7 ANEXT alternatives in Singapore (2026): Compare fees & features

Key Takeaways

• ANEXT Bank is a MAS-licensed digital wholesale bank built for Singapore SMEs. It supports 4 currencies, offers free local transfers, and charges flat SWIFT fees for international payments — but lacks corporate cards, expense management, and accounting integrations.

• The best ANEXT alternative depends on what your business needs: DBS and Wise suit different use cases, while Aspire, Statrys, and YouBiz each offer distinct strengths for growing businesses.

• Airwallex gives you 20+ currency accounts, free international transfers to 120+ countries via local payment rails, corporate cards, expense management, a payment gateway, and bill pay — all in one platform.

If you're looking at ANEXT alternatives, you're probably after something with more features, lower international transfer costs, or broader currency support than ANEXT's core offering. ANEXT Bank is a solid choice for Singapore SMEs with simple, local banking needs, but it has real limitations when your business starts operating across borders.

This guide covers 7 of the best alternatives to ANEXT in Singapore. For each one, we break down the key features, fees, and who it suits best, so you can make a straight comparison.

We also include a full feature comparison table and a set of questions to ask any provider before you sign up.

What is ANEXT Bank?

ANEXT Bank is a digital wholesale bank based in Singapore and a wholly-owned subsidiary of Ant International, an affiliate of Alibaba Group.¹ It holds a digital wholesale banking licence issued by the Monetary Authority of Singapore (MAS), which means it serves businesses only — not individual retail customers.

ANEXT launched in June 2022 and focuses on micro-businesses and SMEs registered in Singapore. Its core product is a multi-currency business account that supports balances in SGD, USD, EUR, and CNH.²

The account earns up to 1% p.a. interest on SGD, USD, and EUR balances, paid out daily.² Beyond the business account, ANEXT also offers business loans and fixed deposits.²

One important note: as a digital wholesale bank, ANEXT deposits are not covered by the Singapore Deposit Insurance Corporation (SDIC), which insures deposits at retail banks up to S$100,000 per depositor. If you hold significant cash balances, this is worth factoring into your decision.

What ANEXT does well

• No fees to get started. No account opening fee, no monthly maintenance fee, and no minimum balance requirement.²

• Free local transfers. Unlimited SGD transfers via FAST, PayNow, GIRO, and MEPS at no cost.²

• Daily interest on balances. Earn up to 1% p.a. on SGD, USD, and EUR balances, with interest credited daily.²

• Flat international wire fees. ANEXT charges a flat S$15 per outward SWIFT transfer — straightforward and predictable.³

• Business lending. ANEXT offers unsecured business loans and fixed deposit products, which most fintech alternatives do not.²

• China trade flows. Because ANEXT is part of the Ant International ecosystem, it handles CNH transactions smoothly — useful if you trade with suppliers on Alibaba or AliExpress.

Where ANEXT falls short

• Limited currency support. The account holds only 4 currencies. If you operate in markets beyond SGD, USD, EUR, and CNH, you'll need a different provider.

• No corporate cards. ANEXT does not issue corporate or expense cards of any kind.²

• No expense management. There are no tools for tracking team spend, setting budgets, or managing reimbursements.²

• No accounting integrations. ANEXT does not connect to Xero, QuickBooks, or any other accounting software.²

• SWIFT-only for international payments. All outward international transfers go via SWIFT, which is slower and more expensive than local payment rail alternatives.²

• No payment gateway. If you sell online and need to accept payments from customers, ANEXT cannot help.²

Who should consider ANEXT

ANEXT works well for Singapore-incorporated SMEs that primarily operate locally, need a no-fee base account, want daily interest on idle balances, or require business lending. It is particularly suited to businesses trading with China-based counterparties where CNH settlement is relevant.

It is less suited to businesses that pay international suppliers frequently, need corporate cards or expense tools, require accounting integrations, or accept payments online.

Opening an ANEXT account

The application is fully digital. You will need a CorpPass account and Singpass to apply. Your business information is pre-filled via MyInfo Business. All directors and shareholders must complete identity verification through the platform.

Simple applications can be approved the same day, though cases with foreign shareholders or complex structures may take up to 14 business days.²

The top 7 alternatives to ANEXT in Singapore

Below is an overview of the seven strongest ANEXT alternatives available to Singapore businesses, covering features, fees, and more.

The information in this table has been reviewed to be accurate as of 24 March 2026.

1. Airwallex

Airwallex is a global financial platform built for businesses that need more than basic banking. It gives you multi-currency accounts in 20+ currencies, free international transfers to 120+ countries via local payment rails, Corporate Cards, expense management, Bill Pay, and a payment gateway that accepts payments from 180+ countries — all on one platform.

There is no account opening fee, no monthly fee with the Explore account, and no minimum balance.

The information in this table has been reviewed to be accurate as of 24 March 2026.

For a detailed side-by-side, read our ANEXT vs Airwallex comparison.

2. Aspire

Aspire is a Singapore-based financial platform for startups and SMEs. It offers a multi-currency account, corporate cards, expense management, bill pay, and accounting integrations with Xero, QuickBooks, and NetSuite.⁴ There is no account opening fee and no monthly fee.

The information in this table has been reviewed to be accurate as of 24 March 2026.

For a full comparison, read our Aspire vs Airwallex article.

3. DBS

DBS is the largest bank in Singapore and Southeast Asia. Its Business Multi-Currency Account supports 12+ currencies and comes with the full range of traditional banking services, including business loans and fixed deposits.⁵ The Starter Bundle is designed for newly incorporated businesses.

The information in this table has been reviewed to be accurate as of 24 March 2026.

For more detail, read our DBS Business Account guide.

4. Green Link Digital Bank (GLDB)

GLDB is one of Singapore's first licensed digital wholesale banks.² It specialises in supply chain financing, helping wholesalers and manufacturers access working capital and ease cash flow pressures. It is a niche provider best suited to businesses in manufacturing, wholesale, and trade finance.

The information in this table has been reviewed to be accurate as of 24 March 2026.

5. Wise Business

Wise is a UK-based fintech company that serves businesses globally. The Wise Business account offers local account details in 22 currencies and lets you hold and exchange 40+ currencies.⁶ It is well known for transparent, low-cost international transfers using mid-market exchange rates. Wise also offers corporate debit cards, batch payments, and accounting integrations.⁶

Note that Wise charges a one-time setup fee of S$99 to access local account details.

The information in this table has been reviewed to be accurate as of 24 March 2026.

For a full comparison, read our Wise vs Airwallex article.

6. Statrys

Statrys is a Hong Kong-based fintech that expanded into Singapore in November 2025.⁷ It offers a multi-currency business account supporting 11 currencies, competitive FX fees from 0.1%, and a dedicated account manager for every client.⁷ It is suited to Singapore-incorporated businesses with international payment needs that want personalised support.

The information in this table has been reviewed to be accurate as of 24 March 2026.

7. YouBiz

YouBiz is the business account offering from YouTrip, a MAS-licensed Singapore fintech. It supports multi-currency accounts in 9 currencies and issues corporate cards for team spending.⁸ It is straightforward to set up and suited to smaller businesses or teams that want a simple multi-currency card account with no monthly fees.

The information in this table has been reviewed to be accurate as of 24 March 2026.

What to ask when choosing an ANEXT alternative

Not every business account will suit your needs. Before you commit to a provider, here are the key questions to work through.

How many currencies do you support, and which ones?

Make sure the provider supports the currencies of the markets you actually do business in. Holding funds in the right currency means you avoid unnecessary conversions and reduce your exposure to FX fluctuations.

If you regularly deal in USD, EUR, or GBP, check whether the provider gives you local account details in those currencies — not just the ability to convert.

What are the fees for sending and receiving international transfers?

Hidden costs like correspondent bank charges and SWIFT intermediary fees can eat into margins quickly. Ask for the full fee schedule, not just the headline rate. Compare the total cost of a transfer end-to-end, including what the recipient actually receives.

Do you offer an alternative to SWIFT for international transfers?

Fintech providers like Airwallex route transfers via local payment rails instead of SWIFT for 120+ countries. This makes the transfer behave like a local payment — you don’t need to pay SWIFT fees, and your transfer arrives much faster (typically on the same day).

What ongoing account fees do you charge?

Ask about monthly maintenance fees, transaction costs, fall-below fees, and any charges that kick in as your account grows. Some providers offer a free tier that becomes expensive once your volume increases.

What are your foreign exchange rates?

FX rates vary significantly between providers. Some charge a percentage markup on the mid-market rate; others are less transparent. For businesses making frequent cross-border payments, even a small difference in FX rate adds up over time. Ask for the exact markup, not just a sample rate.

What other financial tools do you offer?

A business account that also handles corporate cards, expense management, bill pay, and accounting integrations reduces the complexity of managing multiple providers. It also gives you better visibility across your finances in one place.

Can you handle bulk payments?

If you pay multiple vendors, contractors, or employees at once, check whether the provider supports batch payments and how many recipients you can include per batch. This matters more than it sounds when you are processing payroll or paying a supplier list.

Do you integrate with accounting software?

Direct integrations with tools like Xero or QuickBooks automate reconciliation and reduce manual data entry. If your finance team currently exports and re-imports statements manually, an integration will save significant time each month.

Are you licensed by the Monetary Authority of Singapore?

A MAS licence confirms the provider meets Singapore's regulatory standards for payment institutions or banks. It also matters for your own compliance — particularly if your business is audited or operates in regulated sectors.

Can you scale with my business?

The right provider today should still work for you in two or three years. Look for one that can handle higher transaction volumes, more currencies, additional team members, and more complex payment needs without requiring you to switch platforms mid-growth.

Why choose Airwallex over ANEXT?

ANEXT works well for businesses that primarily operate in Singapore and need a no-fee base account with lending on the side. But if your business is growing internationally — or you need tools beyond a basic account — the gaps become significant quickly.

Here is how the two platforms compare directly.

The information in this table has been reviewed to be accurate as of 24 March 2026.

The most meaningful difference is how international payments work.

ANEXT routes all outward international transfers through SWIFT, which is slower and carries a flat S$15 fee per transaction — plus potential correspondent bank charges on inward transfers.³ Airwallex uses local payment rails instead, and 93% of our transfers arrive on the same day with no SWIFT fees.

Beyond transfers, Airwallex covers the tools that growing businesses actually need day-to-day: Corporate Cards for team spending, expense management to track and control costs, Bill Pay to handle payables, and a payment gateway to accept payments from customers in 180+ countries. ANEXT offers none of these.

If your business is scaling across borders, managing a team, or selling online, Airwallex gives you what ANEXT cannot.

Frequently asked questions (FAQs)

What is the main difference between ANEXT and Airwallex?

ANEXT is a digital wholesale bank with a focus on local Singapore banking: it offers a no-fee business account, business loans, and fixed deposits, but does not provide corporate cards, expense management, a payment gateway, or accounting integrations. Airwallex is a financial platform built for businesses operating across borders. It covers multi-currency accounts in 20+ currencies, free international transfers via local payment rails, corporate cards, expense management, bill pay, and a payment gateway — all in one place.

Can I use ANEXT Bank if my business is registered overseas?

ANEXT primarily serves businesses incorporated in Singapore. If your business is registered overseas, you may face additional verification requirements or may not be eligible. Check ANEXT's current eligibility criteria on their official website before applying.

Do any ANEXT alternatives offer business loans?

Of the providers covered in this guide, DBS and GLDB offer business lending products. Airwallex, Aspire, Wise, Statrys, and YouBiz do not currently offer business loans in Singapore. If access to credit is a priority alongside your business account, DBS or ANEXT itself may be worth considering for that specific need.

Which ANEXT alternative is best for international payments?

If you make frequent international payments, Airwallex is the strongest option. Airwallex uses local payment rails to send transfers to 120+ countries with no SWIFT fees, and 93% of transfers arrive the same day. This is significantly more cost-effective than using SWIFT-based transfers for regular cross-border payments.

Is there a minimum balance requirement for ANEXT alternatives?

Most of the providers in this guide — including Airwallex, Aspire, GLDB, Wise, and YouBiz — have no minimum balance requirement. DBS may require a minimum balance depending on the account type. Statrys charges a monthly fee rather than a minimum balance. Always check the current terms on each provider's official website before signing up.

Sources:

1. https://anext.com.sg/about-us/our-story

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

3. https://anext.com.sg/static/terms/feeschedule

4. https://aspireapp.com/business-account

5. https://www.dbs.com.sg/sme/day-to-day/accounts/dbs-business-multi-currency-account

6. https://wise.com/sg/business

7. https://statrys.com/blog/statrys-launches-business-account-in-singapore

8. https://www.youtrip.com/en/youbiz

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.