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

Understanding digital banks in Singapore

A digital bank is a type of bank that runs entirely online. So, there are no branches to visit and no need to sign any forms in person. All activities like opening an account, moving money, issuing cards, and getting support are done via an app or web dashboard.

As a founder, it is important to know how digital banks function in Singapore. Here, digital banks need to answer to the Monetary Authority of Singapore, and they need to follow the rules as per their license.

Since digital banks do not need a branch network, they charge less and onboard you faster, but most of them carry a narrower product range, and offer limited help with cash, cheques, and multi-currency payments.

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. Where does Trust Bank fit? Trust operates digitally but under a full bank licence rather than one of the four licences awarded through MAS's digital-bank licensing exercise.

Why do digital bank licences matter to you

The licence type affects who the bank can serve and the products it can provide. A digital full bank can serve both individuals and businesses and hold retail deposits, while a digital wholesale bank works only with companies and centres on business accounts, financing, and cash management.

For a business, that means reading the bank's licence alongside what it actually delivers: account eligibility for your entity type, deposit protection, currency support, financing products, and payment capabilities. The licence sets the outer boundary of what is possible, and those five checks tell you whether the bank fits how you operate.

Digital banks are regulated like traditional banks, so you get cutting-edge solutions without compromising security or reliability. This gives you newer options without a trade-off on safety.

What does this mean for your business

As of 2026, MAS is not issuing new digital bank licences, so the current five are the licensed options available. For a business, a licensed digital bank typically offers:

• 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

None of this makes a digital bank automatically the right pick. Each licence and feature set suits a particular kind of business, so the value comes from matching one to how you run your finances.

List of digital banks in Singapore (2026)

Singapore has five MAS-licensed digital banks and MAS is not issuing any new licenses, so here is the full list of digital banks in Singapore for your better understanding:

• GXS Bank: It is a digital full bank from Grab and Singtel that serves individuals and sole proprietors and it runs the GXS Biz Account for small businesses.
• MariBank: This bank is from the Sea Group and aims at individuals and SMEs, with Shopee integration suitable for online sellers.
• Trust Bank: Trust Bank is a digital native full bank from Standard Chartered and FairPrice. It is built for retail customers with no business account on offer.
• ANEXT Bank: ANEXT Bank is a digital wholesale bank from Ant Group and works only with SMEs, with SGD, USD, EUR, and CNH support.
• Green Link Digital Bank: This is a digital wholesale bank from Greenland and Linklogis, and focuses on established SMEs and medium-sized enterprises that need trade finance.

Two of these banks are digital full banks that take both individuals and businesses, which are GXS and MariBank. Two are digital wholesale banks built only for companies, which are ANEXT and Green Link. Trust Bank holds a full bank licence, but in practice it runs like a retail-only digital bank.

Are digital banks safe for your business

Protection comes down to how each bank is regulated and whether it belongs to the deposit insurance scheme, so it is worth separating the two.

MAS regulation: all five operate under banking licences regulated by the Monetary Authority of Singapore, which sets the standards on capital, liquidity, anti-money laundering, and technology risk.

Deposit insurance: eligible SGD deposits held with Deposit Insurance Scheme members are insured up to SGD $100,000 per depositor per Scheme member, under the Singapore Deposit Insurance Corporation. Among these banks, GXS, MariBank, and Trust are Scheme members, so eligible SGD balances with them carry this protection. ANEXT and Green Link are not Scheme members, so balances held with them are not covered.

What is not covered: foreign currency deposits and investment products sit outside the scheme, whichever bank holds them.

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

Which digital bank is best for your business

• Best for SMEs needing multi-currency and trade finance: ANEXT Bank. A digital wholesale bank for SMEs, with SGD, USD and EUR support and no setup fees
• Best for SME supply-chain and trade financing: Green Link Digital Bank. A digital wholesale bank focused on financing for smaller businesses
• Best for sole proprietors and the Grab or Singtel ecosystem: GXS Bank. A digital full bank with no account fees and a business account option
• Best for e-commerce and Shopee sellers: MariBank. A digital full bank with Shopee integration and SME services
• Best for everyday retail banking: Trust Bank. A full bank with no annual fees and no foreign transaction fees

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.

Digital banks vs multi-currency platforms for cross-border businesses

Currency is where these two models diverge. If your business earns and spends only in SGD, a licensed digital bank covers the essentials well. Once you invoice overseas clients or pay suppliers abroad, it helps to weigh a digital bank against a dedicated multi-currency platform, because each is built for a different job. Here is how the two compare across the areas that matter:

• Deposit-taking: licensed digital banks hold deposits, and eligible SGD balances at Scheme members are insured, while multi-currency platforms safeguard funds with partner institutions rather than offering deposit insurance
• SGD banking: digital banks are built around local SGD collection, payroll, and GIRO or PayNow, so a platform tends to sit alongside them rather than replace that role
• Financing: several digital banks offer business loans or trade finance, which most multi-currency platforms do not provide
• Currencies: bank support ranges from SGD only to a handful, such as ANEXT holding SGD, USD, EUR, and CNH, whereas platforms usually hold a wider set of currencies
• International payments: digital banks often send cross-border over SWIFT, while platforms more often route through local payment rails across more corridors
• FX: each bank applies its own conversion spread, and platforms tend to compete on transparent, published rates
• Spend controls: cards, expense management, and approval flows vary across digital banks, and are usually built into multi-currency platforms
• Multi-entity workflows: digital bank accounts are generally single-entity, while platforms often manage several entities and markets under one login

This is why the two often work together rather than one replacing the other. Many Singapore businesses keep a local digital bank for SGD deposits, financing, and insured balances, and add a multi-currency platform for holding foreign currencies, paying suppliers abroad, and controlling spend across markets. That second role is exactly where a purpose-built account like Aspire fits alongside a local digital bank.

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? 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

The security features matter less than the trust signals that decide what actually happens to your money, so check these four first:

• MAS licence and status: confirm the bank operates under a Monetary Authority of Singapore banking licence, and note whether it is a digital full bank or a digital wholesale bank, since that governs who it can serve
• Deposit-insurance eligibility: check whether the bank is a Deposit Insurance Scheme member, because only then are eligible SGD balances insured up to SGD $100,000 per depositor
• Account permissions: confirm your entity type qualifies and that the account supports the users, roles, and approval rights your business needs
• Transaction controls: look at payment limits, maker-checker approvals, and card controls, which is where day-to-day security is actually enforced

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 Aspire complements digital business banking

A digital bank gives you SGD banking, deposits, and, in some cases, financing. Once your business operates across currencies and markets, that banking relationship needs a layer built for cross-border money movement, and this is where Aspire fits, alongside a digital bank rather than in place of one.

Aspire is a finance platform, not a digital bank, so it complements the SGD account you hold locally. Where it helps:

• Multi-currency payments: hold and move funds across currencies, and pay overseas suppliers without routing every transaction through SGD conversion
• Corporate cards: issue physical and virtual cards to teams, with limits set per card
• Spend controls: set budgets by team, project, or client, and track spending from one dashboard
• Approval workflows: route claims and payments through the approvers your policy requires before money leaves the account
• Accounting integrations: sync payments and receipts with the accounting tools you already run

In practice, many Singapore businesses keep the digital bank for local deposits and financing, and use Aspire for the multi-currency, card, and spend-control layer on top. If that split matches how you operate, you can open an Aspire account in a few minutes.