The best 5 digital business bank accounts in Singapore (2025)

Key takeaways

• Digital business accounts offer the speed, flexibility, and convenience your business needs to scale in today’s digital-first world.

• Fintech alternatives like Airwallex go beyond traditional digital banking to provide features tailored for growing businesses, such as global payment capabilities, real-time expense tracking, and eCommerce integrations.  

• Choosing the right digital account depends on your business priorities, whether it's FX rates, cross-border transfers, or value-added business solutions such as corporate cards and bill automation.

Digital business bank accounts are quickly gaining traction in Singapore. SMEs, in particular, show a strong interest in digital banking, with 88% open to moving some of their banking services online.¹ It isn’t hard to see why, as the convenience and benefits offered by digital banks for businesses are necessary to grow within this modern, digital-first landscape.

In this article, we’ll cover everything you need to know about the digital business bank accounts offered by the most popular financial institutions in Singapore, including how they work and the benefits they offer.

What is a digital business bank account?

A digital business bank account is a digital-only business bank account designed to support a company’s financial activities. 

Businesses in Singapore that want to explore digital banking have several options in terms of providers: 

• Traditional banks: Legacy banks in Singapore, like DBS and OCBC, offer digital business banking services like multi-currency accounts, loans, and corporate cards. However, these digital business bank accounts often come with paperwork, slower onboarding, and in-person branch visits to access key services.

• Digital banks: Digital banks operate entirely online and offer core banking services like payments and loans, but don’t support over-the-counter transactions.  

• Fintech firms: Fintech providers like Airwallex are regulated by the Monetary Authority of Singapore (MAS) and go beyond traditional banking services. Our digital business accounts come with modern business tools like global payment gateways, automated bill payments, and multi-currency support.

The top digital business bank accounts and alternatives in Singapore (2025)

In Singapore, the top digital business accounts include offerings from well-established legacy banks, digital-only banks, and fintech providers like Airwallex. These financial institutions are recognised for their strong support of SMEs and their innovative digital banking solutions.

1. Airwallex: global payments and financial platform with multi-currency support for 23+ currencies, free local transfers to 120+ countries, and affordable FX rates.

2. MariBank: digital full bank with free local transfers, built-in invoicing tools.

3. ANEXT Digital Bank: digital wholesale bank with easy account setup and dual-currency support.

4. Green Link Digital Bank: digital wholesale bank with ESG-friendly features and dual-currency support.

5. DBS Bank: traditional bank offering multi-currency accounts with 13 supported currencies and strong trading tools.

6. OCBC Bank: traditional bank offering accounts with no minimum deposit and digital tools such as a mobile banking app, e-invoicing, and PayNow Corporate integration.

Key features to look for in digital business bank accounts

Comparing digital business bank accounts across banks and fintechs can be overwhelming. To make it easier, we’ve compiled a list of key features to look out for:

• Affordable and clear costs: Choose an account that offers transparent pricing with low fees and competitive FX rates to help add to your margins. 

• Easy access and compatibility: If your priority is being able to manage your finances anywhere, look for accounts with seamless mobile and web access –  bonus if it includes value-added tools like invoicing software and expense management. 

• Custom financial tools: Features like multi-currency support and automated expense tracking help you manage cash flow and global transactions without the manual legwork.

Compare the best digital business bank accounts and non-bank alternatives

The top digital business bank accounts and non-bank alternatives: key features

If you’re running a small business in Singapore and exploring the best business account for your needs, here’s a roundup of some of the top digital business account options available today – from local digital and traditional banks to fintech alternatives. 

1. Airwallex Business Account

The Airwallex Business Account is one of the top digital bank account alternatives in Singapore for SMEs. We offer fast setup, multi-currency accounts, market-leading FX fees, instantly-issued corporate cards, and seamless integration with software like Xero, Shopify, and more. Airwallex’s Explore account has no monthly fees or minimum balance requirements, making it especially cost-effective for startups and growing businesses operating across borders.

2. MariBank Business Account

MariBank Business Account is a digital account tailored for local eCommerce sellers, particularly those on platforms like Shopee. It offers daily 2.5% interest on balances, zero fees, and free local transfers, helping business owners maximise returns on cash while keeping operations simple.

3. ANEXT Business Account 

Backed by Ant Group, ANEXT Bank is a digital wholesale bank offering a fully online setup with multi-currency accounts in currencies such as SGD, CNH, USD, and EUR. With daily interest on balances and an intuitive dashboard for managing international transactions, it’s a practical, low-cost option for SMEs that transact using these currencies.

4. Green Link Business Fixed Deposit Account

As the first digital bank to operate in Singapore,⁹ Green Link Digital Bank stands out for its sustainability focus. Its business account is fully digital and comes with zero monthly fees, no minimum balance, and the ability to hold and transact in SGD and USD. This account is tailored for MSMEs and is known for its competitive fixed deposit rates and ESG-friendly features.

5. DBS Business Multi-Currency Account

DBS is the largest bank in Singapore and Southeast Asia, with over 280,000 corporate banking customers as of 2024.¹⁰ They offer a wide range of digital accounts for SMEs and large companies, such as the DBS Business Multi-currency Account.

6. OCBC Business Growth Account

OCBC, Singapore’s second-largest bank, offers the Business Growth Account tailored for startups and small businesses. This account features a fully online onboarding process, 80 free FAST and 80 free GIRO transactions per month, and up to 1% cashback on business debit card spending.

What are the benefits of a digital business bank account?

There are a variety of benefits to choosing a digital business bank account, but here are the three main ones:

• Faster setup and transactions: Digital business bank accounts streamlines traditional banking processes, giving business owners faster access to key services. Account setup can often be completed within one business day. Transactions such as fund transfers, invoicing, and payments are executed quickly, often in real-time.

• Lower fees: Digital banks tend to operate with lower overheads compared to traditional banks, and those savings are often passed on to customers. This means lower (or even zero) monthly account fees, reduced transaction costs, and competitive foreign exchange rates.

• Digital-first solutions: A digital business bank account isn’t just an online version of a traditional account – it’s purpose-built to meet modern business needs. They come with intuitive interfaces, mobile-first access, automated bookkeeping, expense tracking, API integrations, and compatibility with software like Xero.

What's the difference between a digital business bank account and a non-digital business bank account?

The main difference between a digital business account and a digital business bank account lies in the financial institution offering the account and the range of services available. 

Digital Business Account

A digital business account is typically offered by fintech companies and comes with specialised services that go beyond traditional banking. For instance, the Airwallex Business Account includes a payment gateway, corporate cards with built-in expense management, and integrations with accounting software. Powered by Airwallex’s proprietary financial infrastructure, our Business Account also offers more competitive FX rates, helping businesses reduce the costs associated with international transactions.

Digital Business Bank Account

In contrast, a digital business bank account provides traditional banking services, such as deposits, loans, and account management, via a fully online platform. These accounts are offered by digital-only banks, as well as established institutions like DBS and OCBC.

While traditional banks are expanding their digital offerings, they may not yet match the advanced features found in fintech-led solutions, such as real-time integrations, automated expense management, and globally optimised, cost-efficient services.

Leverage Airwallex to simplify your financial operations

More businesses in Singapore are turning to digital business accounts for international transfers, currency exchange, and bill payments.¹¹ While both traditional banks and some digital banks offer convenient online banking services, such as loans for SMEs, fintech providers like Airwallex are changing the game with end-to-end financial solutions designed to scale with your business. 

With the Airwallex Business Account, you can open an account in as little as one business day – no paperwork or in-person branch visits needed. The account allows you to transfer funds internationally with little to no fees, issue corporate cards instantly, and create local currency accounts for over 23 currencies, making it especially ideal for companies with global ambitions. 

Although there are many fintech solutions in Singapore, most are limited in scope and focus solely on services such as currency exchange and international transfers. 

In addition to the above, with Airwallex, you can quickly customise and implement an eCommerce payment gateway, automate up to a thousand bill payments, and gain greater visibility and control over all your global expenses. Plus, Airwallex integrates with popular business tools like Xero and QuickBooks, helping you streamline your workflows and gain better visibility over your finances. 

Having all these services on a single platform reduces the need to switch between multiple providers, giving you a consolidated view of your financial performance and saving you valuable time. Whether you're a startup, SME, or scaling business, Airwallex gives you the flexibility and control you need to grow confidently in today’s fast-paced market.

Frequently asked questions (FAQ)

1. How do I open a digital business bank account?

Opening a corporate bank account in Singapore is usually a quick, fully online process. You'll typically need your company’s ACRA registration, a valid ID, and proof of address.

2. What qualifies as a digital business account?

A digital business account is an online-only or app-based banking solution designed for businesses. It allows you to manage payments, expenses, and accounts entirely through digital platforms without visiting a physical branch.

3. Is a corporate account the same as a business account?

Yes, in Singapore, the terms "corporate account" and "business account" are often used interchangeably. Both refer to accounts used for business transactions, regardless of the company or structure.

4. Which bank is best for digital business accounts in Singapore?

Options like Aspire, Airwallex, and Wise are popular digital-first platforms, while traditional banks such as DBS and OCBC also offer digital business accounts. The best choice depends on your business needs, such as international payments, local transfers, or integration with accounting tools.

5. How much does it cost to open a digital business account in Singapore?

Costs vary depending on the provider. Some digital accounts like Airwallex have zero account opening fees, while traditional banks may require a minimum initial deposit of S$1,000.

6. What is the difference between a personal and a corporate bank account in Singapore?

A personal bank account is for individual use, while a corporate bank account is designed for businesses to manage company finances. Business accounts offer features like multiple-user access, invoicing, and integration with accounting software, making them essential for proper financial solutions and compliance.

Sources:

1. https://www.visa.com.sg/dam/VCOM/regional/ap/singapore/newsroom/documents/going-digital-the-banking-revolution.pdf

2. https://www.maribank.sg/product/mari-business-account 

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

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

5. https://www.anext.com.sg/static/terms/feeschedule 

6. https://www.glbank.com/data/tosend/resource/upload/GLDB-Fees-and-Charges.pdf 

7. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679b?t=1719382892817 

8. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide 

9. https://www.straitstimes.com/business/banking/green-link-launches-as-singapores-first-digital-bank 

10. https://www.dbs.com/iwov-resources/images/investors/annual-report/dbs-annual-report-2024.pdf?pid=splitter-home-annual-report-2024 

11. https://www.visa.com.sg/about-visa/newsroom/press-releases/underserved-smes-look-to-digital-banks-to-provide-enhanced-services-visa-study.html 

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.