8 Best Digital Business Bank Accounts in Singapore (2023)
Looking for the best digital business bank accounts in Singapore in 2023? Check out this comprehensive guide featuring the top 8 options, including Anext Bank, Green Link Digital Bank, Aspire, Fazz, Airwallex, Wallex, Payoneer and Wise. With getting a bank account becoming more complicated, it’s important to choose a reliable and efficient option that meets your business needs. Find out more in this guide!
Nowadays, the rapid development of digital technologies has a significant impact on all areas of our life and business. Financial sector services, which were also affected by digitalization, do not stand aside. Traditional banking system is increasingly being replaced by a new breed of digital banks, which are often more convenient and better equipped technically. They can provide faster, cheaper and better services than many brick and mortar financial service providers.
Getting a Bank Account in Singapore Becomes More Complicated
Today, opening a corporate account for the company in many traditional banks is not the easiest task, especially for a start-up business. Gone are the days when banks were opening bank accounts just because the company merely applied for it. In other words, the fact that the company has to conduct business and in order to do so it needs the bank account is no longer a sufficient justification. Bank accounts become a privilege, not a right. More rules are imposed on banks by regulators and the banks want to play very, very safe. These rules are not often clear and many companies fall victim to these vague policies. Unfortunately, Singapore banks are not an exception in terms of added complications in opening and maintaining bank accounts. Today’s playbook implies many implicit rules which are very difficult to follow. These are policy issues. But other than that, there are many technical rules which can be difficult for new businesses as well: high amounts of initial deposits, high account opening fees, requirements for historical data of company transactions and so on.
But the financial technology does not stand still. Instead, it is rather actively developing. There is an increasing number of FinTech companies that provide their customers with fast, convenient and inexpensive B2B and B2C financial services. They are emerging in many countries around the world, and can onboard businesses from different countries. Neo-banks, payment systems, digital banks – you can call them differently, but they are all examples of a new class of financial institutions, which are based on the latest technologies in the field of finance. They provide services to customers completely online. These institutions do not need to open physical branches and maintain human tellers. These are some of the reasons why their services are much cheaper than conventional banks.
Singapore government actively supports and encourages the development of such financial services. To date, 206 Major Payment Institution Licences have already been issued in Singapore, which is around 20% increase just from a year ago. License allows FinTech companies to open current accounts for their clients, execute international payments and currency conversion. In addition, the Singapore Central Bank already started to issue “Full Digital Bank Licences” and “Wholesale digital bank licences” which are currently in operation by few banks.
Despite the rapid growth and active development, online banks and payment systems are still something unusual for many businesses. Because of these reasons, this segment of the financial industry has not fully revealed its potential. However, each of the payment systems may have its own specific set of services that might be suitable for some and not for others. In this article, we will help you understand the differences between the main payment systems available for Singapore and other companies and choose the most suitable one for your business.
We present an overview of 8 online banking solutions for businesses available in Singapore. We will update the list once we have a new information available.
ANEXT Bank Singapore
ANEXT Bank Singapore is a digital bank regulated by the Monetary Authority of Singapore (MAS), focusing primarily on small and medium-sized enterprises (SMEs). They offer a range of digital banking services tailored to the needs of SMEs, helping to streamline their financial operations. ANEXT Bank aims to provide innovative and efficient banking solutions to support the growth and development of these businesses in the digital economy.
It offers operational accounts in 2 currencies: SGD and USD. No minimum deposit requirements. The mobile app provided by the bank offers advanced security features such as face verification.
Green Link Digital Bank (GLDB)
Green Link Digital Bank (GLDB) offers innovative digital banking solutions focused on optimizing working capital for buyers and suppliers. The Bank focuses on simplifying financial transactions for businesses, business services such as managing deposit accounts, payments, loans, overdrafts and trade finance. GLDB also provides supply chain finance support and offers business lending opportunities without the need for collateral.
Multi-currency accounts provided by the bank include SGD and USD only. There are no minimum deposit requirements for current account opening. The account opening process can be done entirely online.
Fazz
Fazz Bank, a Southeast Asian neobank, specializes in serving businesses registered and operating in the SEA region. It offers a comprehensive suite of financial services tailored to these businesses, including digital business debit cards and multicurrency accounts. These services are designed to facilitate seamless transactions, offer competitive foreign exchange rates, and support business growth. Fazz Bank’s commitment to financial inclusivity and innovation is particularly beneficial for a diverse range of businesses, including startups and web3 companies.
Aspire
Aspire is a pioneer among online payment providers in Singapore. This is a Singapore-based online payment account and app. It’s backed by world-class venture capitalists, including Lightspeed, Sequoia, Tencent, and Paypal Ventures. It is almost ideal for small and medium businesses operating in Singapore.
A current account in SGD is opened within just a couple of hours and does not require a long KYC or interviews. Besides SGD account, now you can also open accounts in USD, EUR, GBP, SGD, IDR and other major currencies. Local payments in SGD are free.
Aspire also provides its customers with virtual debit cards Mastercard, which is a very convenient way to make online payments directly from the company’s account. There will be a 1% cashback on digital marketing and software subscriptions.
When opening an account with Aspire our clients receive a bonus of 50 SGD on their first deposit. You can register and receive a bonus by contacting us.
Airwallex
This payment system originated in Australia and received its financial licence in Singapore. It can open and maintain accounts in 50 different currencies. That means you can store the actual funds without conversion exactly the same way as foreign currency bank accounts work. Customers like this system for its simplicity, convenience and low transfer rates. Most of the international transfers are done within hours.
Wise
Formerly known as TransferWise, it is one of the first digital banks. To date, the largest payment system, which is often called “Unicorn” among payment systems; with more than 10 million customers worldwide. It is licensed in England, the EU, Singapore and many other countries.
The market capitalization of this payment system reaches 17.5 billion pounds, The maximum amount of one transfer is up to 1,000,000 USD. An account can be opened in minutes and without the need for a mandatory interview. Current accounts are opened in USD, EUR, GBP and supplemented with debit cards, virtual and physical. It connects to PayPal.
Wallex
One of the first payment systems in Singapore that received a licence from MAS (Monetary Authority of Singapore).
To open an account, you need to complete an online form with the basic data of your Singapore company, including its directors and beneficial owners. Also, to open an account, the director must attend a video interview with the bank’s manager.
A big additional plus of Wallex is the fact that this platform even allows its customers to work with cryptocurrency, unlike traditional banks and most other payment systems. If you are engaged in investments and trading on a cryptocurrency exchange, you can easily and legally withdraw funds from crypto via your Wallex accounts. Wallex offers operating accounts in USD, EUR and GBP. You can also connect them to your PayPal account to receive online payments. To open an account, sign up online at the Wallex website.
Payoneer
This payment system is truly international and has headquarters in New York, Hong Kong and Singapore.
Payoneer offers checking accounts in USD, EUR, GBP, CNH, JPY, AUD, CAD, SGD and MXN, and also issues Mastercard debit cards. The Intracorp team works closely with Payoneer, and when opening an account, our clients receive a gift of 35 USD to the account on their first deposit. You can register here: http://tracking.payoneer.com/SH2nU
Alternatively, we can handle an entire application process for you so you will get your operational account within days.
YouBiz
Youbiz, a Singapore-based fintech newcomer, offers both personal and business accounts. Its main advantages include:
- Swift and straightforward online setup process.
- No charges for setup or concealed fees.
- Provision of multicurrency accounts supporting USD, SGD, and nine additional currencies.
They also provide SME corporate card to earn unlimited 1% cashback on all spending with real 0% FX fee. There is a multi-currency expense management platform integrated in the app which helps efficiently manage payments and conversions in 9 different currencies.
Summary
We are sure that the above information is very useful as you can at the very least try some or even all of these online payment systems. One of the advantages is that no initial deposit to activate the account is required. Such an account can be a supplement to the existing bank account and will provide noticeable savings on transfer fees. If your company is making a large number of small payments, these savings can be substantial. It can also be used as a main bank account in the absence of another one. As mentioned, sometimes it is difficult to secure a bank account with a Singapore bank for the new company. So you can take full advantage of low fees and many types of account services that digital banks are offering.
