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They're particularly strong for founders who are digital-first, operate across borders, and want full visibility over their finances without legacy banking friction.",[],{"_key":1975,"_type":170,"children":1976,"markDefs":1981,"style":1267},"k401",[1977],{"_key":1978,"_type":174,"marks":1979,"text":1980},"k400",[],"Tapping into government-assisted financing",[],{"_key":1983,"_type":170,"children":1984,"markDefs":1989,"style":190},"k405",[1985],{"_key":1986,"_type":174,"marks":1987,"text":1988},"k404",[],"Here's the part many founders don't fully realise: commercial banks in Singapore aren't just lenders. They're the gatekeepers to Enterprise Singapore's government-backed financing programs.",[],{"_key":1991,"_type":170,"children":1992,"markDefs":1997,"style":190},"k409",[1993],{"_key":1994,"_type":174,"marks":1995,"text":1996},"k408",[],"The Enterprise Financing Scheme (EFS) is a government-backed financing program in Singapore, launched by Enterprise Singapore, that consolidates multiple SME loan schemes into one umbrella. 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The ",{"_key":2064,"_type":174,"marks":2065,"text":2067},"k444",[2066],"k438","maximum loan quantum here is SGD $50 million",{"_key":2069,"_type":174,"marks":2070,"text":2071},"k445",[],", with up to 15 years' tenure for property.",[2073],{"_key":2066,"_type":188,"externalUrl":2074,"linkType":145},"https:\u002F\u002Fwww.enterprisesg.gov.sg\u002Ffinancial-support\u002Fenterprise-financing-scheme---sme-fixed-assets",{"_key":2076,"_type":170,"children":2077,"markDefs":2096,"style":190},"k458",[2078,2082,2087,2091],{"_key":2079,"_type":174,"marks":2080,"text":2081},"k454",[],"As announced by ",{"_key":2083,"_type":174,"marks":2084,"text":2086},"k455",[2085],"k448","MOF on 29 July 2026",{"_key":2088,"_type":174,"marks":2089,"text":2090},"k456",[],", an enhanced 70% risk share takes effect from 1 September 2026 to 31 March 2027 for eligible SMEs. If you're considering a growth loan in the near term, the timing works in your favour.",{"_key":2092,"_type":174,"marks":2093,"text":2095},"k457",[2094],"k451"," ",[2097,2098],{"_key":2085,"_type":188,"externalUrl":2028,"linkType":145},{"_key":2094,"_type":188,"externalUrl":2028,"linkType":145},{"_key":2100,"_type":170,"children":2101,"markDefs":2106,"style":190},"k462",[2102],{"_key":2103,"_type":174,"marks":2104,"text":2105},"k461",[],"The key practical point: you don't apply through Enterprise Singapore directly. You approach a Participating Financial Institution (PFI), which is your commercial bank. It submits the application on your behalf after conducting its own credit assessment. PFIs include most major banks operating in Singapore, including DBS, OCBC, UOB, Maybank, Standard Chartered, CIMB, and others.",[],{"_key":2108,"_type":170,"children":2109,"markDefs":2114,"style":1223},"k466",[2110],{"_key":2111,"_type":174,"marks":2112,"text":2113},"k465",[],"How to choose the right commercial bank for your startup",[],{"_key":2116,"_type":170,"children":2117,"markDefs":2122,"style":190},"k470",[2118],{"_key":2119,"_type":174,"marks":2120,"text":2121},"k469",[],"Not every bank fits every business. 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Ask for the specific spread on your primary trade corridors, for example SGD\u002FUSD, SGD\u002FCNH, SGD\u002FEUR, and compare across at least 2 to 3 providers before committing.",[],{"_key":2159,"_type":170,"children":2160,"level":1394,"listItem":1937,"markDefs":2169,"style":190},"k493",[2161,2165],{"_key":2162,"_type":174,"marks":2163,"text":2164},"k491",[1185],"Industry appetite:",{"_key":2166,"_type":174,"marks":2167,"text":2168},"k492",[]," Banks have risk preferences, and they shape their lending decisions accordingly. Some are more comfortable with tech startups, others lean toward manufacturing, logistics, or F&B. Understanding a bank's industry orientation before applying for credit saves you a lot of time.",[],{"_key":2171,"_type":170,"children":2172,"level":1394,"listItem":1937,"markDefs":2181,"style":190},"k499",[2173,2177],{"_key":2174,"_type":174,"marks":2175,"text":2176},"k497",[1185],"Relationship management model:",{"_key":2178,"_type":174,"marks":2179,"text":2180},"k498",[]," Will you have a dedicated Relationship Manager (RM) who knows your business? For founders who need responsive credit decisions or trade finance support during a fast-moving supplier negotiation, having a named RM is genuinely valuable.",[],{"_key":2183,"_type":170,"children":2184,"level":1394,"listItem":1937,"markDefs":2193,"style":190},"k505",[2185,2189],{"_key":2186,"_type":174,"marks":2187,"text":2188},"k503",[1185],"EFS participation:",{"_key":2190,"_type":174,"marks":2191,"text":2192},"k504",[]," If you're considering government-backed financing, confirm upfront that your chosen bank is an active Participating Financial Institution under the Enterprise Financing Scheme. Not all digital-only banks have this status yet.",[],{"_key":2195,"_type":170,"children":2196,"level":1394,"listItem":1937,"markDefs":2205,"style":190},"k511",[2197,2201],{"_key":2198,"_type":174,"marks":2199,"text":2200},"k509",[1185],"Regulatory status and deposit protection:",{"_key":2202,"_type":174,"marks":2203,"text":2204},"k510",[]," Full commercial banks licensed by MAS provide deposit protection of up to SGD $100,000 per depositor per scheme member under the SDIC scheme. Before you move significant operating funds to any platform or bank, check its MAS licence type and whether SDIC coverage applies to it.",[],{"_key":2207,"_type":170,"children":2208,"level":1394,"listItem":1937,"markDefs":2217,"style":190},"k517",[2209,2213],{"_key":2210,"_type":174,"marks":2211,"text":2212},"k515",[1185],"Approval workflows and spend governance:",{"_key":2214,"_type":174,"marks":2215,"text":2216},"k516",[]," The complexity of who spends what and how much increases as the team scales. Look for banks and platforms that allow you to set role-based access and approval flows for payments.",[],{"_key":2219,"_type":170,"children":2220,"markDefs":2225,"style":1223},"k521",[2221],{"_key":2222,"_type":174,"marks":2223,"text":2224},"k520",[],"Conclusion",[],{"_key":2227,"_type":170,"children":2228,"markDefs":2233,"style":190},"k525",[2229],{"_key":2230,"_type":174,"marks":2231,"text":2232},"k524",[],"Moving to a commercial banking setup is a sign that your business has grown from a small enterprise that worked on personal finance into something that needs real financial infrastructure.",[],{"_key":2235,"_type":170,"children":2236,"markDefs":2241,"style":190},"k529",[2237],{"_key":2238,"_type":174,"marks":2239,"text":2240},"k528",[],"Singapore’s EFS ecosystem, a sophisticated digital banking market, and a global trade position make multi-currency operations the norm rather than the exception. But the right setup depends entirely on where you are and where you're going.",[],{"_key":2243,"_type":170,"children":2244,"markDefs":2249,"style":190},"k533",[2245],{"_key":2246,"_type":174,"marks":2247,"text":2248},"k532",[],"A practical next step is to audit your current banking costs. Add up your monthly FX fees, transfer charges, and any manual admin time your team spends on reconciliation. Then benchmark that against what a commercial bank or a modern fintech platform with commercial banking integrations would cost you at your current transaction volume. If the gap is larger than you expect, then your business is ready to leap into commercial banking.",[],{"_key":2251,"_type":170,"children":2252,"markDefs":2265,"style":190},"k542",[2253,2257,2261],{"_key":2254,"_type":174,"marks":2255,"text":2256},"k539",[],"Fintech platforms like ",{"_key":2258,"_type":174,"marks":2259,"text":282},"k540",[2260],"k535",{"_key":2262,"_type":174,"marks":2263,"text":2264},"k541",[]," connect with legacy banks to offer services beyond commercial banking, providing better control over spending, higher earnings on idle cash, expense management, and 1.2%* unlimited cashback on every card spend.",[2266],{"_key":2260,"_type":188,"externalUrl":2267,"linkType":145},"https:\u002F\u002Faspireapp.com\u002F",{"_key":2269,"_type":170,"children":2270,"markDefs":2274,"style":1223},"k546",[2271],{"_key":2272,"_type":174,"marks":2273,"text":1006},"k545",[],[],{"_key":2276,"_type":170,"children":2277,"markDefs":2282,"style":1267},"k550",[2278],{"_key":2279,"_type":174,"marks":2280,"text":2281},"k549",[],"Do I need a commercial banking account if I already have a business account?",[],{"_key":2284,"_type":170,"children":2285,"markDefs":2290,"style":190},"k554",[2286],{"_key":2287,"_type":174,"marks":2288,"text":2289},"k553",[],"Not necessarily, but it depends on your complexity. A standard business account from a retail bank may handle basic needs. Once you're managing payroll for a team, paying overseas suppliers, applying for growth loans, or operating in multiple currencies, a dedicated commercial banking setup gives you the tools to do this efficiently. Many founders make the switch when they hit the SGD $500,000–$1 million annual revenue mark.",[],{"_key":2292,"_type":170,"children":2293,"markDefs":2298,"style":1267},"k558",[2294],{"_key":2295,"_type":174,"marks":2296,"text":2297},"k557",[],"How do I apply for an Enterprise Financing Scheme loan in Singapore?",[],{"_key":2300,"_type":170,"children":2301,"markDefs":2306,"style":190},"k562",[2302],{"_key":2303,"_type":174,"marks":2304,"text":2305},"k561",[],"You apply through a Participating Financial Institution, your commercial bank. Prepare your latest 2 years of financial statements, your ACRA BizFile+ printout, and a summary of the financing purpose. The bank conducts its own credit assessment, then submits to Enterprise Singapore for risk-share approval. Interest rates are set commercially by each bank, so it's worth comparing offers from 2 to 3 PFIs.",[],{"_key":2308,"_type":170,"children":2309,"markDefs":2314,"style":1267},"k566",[2310],{"_key":2311,"_type":174,"marks":2312,"text":2313},"k565",[],"What's the difference between commercial banking and investment banking?",[],{"_key":2316,"_type":170,"children":2317,"markDefs":2322,"style":190},"k570",[2318],{"_key":2319,"_type":174,"marks":2320,"text":2321},"k569",[],"Commercial banking takes deposits and lends money directly. Investment banking helps companies raise capital through equity markets (IPOs, secondary offerings) or debt markets, and advises on mergers and acquisitions. Most growing startups and SMEs work exclusively with commercial banks. Investment banking becomes relevant at a much later stage, typically when you're pursuing a significant capital raise or exit.",[],{"_key":2324,"_type":170,"children":2325,"markDefs":2330,"style":1267},"k574",[2326],{"_key":2327,"_type":174,"marks":2328,"text":2329},"k573",[],"Which Singapore bank is best for startups?",[],{"_key":2332,"_type":170,"children":2333,"markDefs":2338,"style":190},"k578",[2334],{"_key":2335,"_type":174,"marks":2336,"text":2337},"k577",[],"It depends on your business model, transaction volumes, and cross-border footprint. DBS and OCBC both have strong SME and startup programmes. Digital-first founders often start with a fintech platform like Aspire for its seamless integrations and lower fee structure, then layer in a traditional commercial bank relationship for credit facilities and EFS access as the business scales.",[],{"_key":2340,"_type":170,"children":2341,"markDefs":2346,"style":1267},"k582",[2342],{"_key":2343,"_type":174,"marks":2344,"text":2345},"k581",[],"Can a foreign-owned business in Singapore access commercial banking and EFS loans?",[],{"_key":2348,"_type":170,"children":2349,"markDefs":2354,"style":190},"k586",[2350],{"_key":2351,"_type":174,"marks":2352,"text":2353},"k585",[],"Yes, to commercial banking. For EFS loans, there's a key eligibility criterion: your company must have at least 30% local equity held directly or indirectly by Singaporean citizens or Permanent Residents, with a group annual sales turnover not exceeding SGD $500 million. The SME Working Capital sub-scheme additionally requires a group revenue of up to SGD $100 million or a maximum of 200 employees.",[],{"_key":2356,"_type":170,"children":2357,"markDefs":2362,"style":1267},"k590",[2358],{"_key":2359,"_type":174,"marks":2360,"text":2361},"k589",[],"What's the minimum revenue or company size to open a commercial bank account in Singapore?",[],{"_key":2364,"_type":170,"children":2365,"markDefs":2370,"style":190},"k594",[2366],{"_key":2367,"_type":174,"marks":2368,"text":2369},"k593",[],"Most commercial banks in Singapore will open a business account for any registered company. However, access to dedicated SME banking relationships, credit facilities, and government-backed financing typically becomes more accessible once you have at least 12 to 24 months of operating history and demonstrable revenue. Digital-first neobanks often have lighter onboarding requirements and are a practical starting point for early-stage founders.",[],{"slug":1148,"title":1149},{"_type":154,"alternativeText":2373,"height":1055,"url":2374,"width":1057},"What is commercial banking? A Singapore founder's guide","https:\u002F\u002Fcdn.aspireapp.com\u002Fwebsites\u002Fblog\u002F94a047695709cb2ef93d2885ce5123ff\u002Fshared-hk-94a04769_cover_shared-cover-bank.jpeg",[2376,2383,2391,2398,2406],{"_key":1183,"_type":170,"children":2377,"level":1394,"listItem":1937,"markDefs":2382,"style":190},[2378],{"_key":2379,"_type":174,"marks":2380,"text":2381},"k1",[],"Commercial banking provides businesses with accounts, loans, trade finance, and FX services, going beyond personal banking to support payroll, cross-border payments, and growth capital as your company scales",[],{"_key":2384,"_type":170,"children":2385,"level":1394,"listItem":1937,"markDefs":2390,"style":190},"k5",[2386],{"_key":2387,"_type":174,"marks":2388,"text":2389},"k4",[],"Unlike retail banking, commercial banking gives you a dedicated Relationship Manager, scalable credit tied to your business revenue (not personal credit score), and multi-currency accounts for global operations",[],{"_key":2392,"_type":170,"children":2393,"level":1394,"listItem":1937,"markDefs":2397,"style":190},"k8",[2394],{"_key":1189,"_type":174,"marks":2395,"text":2396},[],"In Singapore, commercial banks are the gateway to Enterprise Singapore's EFS loans, government-backed financing where risk is shared, unlocking higher loan amounts at better rates than purely commercial terms",[],{"_key":2399,"_type":170,"children":2400,"level":1394,"listItem":1937,"markDefs":2405,"style":190},"k11",[2401],{"_key":2402,"_type":174,"marks":2403,"text":2404},"k10",[],"The market has three tiers: local banks (DBS, OCBC, UOB) for depth and EFS access, foreign banks (HSBC, Standard Chartered) for cross-border reach, and neobanks (ANEXT) for digital-first founders who want leaner fees and accounting integrations",[],{"_key":1204,"_type":170,"children":2407,"level":1394,"listItem":1937,"markDefs":2411,"style":190},[2408],{"_key":1200,"_type":174,"marks":2409,"text":2410},[],"Most founders should consider making the switch around the SGD $500K–$1M annual revenue mark. A quick audit of your FX fees, transfer charges, and admin hours will tell you if the gap is worth closing now",[],[2413],{"_key":1183,"_type":170,"children":2414,"markDefs":2418,"style":190},[2415],{"_key":2379,"_type":174,"marks":2416,"text":2417},[],"As your business scales from a small enterprise to a global company that manages payroll, has suppliers and clients in different countries, and requires tighter control on funds, your banking also scales from personal banking to retail business accounts, and then to commercial banking.",[],"2026-08-19T00:00:00.000Z",{"_type":149,"metaDescription":2421,"metaTitle":2422,"socialShareImageUrl":2423},"Find out what is commercial banking, how it works, why it is important for founders in Singapore, and how to choose the right one for your business.","What is commercial banking? 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