What is a Neobank? Best Neobanks in Singapore for Businesses

Neobank in Singapore 2026: What it is and the best options for businesses

Choosing a digital finance provider in Singapore isn’t simply about finding an app with low fees. The term neobank is used broadly for digital-first financial providers, but the underlying licence and regulated service can differ.

For businesses, that distinction matters when choosing how to hold funds, pay suppliers, manage currencies or control company spending. Singapore has five banks commonly associated with its digital-bank landscape: GXS Bank, MariBank, Trust Bank, ANEXT Bank and Green Link Digital Bank, as listed in the Monetary Authority of Singapore’s Financial Institutions Directory. Their formal MAS classifications and authorised services differ, alongside other regulated digital-first financial providers. Understanding these differences can help you choose the right setup for your business.

What is a neobank and how does it work

If you’re running a business, you probably care less about whether a financial provider calls itself a neobank and more about whether it can make payments, expenses, and cash management easier.

So, what is a neobank? A neobank is a financial provider that delivers its services primarily through digital channels such as websites and mobile apps, rather than relying on a traditional branch network. The term describes how a provider operates and serves customers, not a specific banking licence. Neobank is not a formal MAS licence category, so providers using the term can operate under different regulatory frameworks.

That distinction matters in Singapore. A digital-first provider may be a licensed bank or a non-bank financial institution authorised to provide specific financial services. For example, MAS lists Wise Asia-Pacific as a Major Payment Institution authorised for services including account issuance and cross-border money transfers, while ANEXT Bank is listed as a Wholesale Bank and Trust Bank as a Full Bank.

How does a neobank work

The customer experience is usually straightforward:

1. Open an account digitally: You apply through a website or app and provide the required personal or business information.
2. Complete verification: The provider carries out identity and business checks before activating the account or services.
3. Use the available services: Depending on the provider, you may be able to send and receive payments, manage currencies, issue cards or access other financial tools through the platform.
4. Funds are handled under the provider’s regulatory model: A licensed bank operates under its banking licence, while a payment institution operates within the scope of its payment services authorisation and applicable customer-money protection requirements.

So, the useful question isn’t simply whether a platform looks like a bank. Check who provides the regulated service, what licence applies, and how your funds are protected before using it for your business.

Neobank vs digital bank in Singapore: key differences

The terms neobank and digital bank often appear together, but they don’t mean the same thing in Singapore.

A digital bank is a bank operating under a banking licence, while “neobank” is a broader industry term for providers that deliver financial services primarily through digital channels. A provider described as a neobank may therefore be a licensed bank or a fintech or payment company offering specific financial services under its applicable authorisation.

In Singapore, the distinction matters because “neobank” describes the way a provider delivers financial services, while “digital bank” refers to a bank operating under a banking licence. The same digital experience can therefore sit behind very different regulatory structures.

For a business owner, the more useful comparison is what sits behind the digital experience:

This distinction becomes especially important when comparing a business bank account in Singapore, as traditional banks and digital-first providers can differ in fees, features, and regulatory structure.

The better choice depends on what your business actually needs from its financial provider. If your priorities are digital access, payments, FX, or integrated spending tools, a digital-first provider may be a better fit; if you need branch access, broader banking products, or more traditional banking services, a traditional bank may suit you better.

Why are neobanks useful for businesses

The appeal of a neobank for business comes from reducing friction in everyday finance rather than simply replacing a bank branch with an app.

For a small finance team, moving money, tracking expenses and managing foreign-currency payments can create a lot of manual work. A digital-first provider can bring several of these tasks into one workflow, depending on the services it offers.

1. Faster access to everyday financial tasks

You can manage transfers, cards, account balances and transaction information online instead of relying on branch visits.

For example, a business may need to pay a supplier outside normal branch hours or check whether a marketing payment has gone through before a campaign launches. Having these tasks available through one platform can make day-to-day finance easier to manage.

2. Better visibility over business spending

A business account becomes more useful when finance teams can see who spent money, where the payment went, and what it was for.

Some digital-first providers combine corporate cards with budgets, spending limits, expense management and transaction records. These tools can help finance teams monitor spending as it happens rather than waiting until month-end to review transactions.

3. Easier cross-border payments

Singapore businesses often pay overseas suppliers, contractors or other partners. A provider that supports multi-currency accounts and international payments can reduce the need to manage these activities across separate platforms.

However, don’t assume every neobank offers the same FX rate or transfer cost. If your business regularly handles multiple currencies, a multi-currency business account can simplify receiving, holding and sending funds in different currencies. Compare the currencies and payment routes your business actually uses, such as SGD to USD or SGD to EUR, and check the total cost before choosing a provider.

4. Tools built around business workflows

Business-focused platforms can go beyond basic payments by connecting spending with the processes around it.

Depending on the provider, this may include virtual cards, spending limits, approval workflows, receipt management and accounting integrations. For a growing team, these features can help replace shared cards and manual expense tracking with clearer controls and records.

Regulatory considerations for neobanks in Singapore

A neobank’s app and user experience tell you very little about the regulatory framework behind the service. In Singapore, the provider’s licence and authorised activities determine what financial services it can offer and the rules that apply to customer money. MAS’s Financial Institutions Directory, for example, lists payment providers such as Major Payment Institutions separately from banks such as Wholesale Banks.

For businesses, there are a few areas worth checking before opening an account.

Check the provider’s MAS licence

Start by checking the provider in MAS’s Financial Institutions Directory. Look at the licence type and the specific regulated activities the provider is authorised to conduct. A Major Payment Institution may be authorised for services such as account issuance and cross-border money transfers, but that does not make it a bank.

Understand how your funds are protected

The protection that applies to your money depends on the provider, its regulatory model and the type of account or funds involved. If you use a digital-first provider that is not a bank, check how it holds and safeguards customer money and which protections apply to your specific account. Don’t assume that every balance held through a digital finance platform receives the same protection as a bank deposit.

Check what the provider is actually authorised to do

A digital-first provider may support payments, multi-currency accounts, cards or other financial tools without offering the full range of services available from a bank. Check the provider’s authorised activities and compare them with the financial tasks your business needs to manage.

This matters when you’re deciding whether a digital-first provider can replace part of your existing banking setup or should work alongside a traditional bank.

Are neobanks safe for Singapore businesses

Safety should come before convenience when choosing a financial provider for your business.

Start by checking the provider’s regulatory status. The Monetary Authority of Singapore (MAS) maintains a Financial Institutions Directory showing the licences and regulated activities of financial institutions in Singapore. For example, Wise Asia-Pacific is listed as a Major Payment Institution with account issuance, domestic money transfer, cross-border money transfer and e-money issuance services.

You should also check whether the money you place with a provider qualifies for Singapore’s Deposit Insurance Scheme. The Singapore Deposit Insurance Corporation (SDIC) covers eligible Singapore-dollar deposits held with a DI Scheme member for up to SGD $100,000 per depositor per Scheme member. Companies and other non-bank depositors can be covered under the scheme, subject to its rules.

However, deposit insurance doesn’t apply to every financial product or provider. For example, foreign-currency deposits are not covered, and wholesale banks are not required to be DI Scheme members.

Before opening an account, check the provider’s regulatory status, whether the relevant product is covered by the DI Scheme and how your money is held. This gives you a clearer picture of the protection that applies to your business funds.

Best neobanks in Singapore for businesses

There isn’t one best neobank for every Singapore business. The right option depends on the financial tasks you need to manage, such as international payments, multi-currency operations, business banking, financing or employee spending.

The providers below are grouped by how they operate rather than treating every digital-first platform as a bank. Aspire is a digital-first financial platform operating as a Payment Services Institution, while Wise and Revolut are Major Payment Institutions. ANEXT Bank and Green Link Digital Bank are Wholesale Banks, while GXS Bank and MariBank are Local Banks. Trust Bank is a Full Bank, but its current terms state that its products and services are for personal use rather than business purposes.

Note: MAS classifications, eligibility requirements, pricing and product features can change. Check the provider’s current terms and the MAS Financial Institutions Directory before opening an account.

1. Aspire: business finance and spend management

At a glance

• Best for: Businesses that want accounts, payments, cards and expense management in one platform
• Business account: Multi-currency accounts with SGD, USD, EUR, GBP, MYR, PHP, IDR and VND account details
• Spend management: Corporate cards, spending controls, approvals, reimbursements and accounting integrations
• Pricing: Basic plan at SGD $0 per month; Premium at SGD $15 per month, with transaction and FX fees varying by service and plan

Aspire is not a bank. It operates as a Payment Services Institution and says client funds are held in segregated accounts with Tier-1 banks, including DBS Singapore.

Its business account combines multi-currency accounts, international payments, corporate cards and expense management. Businesses can send and receive payments in 30+ currencies across 130+ countries, while accounting integrations support platforms such as Xero and QuickBooks.

The main limitation is its regulatory model. Aspire is not a deposit-taking bank, so businesses should assess it based on the payment, account and spend-management services they need rather than treating it as a substitute for every banking product.

2. Wise Business: international payments

At a glance

• Best for: Businesses with regular international payments and multi-currency collections
• Currencies: Hold 40+ currencies and get account details to receive money in 22 currencies
• Cards: Physical and virtual business cards with team spending controls
• Pricing: One-time SGD $99 fee for account details in 22 currencies; transfer and conversion fees vary by currency and transaction

MAS lists Wise Asia-Pacific as a Major Payment Institution authorised for account issuance, domestic money transfer, cross-border money transfer and e-money issuance.

Wise Business is built around international money movement. Businesses can receive payments in supported currencies, hold and convert 40+ currencies, send global payments and issue cards for team members.

The limitation is that the Wise account is not a bank account. Businesses should assess it primarily for international payments, currency management and related workflows rather than expecting the full product range of a traditional bank.

3. Revolut Business: multi-currency operations

At a glance

• Best for: Businesses managing multiple currencies, international transfers and team spending
• Currencies: Send and receive 30+ currencies; hold up to 30 currencies through supported accounts
• Spend controls: Physical and virtual cards, spending limits, approvals and expense tools
• Pricing: Basic from SGD $0 per month; Grow from SGD $15, with higher plans available; FX allowances and features vary by plan

Revolut Technologies Singapore is a Major Payment Institution with MAS authorisations including account issuance, domestic and cross-border money transfers, merchant acquisition, e-money issuance and digital payment token services.

Its Singapore Business offering combines multi-currency accounts, international transfers, cards, spend controls and accounting integrations. Businesses can hold multiple currencies and use the relevant currency balance for payments where supported.

The main limitation is plan-based pricing. FX allowances, transfer features and other tools vary between plans, so businesses should compare the plan against their actual monthly transaction volume.

4. ANEXT Bank: digital banking for MSMEs

At a glance

• Best for: Singapore-incorporated businesses that want a digital banking relationship with multi-currency and financing options
• Business account: Multi-currency account with no minimum balance; supports SGD, USD, CNH and EUR balances
• Interest: Up to 0.8% p.a. on eligible SGD, USD and EUR balances, subject to the prevailing rates and terms
• Other services: Business loans and fixed deposits
• Pricing: No annual account fee or minimum balance; flat SGD $15 fee for international transfers

MAS lists ANEXT Bank as a Wholesale Bank.

Its Business Account supports local and international transfers, multi-currency balances and bulk SGD payments. All Singapore-incorporated businesses can apply, subject to ANEXT’s eligibility requirements.

ANEXT also offers business financing and fixed deposits. Its current fixed-deposit offering supports SGD, USD and EUR placements, with tenures of one, three, six, nine or 12 months.

One practical limitation is that a business can currently maintain only one ANEXT Business Account.

5. Green Link Digital Bank: digital wholesale banking

At a glance

• Best for: Businesses that need banking alongside working-capital, trade or receivables financing
• MAS classification: Wholesale Bank
• Business services: Banking, payments, working capital and financing
• Financing focus: Supply-chain financing and receivables financing
• Pricing: No monthly account fee; MEPS+ transfers cost SGD $20, while overseas transfer fees vary by payment type

Green Link Digital Bank is a MAS-licensed digital wholesale bank. Its platform brings banking, payments, financing and working-capital services together for businesses.

Its financing offering includes supply-chain financing against eligible trade receivables and receivables financing against outstanding invoices.

This makes GLDB more relevant when a business needs financing alongside everyday banking and payment services. Its wholesale banking model has a strong focus on business banking and financing, so businesses should check whether its available products match their financing and banking requirements.

6. GXS Bank and MariBank: licensed banking options for businesses

At a glance

• GXS Bank best for: Eligible sole proprietorships looking for an online SGD business account and financing
• GXS Biz Account: 1.08% p.a. base interest, no minimum balance and no account fees; eligibility applies
• MariBank best for: Eligible registered businesses needing a business account and local or overseas supplier payments
• Mari Business Account: Up to 0.88% p.a. interest, with current promotional SGD $0 account and transfer fees subject to terms

MAS lists both GXS Bank and MariBank as Local Banks.

GXS Biz Account is designed for sole proprietorships. It currently offers 1.08% p.a. interest, free local transfers and no minimum balance, while GXS also offers business financing products.

Mari Business Account offers business banking with local transfers, overseas supplier payments and interest on balances. Its current product page states that businesses can earn up to 0.88% p.a., with a SGD $0 transfer-fee promotion running until 31 December 2026, subject to its terms.

Although MAS lists Trust Bank as a Full Bank, its current general terms state that its products and services are for personal use and must not be used for business purposes.

The practical takeaway is to compare the actual banking or payment service you need rather than choosing a provider simply because it is described as a “neobank.”

Is a neobank right for your business?

A neobank may be worth considering if your business mainly needs digital tools for routine payments, employee spending and day-to-day finance administration.

If your business regularly manages international payments, compare the provider’s supported currencies, transfer costs and payment options before opening an account.

It can be particularly useful when you:

1. Pay overseas suppliers or contractors regularly
2. Need cards for employees without giving everyone access to the main company card
3. Want clearer controls over who can spend, how much, and where
4. Prefer managing routine financial tasks online rather than through branch-based banking
5. Need accessible customer support when issues arise

However, a digital-first provider may not cover every banking need. Businesses that rely on complex lending, trade finance, or cash deposits may still need a traditional bank alongside their digital provider.

You also don’t have to choose between the two. For example, a company could use a traditional bank for financing and maintain a separate digital-first account for employee spending or selected payment workflows.

The right setup ultimately depends on how your business moves money, what financial products it needs, and where your existing banking arrangement creates the most friction.

How to choose a neobank for your business

The right neobank business account should solve a specific operational problem. Before comparing options, identify the financial tasks that take the most time, create the most manual work, or cost your business the most.

1. Start with the financial jobs you need to solve

List what you expect the account or platform to handle. This could include:

• Receiving customer payments
• Paying suppliers
• Sending international transfers
• Issuing employee cards
• Managing expenses
• Reconciling transactions

If you mainly need international transfers, a full business finance platform may offer more than you need. If you also require cards, spending controls and accounting automation, look for a solution that brings those workflows together.

2. Check the regulatory status

Search the provider in the Monetary Authority of Singapore’s Financial Institutions Directory and check its licence type and authorised activities.

This matters because the term “neobank” doesn’t tell you whether you’re dealing with a bank, payment institution or another type of financial provider. The regulatory status can also indicate which services the provider is authorised to offer.

3. Compare the cost of your actual payment flows

Don’t compare providers based only on monthly account fees.

Look at the costs that apply to your business, including:

• FX spreads or conversion costs
• Transfer fees
• Receiving fees
• Card fees
• Account fees
• Minimum balance requirements
• Withdrawal or cash fees, where relevant

For example, if your business sends SGD $100,000 internationally each year, even a small difference in FX pricing can affect your overall costs. A provider with no monthly account fee may still cost more if its FX spreads, transfer fees or card charges are higher for the transactions your business makes regularly.

4. Check the currencies you actually use

If you receive USD from customers and pay suppliers in EUR, check whether the platform lets you hold and use those currencies directly.

This can matter more than the headline account fee if your business regularly receives, holds or converts foreign currency.

5. Match card controls to your team’s spending

If employees make purchases on behalf of the company, check what controls are available. Look for features such as physical and virtual cards, spending limits, merchant restrictions, approval workflows and transaction visibility.

For businesses managing employee spending, expense management software can help centralise these controls and make transactions easier to track.

6. Check how it fits your accounting workflow

A financial platform should reduce reconciliation work rather than create another system to manage.

Check whether it integrates with the accounting software you already use and whether transaction data, receipts and payment details can flow into your existing process.

7. Understand what it doesn’t replace

Before switching, identify the banking services you may still need elsewhere.

A digital-first platform may not cover requirements such as specialised lending, cash services, certain trade finance products or branch support. The practical question is not whether it can replace your bank entirely, but which parts of your finance stack it can handle effectively.

How Aspire can help your business manage finance in one place

If you want to bring everyday finance tasks into one workflow, Aspire combines business accounts, corporate cards, payments, expense management and accounting integrations on a single platform.

For Singapore businesses, you can manage approved multi-currency accounts and issue corporate cards with spending and merchant controls. Aspire also supports accounting integrations with platforms such as Xero, QuickBooks and NetSuite, helping reduce manual transaction and reconciliation work.

For e-commerce businesses, Aspire provides more specialised tools for tracking COGS, marketing, logistics and inventory spending through its e-commerce solutions. You can use virtual cards for different expense types, set spending or merchant limits and monitor business spending in real time.

What matters is whether Aspire’s accounts, payment and spend-management tools fit the way your business handles money.

Final thoughts on choosing a neobank

A neobank can make sense if your business values digital access, streamlined payments and easier day-to-day financial management. But the label itself shouldn’t determine your decision.

In Singapore, providers can operate under different regulatory models, so compare the licence, how your funds are handled, applicable deposit protection and the services your business actually needs.

For many businesses, there may be no need to choose between a neobank and a traditional bank. You can keep services that require a banking relationship with a bank while using digital-first platforms for specific needs such as payments, FX or expense management.