4 virtual bank accounts in Singapore (2026): Compare features, fees and fintech alternatives

Key takeaways:

• A virtual bank account in Singapore is a fully digital business account that lets you manage deposits, transfers, and payments online, without visiting a branch.

• Singapore has four MAS-licensed digital banks: GXS, MariBank, ANEXT, and Green Link.

• Airwallex goes further than a typical virtual bank account: it gives you multi-currency accounts in 20+ currencies, competitive FX rates that save you up to 80% on FX fees as compared to traditional banks, and transfers to 120+ countries with $0 transfer fees.

A virtual bank account in Singapore is a business account you open and run entirely online.

There are no branch visits and no paper forms. Everything from account setup to payments happens through an app or web platform.

This guide walks you through what a virtual bank account is, the four MAS-licensed digital banks serving Singapore businesses, and how Airwallex fits in as a fintech option built for businesses that operate internationally.

What is a virtual bank account?

A virtual bank account is a business account that exists entirely online, with no physical branches. You open it, fund it, and run your day-to-day transactions through an app or web platform.

Virtual bank account vs virtual account: what's the difference?

The two terms sound similar but mean different things:

• A virtual bank account is a fully digital business account offered by a bank or a licensed fintech. It works like a regular bank account; you receive payments, hold balances, and send transfers from it.

• A virtual account is a tracking tool, not a standalone account. Banks like DBS and CIMB assign virtual account numbers to each of your customers so you can match incoming payments to the right invoice. The money still flows into your main business account.

For this guide, we focus on virtual bank accounts, not virtual accounts.

3 types of virtual bank accounts in Singapore

When you're looking for a virtual bank account in Singapore, you'll see three types of providers. Here’s a quick overview:

This information is based on publicly available information accessed on 7 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

1. Traditional banks

These are established banks like DBS and OCBC. They run physical branches but also offer digital business accounts with online onboarding.

Some processes may still require in-person verification, particularly for foreign-owned companies.

2. MAS-licensed digital banks

Digital banks are banks licensed by the Monetary Authority of Singapore (MAS) under Singapore's digital bank framework. Singapore has four: GXS Bank, MariBank, ANEXT Bank and Green Link Digital Bank.

There are two licence types:

• Digital Full Bank (DFB) which can serve individuals and businesses: GXS and MariBank

• Digital Wholesale Bank (DWB) which can serve businesses only: ANEXT and Green Link

3. Fintech platforms

These are companies licensed by MAS as Major Payment Institutions, such as Airwallex.

They are not banks, but they offer fully digital business accounts that often go beyond core banking, with features like multi-currency accounts, international transfers, Corporate Cards, and more.

With an Airwallex Business Account, you get everything you'd expect from a virtual bank account, including fast online setup, no minimum balance, no monthly fees (on the Explore plan).

4 MAS-licensed digital banks in Singapore

Singapore has four virtual banks licensed by MAS to operate entirely online. Here’s a quick overview:

This information is based on publicly available information accessed on 7 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

1. ANEXT Bank Business Account

Known for: Multi-currency business banking for SMEs

ANEXT Bank is a digital wholesale bank licensed by MAS and a wholly owned subsidiary of Ant International.

It's designed for SMEs that need business banking across multiple currencies, with SGD, USD, CNH and EUR available within the same account. This makes it particularly relevant for businesses that collect or make payments in different currencies.

ANEXT also offers several business financing options, including a revolving credit line, a pay-per-use facility and a monthly installment loan. Businesses can also access secured financing backed by business assets for larger funding needs.

Information in this section is based on ANEXT’s official website as of 7 Oct 2026.

2. MariBank Business Account

Known for: Cost-effective SGD banking with daily interest

MariBank is a MAS-licensed digital full bank and part of Sea Group, the parent company of Shopee.

Its business account is suited to companies that primarily operate in SGD and want to earn interest on their account balance while managing day-to-day business transactions digitally.

Local transfers are supported through Singapore's FAST and PayNow networks. MariBank also offers business financing through a revolving credit facility and a separate term loan, giving businesses options for both short-term working capital and longer-term funding needs.

Information in this section is based on MariBank’s official website as of 7 Oct 2026.

3. GXS Bank Business Account

Known for: Daily interest and sole proprietor banking

GXS Bank is a MAS-licensed digital full bank. The GXS Biz Account is designed specifically for sole proprietors, so it's an option for individual business owners rather than businesses with other company structures.

The account supports everyday SGD banking, including local transfers through FAST and PayNow, while allowing businesses to earn daily interest on their balances.

GXS also provides business financing through GXS FlexiLoan Biz. Its ecosystem partnerships with Grab and Singtel can provide additional benefits for eligible merchants and customers.

Information in this section is based on GXS’s official website as of 7 Oct 2026.

4. Green Link Digital Bank Multi-Currency Account

Known for: Multi-currency banking and supply chain financing for trade-focused SMEs

Green Link Digital Bank (GLDB) is a digital wholesale bank focused on businesses, with a particular focus on trade and supply chains.

Its Multi-Currency Account is designed for businesses that transact, hold and manage funds in multiple currencies. Businesses can use the account for cross-border payments without maintaining separate accounts with different banks, while keeping their payment and financing activities within the same banking platform.

GLDB also offers supply chain, payables and receivables financing, making it particularly relevant to businesses that work with suppliers, buyers and other partners across a supply chain.

Information in this section is based on GLDB’s official website as of 7 Oct 2026.

Why Trust Bank isn't on this list

Trust Bank operates fully online and is sometimes grouped with the digital banks. But Trust Bank is not one of MAS's four licensed digital banks; it operates under a different bank licence framework.

Trust also focuses on individual retail customers. Its savings account, credit cards, and Instant Loan are designed for consumers, not businesses.

For business banking needs, you'd be better served by one of the four MAS-licensed digital banks above, or by a fintech platform like Airwallex, which we cover later in this article.

How to choose the right virtual bank account in Singapore

The right virtual bank account depends on how your business actually operates. Use these five questions to narrow down your shortlist.

Do you need SDIC deposit insurance?

If you're keeping money with a bank, it's worth checking whether your deposits are covered by Singapore's Deposit Insurance Scheme. SDIC protects eligible SGD deposits of up to S$100,000 per depositor per Scheme member, including deposits held by businesses.¹

Here's how it maps to the providers in this guide:

• Covered: MariBank and GXS Bank, as well as traditional banks like DBS and OCBC

• Not covered: ANEXT Bank and Green Link Digital Bank

• Different framework: Fintech platforms like Airwallex hold a Major Payment Institution licence, not a bank licence. They aren't SDIC members, but MAS requires them to safeguard customer funds with approved financial institutions

How much do you transact across borders?

If your business pays overseas suppliers, receives international payments, or regularly works with foreign currencies, look closely at how each account handles foreign-currency balances and international transfers.

• Foreign-currency support: Some digital bank accounts let businesses hold multiple currencies, while others are focused mainly on SGD. Check whether the currencies you actually use are supported and whether you can hold those balances or need to convert them.

• International transfers: Banks differ in the currencies, transfer routes and fees they support. Some rely on SWIFT for overseas payments, while others offer faster transfer options for selected destinations.

If international payments are a regular part of your business, a multi-currency fintech account is a good option. For example, Airwallex lets you hold 20+ currencies, and 94% of our transfers go through local rails with $0 SWIFT fees.

What's your business structure and ownership?

Eligibility rules vary by provider, so check both your business structure and the eligibility of the people opening the account.

• Business structure: Digital banks may support different types of Singapore-registered businesses, such as sole proprietorships, partnerships and private limited companies. GXS, for example, currently offers its Biz Account to sole proprietors and selected Private Limited companies.¹

• Singapore-registered businesses: You generally need an active Singapore business registration before applying for a business account. The provider may also restrict which entity types it accepts.

• Founders and authorised users: Having a Singapore-registered company does not automatically make every founder or director eligible. Providers may set requirements around Singapore residency or citizenship, Singpass access, and the identity of directors, shareholders or other beneficial owners.

• More complex ownership: Businesses with overseas owners, multiple shareholders or more complicated ownership structures may be asked for additional information or documents during verification.

How fast do you need to get started?

• Fintech platforms generally have the fastest onboarding, with some accounts activated within a few business days

• MAS-licensed digital banks vary; GXS advertises sign-up in under 4 minutes for sole proprietors, while business accounts at other digital banks can take a few days

• Traditional banks typically take the longest, particularly for foreign-owned companies that may require in-person verification

If timing is critical, ask about expected approval times before you apply, and have your documents ready: ACRA business profile, proof of business address, director and shareholder information, and an authorisation letter.

Do you need business tools beyond banking?

A virtual bank account gives you a place to receive, hold, and pay money.

If your business also needs corporate cards, expense management, automated bill payments, an eCommerce payment gateway, or direct accounting integrations, the MAS-licensed digital banks may not cover those needs natively.

For an all-in-one platform, fintech providers like Airwallex bundle multi-currency accounts with Corporate Cards, expense management, Bill Pay, and accounting integrations.

Why Singapore businesses choose Airwallex

With Airwallex, you get everything you'd expect from a virtual bank account: fast online setup, no account opening fees, no minimum balance, no monthly fees (on the Explore plan), and fully digital management.

On top of that, you also get extra features that virtual bank accounts may not offer. Here’s what you get with Airwallex:

$0 transfer fees via local rails

94% of Airwallex’s transfers are routed through local rails with $0 transfer fees, helping you to save on your transfers.

Save up to 80% on FX fees

Airwallex prices its FX at highly competitive rates of 0.4% to 0.6% above interbank. This lets you save up to 80% on FX fees as compared to traditional banks.

Multi-currency accounts in 20+ currencies

Open local-currency accounts in 20+ currencies with local bank details, so you can receive payments from US, UK, Australian, or European customers as if you held a local account there.

Corporate Cards and expense management in one

Issue virtual and physical multi-currency Corporate Cards in minutes, with no foreign transaction fees. Set custom controls per card, capture receipts in-app, route approvals through workflows, and reimburse employees directly, without juggling a separate expense tool.

Frequently asked questions (FAQs)

Are virtual bank accounts safe in Singapore?

Yes, virtual bank accounts in Singapore are regulated. MAS-licensed digital banks meet the same compliance, capital, and risk-management standards as traditional banks, and Digital Full Banks have SGD deposits protected by the SDIC scheme up to S$100,000 per depositor¹. Fintech platforms that offer virtual business accounts hold a Major Payment Institution licence and must safeguard customer funds with approved financial institutions under MAS rules.

How long does it take to open a virtual bank account in Singapore?

Most virtual bank accounts can be opened entirely online, with approval typically taking between 1 and 5 business days depending on the provider and your business structure. Fintech platforms are usually the fastest. MAS-licensed digital banks and traditional banks may take longer if your business has foreign ownership or a more complex structure.

Can foreigners open a virtual bank account in Singapore?

Yes, foreigners can open a virtual bank account in Singapore as long as the business is registered locally. Most providers accept Singapore-incorporated companies with foreign directors or shareholders, but you'll typically need a Corppass account and additional documentation if your ownership structure is more complex. Approval times can be longer for foreign-owned businesses, so build in extra time before you need the account live.

What documents do I need to open a virtual bank account?

You'll usually need your ACRA business profile, proof of business address, identification for directors and shareholders, and an ownership structure chart. Some providers also ask for an authorisation letter or a board resolution. Requirements vary by provider — most MAS-licensed digital banks pull your business details directly via Corppass and MyInfo Business, which speeds things up.

Do virtual bank accounts have SDIC deposit insurance?

It depends on the provider's licence. MAS-licensed Digital Full Banks (MariBank, GXS Bank) and traditional banks have SGD deposits insured under the SDIC scheme up to S$100,000¹. Digital Wholesale Banks (ANEXT, Green Link) and fintech platforms like Airwallex don't sit under SDIC; fintechs instead safeguard customer funds with approved financial institutions under MAS rules.

Can I use a virtual bank account for international payments?

Yes, but capabilities vary widely. Most MAS-licensed digital banks support international transfers in a limited set of currencies, often via SWIFT with per-transfer fees. If you make international payments regularly, a fintech platform like Airwallex lets you hold 20+ currencies and lets you make transfers via local rails with $0 transfer fees.

Sources:

1.  https://www.business.gxs.com.sg/biz-account

2.  https://www.anext.com.sg/bank-with-us/business-account

3.  https://www.anext.com.sg/bank-with-us/business-loan

4.  https://www.maribank.sg/fees-rates/mari-business-account

5.  https://www.maribank.sg/product/mari-business-loan

6.  https://www.business.gxs.com.sg/

7.  https://www.glbank.com/

8.  https://trustbank.sg/savings-account/