? It's a bank that works entirely online, no physical branches, no in-person visits.  Everything from account setup to money transfers happens through your phone, iPad or computer with just an internet connection.

The advantage is that it's incredibly straightforward and convenient. You can manage your finances at anytime, anywhere. Whether it's checking your balance, paying bills, or starting a savings plan, all with just a few clicks.

Because they operate online, digital banks often have lower fees than traditional banks. They use technologies like Artificial Intelligence and blockchain for faster, smarter, secure services.

In Singapore, digital banking is evolving rapidly, offering tailored services that are perfect for individuals and businesses alike.

Digital bank licences in Singapore

The Monetary Authority of Singapore (MAS) issues two main types of digital bank licences: Digital Full Banks (DFBs) and Digital Wholesale Banks (DWBs). 

What are digital full banks(DFB)?

Digital Full Banks provide comprehensive banking services to both individuals and businesses—from business accounts and loans to savings products. So, if you're looking to streamline your personal and business finances under one roof, these digital banks can serve you directly.

What are digital wholesale banks (DWB)?

Digital Wholesale Banks cater specifically to small to medium businesses with corporate accounts, business loans, and cash flow management tools. Unlike Digital Full Banks, they don't serve individuals but focus on giving businesses specialised, cost-effective solutions.

Why do digital bank licences matter to you?

MAS introduced these licences to shake things up in banking, encouraging innovation and competition. For business owners, this is a big win. It means more digital-first banking options designed to help you manage your finances smoothly and efficiently.

Digital banks are regulated like traditional banks, so you get cutting-edge solutions without compromising security or reliability. That's basically win-win!

What does this mean for your business?

As of 2026, MAS is not issuing new digital bank licences, which means the current five licensed digital banks are setting the pace in the industry. For your business, licensed digital banks offer:

• Lower costs: Reduced fees for account maintenance and transactions
• Faster processing: Quicker account setup and transaction clearing
•  Better access: 24/7 banking through mobile and web platforms
•  Specialised tools: Business-focused features like expense tracking and multi-currency support

Understanding how these digital banks can work for you could unlock a host of opportunities to save time, reduce costs, and manage your finances more efficiently. 

Are digital banks safe for your business?

Safety is always a top priority when choosing a banking partner, and with any Singapore digital bank, you can have peace of mind. Here's why:

Digital Full Banks are part of the Singapore Deposit Insurance Corporation's (SDIC) Deposit Insurance Scheme. This means your deposits are insured up to SGD $100,000 per depositor. In other words, your money is just as protected as it would be with traditional banks.

For your business, this adds an extra layer of security. Whether you're managing cash flow, making payments, or setting aside funds for future growth, digital banks can provide a secure space for your finances.

Note: Digital Wholesale Banks may not be SDIC members. Check with your bank about deposit protection coverage. Foreign currency deposits and investment products are not covered by SDIC.

Comparison of MAS approved digital banks in Singapore (2026)

Note: Interest rates and loan rates are indicative as of January 2026 and subject to change. Verify current rates with individual banks before making decisions.

Why digital banking in 2026 is a smart move for business owners in Singapore 

As a business owner in Singapore, staying on top of your finances is crucial to staying competitive. Digital banking gives you a modern, cost-effective way to manage your money. Here's how it can help your business:

Cost-effective solutions

Without physical branches, digital banks maintain lower operational costs and pass these savings to you through reduced fees. Many digital banks offer:

• Zero or minimal account opening and maintenance fees
• Lower transaction fees for domestic and international transfers
• Competitive foreign exchange rates for multi-currency transactions
• No minimum balance requirements or lower thresholds

Tailored for businesses

Digital banks, particularly Digital Wholesale Banks, design services specifically for SME needs:

• Multi-currency accounts for international operations
• Corporate cards with expense management tools
• Batch payment processing for payroll and supplier payments
• Integration with accounting software like Xero and QuickBooks
• Real-time transaction notifications and spending analytics

Simplifying financial management

With digital banks, you can track transactions, process payments, and manage everything via user-friendly apps that cut operational costs and save time, letting you focus on growth.

Smarter financial decisions

With real-time data and analytics at your fingertips, you can make informed financial decisions quickly. Digital banks provide insights into spending patterns, cash flow trends, and budget performance, helping you identify opportunities to optimise costs and allocate resources more effectively.

What to keep in mind about the drawbacks of digital banking?

While digital banks offer many benefits, you should be aware of potential limitations: 

Cybersecurity risks

Since digital banking is online, it's a target for cyber threats. To keep your business information safe, it requires strong cybersecurity practices:

• Always use secure networks when accessing your banking services
• Enable two-factor authentication (2FA) for account access
• Download banking apps only from official app stores
• Keep apps updated with the latest security patches
• Monitor your account activity regularly for unauthorised transactions

Technology dependence

Digital banks rely entirely on internet connectivity and technology infrastructure. Service disruptions, although rare, can temporarily affect access to your accounts or delay transactions. Consider maintaining accounts with multiple providers to ensure business continuity.

Balancing digital and traditional banking

Some SMEs benefit from a hybrid approach, using digital banks for day-to-day transactions and competitive rates while maintaining traditional bank relationships for services like large loans, treasury products, or in-person consultations. This way, your business stays flexible and ready for anything that comes up.

How to choose the right digital bank for your business in Singapore (2026)

Here's a simple guide to help you make the right choice:

Match your business needs and goals

Identify your primary banking requirements:

• E-commerce businesses: Look for Shopee integration (MariBank) or payment gateway compatibility
• Importers/exporters: Prioritise multi-currency accounts (ANEXT Bank, Green Link Digital Bank)
• Service businesses: Consider expense management tools and corporate card features
• Startups: Focus on low fees, fast account setup, and scalable features

Compare fees and interest rates

Review fee schedules carefully:

• Account maintenance fees (most digital banks charge none)
• Transaction fees for local and international transfers
• Foreign exchange spreads and currency conversion costs
• Interest rates on business savings accounts
• Loan interest rates and origination fees

Evaluate features and services

What features will make managing your business finances easier? Here are examples of what each digital bank offers:

• Trust Bank: High-interest savings accounts and credit card perks with cashback rewards
• GXS Bank: Savings Pockets to help you organise funds for different business goals
• MariBank: Works well for e-commerce businesses with seamless Shopee integration and tailored services
• ANEXT Bank: Focuses on SMEs with multi-currency accounts (SGD, USD, EUR, CNH) and business loan solutions
• Green Link Digital Bank: Specialises in medium-sized enterprises, providing trade finance and working capital tools

Choose the bank that offers features aligned with your specific business operations and growth plans.

Check customer support and transparency

Look for one that offers 24/7 customer support through chat, phone, or email. Also, make sure they're clear about their fees and terms, hidden charges can eat into your savings fast.

Focus on security

Security is key in digital banking. Ensure the bank has robust security measures including two-factor authentication, biometric login, transaction encryption, and fraud detection systems. Verify that the bank is properly licensed and regulated by MAS.

Read user reviews

User reviews are a great way to gauge how reliable the bank is, how well its services work, and if other business owners are happy with the experience.

How to open a digital bank account for your business in Singapore

Opening a digital bank account for your business in Singapore in 2026 is easy and convenient. Here's a quick guide to help you get started:

1. Check your eligibility

Verify your business qualifies for the account type. Most digital banks serve Singapore-registered businesses including sole proprietorships, partnerships, and private limited companies registered with the Accounting and Corporate Regulatory Authority (ACRA).

2. Gather the necessary documents

You'll need to have a few documents ready to complete your application:

• Business registration: ACRA registration number and business profile
•  Identification: NRIC or passport for directors and authorised signatories
• Proof of address: Recent utility bill or bank statement
• Business documents: Articles of incorporation, partnership agreement, or other formation documents
• Shareholder information: Details and identification for major shareholders

3. Start the application online

Visit the bank's website or download their app, fill in business details, and select your account type.

4. Verify your identity and business

Upload documents and complete video verification if required.

5. Wait for approval

Approval ranges from instant to several days depending on verification complexity.

6. Activate your account

Receive login credentials and start managing finances, transactions, and payments.

7. Set up your business services

Link your account to accounting software, invoicing apps, or payment gateways. Leverage multi-currency accounts and expense management features.

How to manage your digital bank account effectively for your business

Managing your digital bank accounts is crucial for keeping your business finances in check and running smoothly. Here are some tips to help you stay on top of your finances:

Make the Most of Mobile Banking Apps

• Set up payment reminders to avoid late fees and maintain cash flow
• Enable real-time transaction alerts for all account activity
• Use budgeting and expense categorisation features
• Review dashboards regularly for financial insights

Review Your Account Regularly

• Check balances frequently to maintain adequate working capital. This gives you the confidence to make informed decisions on the fly.
• Monitor transaction history for unauthorised charges
• Reconcile accounts with accounting records monthly
• Track fee charges to identify cost-saving opportunities

Integrate with Your Business Software

• Connect to accounting platforms like Xero or QuickBooks for automatic financial record updates.
• Use automated tools to handle invoicing, expense tracking, and other financial tasks, frees]ing you up from spending too much time on admin work.
• If you have unique business needs, some digital banks offer APIs that allow you to connect your account directly to custom tools or software. 

Looking for an easy way to manage your business expenses in 2026?

If you're in search of an expense management solution that's functional, customisable, and easy to use, Aspire could be the right choice for you. Here's how we can help you:

• Flexible budget management: Create budgets at team, project, or client level with unlimited virtual cards
• Real-time spending insights: Monitor employee spending from a single dashboard
• Streamlined claims: Employees upload receipts for instant submission and approval
• Multi-currency accounts: Manage expenses across multiple currencies for global operations
• Accounting integration: Sync payments and receipts with your accounting software
• Cashback rewards: Earn cashback on your business purchases

Your business needs your full attention. So, get started right away! Open a business account with Aspire in just a few minutes.