Digital banks in Singapore (2025): overview of the benefits & limitations of the new MAS digital banking licensed virtual banks

Key takeaways

• Digital banks in Singapore make banking more accessible with faster onboarding and lower local transfer fees, but they offer limited business tools for global growth.

• The offerings of digital banks remain narrow. Features such as SME loans and platform-specific tools don’t address broader business needs, like multi-currency transfers, expense management, or international online payment acceptance. 

• Airwallex offers a more complete alternative to digital banks. As a licensed and regulated global fintech provider, Airwallex provides businesses with low-cost international transfers, multi-currency accounts in 23+ currencies, and integrated tools to manage corporate cards, expense management, and more – all from one unified platform.

Digital banks in Singapore promise faster onboarding and lower fees compared to their traditional counterparts, which can be appealing to startups and small-to-medium enterprises (SMEs). A study by Visa found that 88% of Singapore SMEs would consider using digital banks, especially for services like international transfers and currency exchange.¹ However, most digital banks remain focused on domestic transactions, with limited currency coverage and caps on global transfers.  

Airwallex combines the speed and cost efficiency of digital banking with the global infrastructure businesses need to scale confidently – from multi-currency accounts and corporate cards to international payments and expense management. In this article, we’ll explore Singapore’s five digital banks and how Airwallex compares as an end-to-end financial platform for modern businesses. 

What is a digital bank? 

A digital bank is a licensed bank that operates without physical branches. Everything, from opening an account to salary crediting, runs entirely through an app or online platform. In Singapore, these banks are regulated by the Monetary Authority of Singapore (MAS).

Are digital banks safe and regulated?

Digital banks in Singapore are licensed and supervised by the MAS, which enforces strict rules on capital, security, and compliance. This means they’re held to the same standards as traditional banks, giving customers confidence their funds are protected.

The MAS began offering two kinds of digital bank licences in June 2019:²

• Digital Full Banking (DFB): for providers of banking services for retail and non-retail customer segments 

• Digital Wholesale Banking (DWB): for providers of banking services to SMEs and other non-retail customer segments

As of 2025, the four digital banks holding either of these licences are GXS Bank, MariBank, ANEXT Bank, and Green Link Digital Bank. Trust Bank, meanwhile, operates under a Full Bank Licence as a joint venture between Standard Chartered Bank (Singapore) and FairPrice Group,³ even though it functions as a digital full bank. This allows Trust Bank to run ATMs, cash deposit machines (CDMs), and a full suite of banking services similar to traditional banks.⁴

This regulatory framework also applies to fintech firms. Airwallex is licensed as a Major Payment Institution in Singapore and regulated by the MAS with customer funds safeguarded in segregated accounts with tier-one global banks. We also take a multi-layered approach to security that combines multi-factor authentication, real-time fraud monitoring, and advanced encryption. 

Learn more about how we keep our customers’ funds safe.

What are the top digital banks in Singapore and their alternatives (2025)?

As of 2025, Singapore’s fintech scene has five digital banks, each backed by big names in finance or tech. They promise lower fees and faster onboarding compared to traditional banks, but most still focus on local services. Airwallex is also featured as a fintech alternative for businesses that need international reach and the tools to scale.

Note: The information in this table has been reviewed to be accurate as of 21 October, 2025.

Airwallex: all-in-one fintech alternative to digital banks 

Digital banks make it easier to get started and reduce costs, but their features only go so far. When it comes to managing international payments or building for scale, you’d quickly run into limits. As your business scales, you’ll need other providers to access competitive rates or features like multi-currency corporate cards, spend management, and more. 

That’s where Airwallex stands out. Instead of piecing together different providers, our Business Account provides the global infrastructure to send, receive, and manage money. 

With a Business Account, you get: 

• Local currency accounts: Get local bank details in over 70 countries, so you can collect payments in 23+ currencies without the hassle of opening a local bank account.

• S$0 international transfers:  Pay S$0 to transfer funds to 120+ countries through our local payment rails. By skipping the SWIFT network, your payments are processed as domestic transfers with no fees, and 95% arrive the same day.

• Unlimited free domestic transfers: Send unlimited FAST transfers at no cost.

• Batch transfers: Send up to 1,000 local and international payments in one go. Pay suppliers, employees, or recurring bills without the hours of manual processing.

• Earn returns on idle balances: Earn competitive returns on SGD and USD with no minimum deposits or lock-in periods.

And that’s just the start. With Airwallex, businesses can also tap on these features: 

• Local and eCommerce collections: Accept payments via PayNow, GrabPay, cards, and 160+ local payment methods to boost checkouts.

• Multi-currency corporate cards: Issue virtual and physical cards in minutes, spend from your currency balances, and pay S$0 international transaction fees.

• Expense management and reimbursements: Track spending in real time and set custom controls on Corporate Cards. Reimburse employees directly from your Airwallex account, without relying on manual processes.

• Bill payments: Free up your finance team’s time by automating accounts payables and settling global invoices in one place.

• Accounting integrations: Connect to Xero, NetSuite, QuickBooks, Sage, Odoo, and more for clean, timely books.

• Regulation and security: Licensed as a Major Payment Institution in Singapore (MAS). Customer funds are segregated with tier-one global banks, and a multi-layered security stack protects every transaction. Here’s how we keep our customers’ funds safe.

• Transparent pricing: Free to open, with no minimum deposit, no fall-below fees, and most features available for S$0 per month.

Trust Bank by Standard Chartered Bank (Singapore) and FairPrice Group

Trust Bank is a fully digital bank launched in 2022 by Standard Chartered Bank (Singapore) and FairPrice Group. It’s designed with everyday consumers in mind, offering savings accounts, credit cards, personal loans and travel insurance.

Trust Bank doesn’t serve businesses, so you won’t find SME accounts or tools for company use.

Trust Bank pros and cons 

GXS Bank by Grab and Singtel

Grab and Singtel launched GXS Bank in 2022 as one of Singapore’s first licensed digital banks. For SMEs, it offers digital onboarding, local payment options, and credit lines. Grab merchants also get access to benefits linked to the Grab ecosystem. 

However, GXS’s services are still largely confined to Singapore, with limited multi-currency support. It also doesn’t disclose exchange rates or overseas transfer fees upfront. For businesses that need to pay overseas suppliers, collect from international customers, this can quickly become a roadblock. 

Airwallex is built to address these gaps. Transfers reach over 200 countries worldwide, and you pay S$0 for transfers to 120+ countries, thanks to our local payment rails. On top of that, you can convert currencies through our transparent interbank rates, helping you protect your margins and manage your financial operations with confidence.

GXS Bank pros and cons

MariBank by SeaMoney

Sea Group, the parent company of Shopee and SeaMoney, launched MariBank in 2022, targeting both consumers and SMEs. Businesses can open an SGD account and access loans, while Shopee sellers benefit from faster settlements through its integration with the platform. 

Outside of the Shopee ecosystem, MariBank’s offerings are limited. The Mari Business Account lacks multi-currency support, and doesn’t offer tools like corporate cards, expense management, or online payment acceptance. 

In terms of international transfers, MariBank currently doesn’t support incoming overseas transfers, which can be a major hurdle for businesses that need to collect funds from global customers. Transfers to local Singapore accounts and overseas transfers are also restricted by transfer limits. 

Airwallex solves this by having all these features in a single platform – multi-currency accounts, corporate cards with built-in expense management controls, and access to interbank FX rates so you can exchange currencies confidently while protecting your margins. You can also enjoy SWIFT-free global transfers, thanks to our proprietary connections to local payment rails in 120+ countries. 

For a closer look at its strengths and gaps, check out our detailed MariBank Business Account review.

MariBank pros and cons

ANEXT Bank by Ant Group

ANEXT Bank, a subsidiary of Ant Group, provides banking services for SMEs, including multi-currency accounts that earn interest on balances in SGD, USD, CNH, and EUR. However, its global coverage is limited – cross-border transfers are available in only 10 currencies, and there are no multi-currency cards or payment acceptance solutions to support the needs of businesses looking to scale globally. 

Airwallex addresses these gaps with a complete financial platform designed to simplify global financial operations. Businesses can open local accounts in 23+ currencies, send S$0 transfers to 120+ countries via our local payment rails, and instantly issue multi-currency corporate cards with built-in spend controls. Every transaction is automatically synced to your accounting software, reducing manual work and giving finance teams real-time visibility. 

For a closer look at ANEXT’s features and fees, see our deep dive on the ANEXT Business Account.

ANEXT Bank pros and cons

Green Link Digital Bank

Green Link Digital Bank (GLDB), backed by Greenland Financial Holdings and Linklogis, was the first digital bank to launch in Singapore. It offers business accounts and financing solutions, with a focus on companies trading between Singapore and China. You can open SGD and USD accounts, place fixed deposits, and access trade financing and loans. 

Beyond SGD and USD, GLDB doesn’t provide the ability to hold and manage balances in other currencies. For businesses with overseas customers or suppliers, this means every transaction comes with extra conversion fees. By contrast, Airwallex offers Global Accounts with local bank details in 23+ currencies, so you can collect payments directly in the currency you trade in and pay suppliers without forced conversions. 

For businesses outside supply chain and trade, GLDB offers little more than a basic account. But with Airwallex, you get a full-featured global platform for any industry, with the tools to scale beyond Singapore.

Green Link Digital Bank pros and cons

How to choose the right digital bank in Singapore?

Choosing a digital bank isn’t just about picking the newest name in the market. Each is built for different customer segments and comes with its own trade-offs. Focus on what matters most to your business — whether that’s handling domestic transactions or enabling future growth.

For individuals

Digital banks often appeal more than traditional banks because they promise quicker onboarding, higher-interest savings, and perks linked to everyday spending. 

When choosing a bank, compare offers carefully and read the fine print to know the true cost of these benefits.

For businesses

When weighing digital banks against your company’s needs, look closely at the following:

• Costs: Go beyond headline rates. Compare account fees, FX spreads, and transfer charges to see the real impact on your bottom line.

• Implementation speed: Consider how quickly you can open an account, start transacting, and connect it to your existing workflows. A faster onboarding means less downtime for your team and fewer delays in getting paid.

• Scalability: Think about whether the business account can grow with you. Onboarding additional providers for payment gateways or cards can be a hassle — look for an all-in-one account that brings everything together.

• Reviews and case studies: Don’t just rely on product pages. Read customer feedback and see real-world examples of how businesses use the account. Our Airwallex case studies have detailed write-ups and videos showing how Singapore companies used our all-in-one platform to grow globally.

Traditional banks vs digital banks vs fintech platforms: which is better?

Traditional banks still dominate business services, but digital banks bring a different model. As digital natives, they make account opening and day-to-day banking quicker and more convenient.  However, both tend to focus on basic transactions, leaving businesses without the broader tools needed to manage growth across markets.

Fintech platforms like Airwallex goes further further. With our all-in-one Business Accont, you can collect payments in the currencies your customers pay in, convert funds when necessary, and send funds without the SWIFT fees and hidden charges – so you don’t need to stitch together multiple providers as your business scales.

Here’s a quick glance at the differences between Airwallex and banks in Singapore: 

Note: The information in this table has been reviewed to be accurate as of 21 October, 2025.

Airwallex: the most complete, modern, and scalable solution for businesses of all sizes 

While digital banks in Singapore have expanded access to banking for all businesses, their offerings remain limited when it comes to currency support, transfer caps, and global business tools. 

For businesses that operate across borders, these limits can slow growth and add unnecessary complexity. Airwallex removes those barriers by bringing payments, FX, and multi-currency accounts together in one global platform. 

Consider TalentHero, a Singapore-headquartered employee of record (EOR) platform that struggled with the bureaucratic process of setting up local bank accounts and expensive international transfers that dragged on for days. After switching to Airwallex, TalentHero now saves over US$25,000 in FX fees every year, with transfers that once took as long as five days to settle now landing within the same day. It’s proof that with the right platform, global business can move at the speed of opportunity.

The right financial partner isn’t just for daily operations — it’s built to scale with your ambitions. With Airwallex, you get a global platform designed to take your business further.

Frequently asked questions (FAQs)

What are the benefits of using a digital bank?

Digital banking can enhance the way individuals and businesses manage their finances:

• 24/7 access: Digital banks provide round-the-clock access to banking services through mobile apps and websites. 

• Reduced fees: With reduced or no fees for basic banking services such as account maintenance and international transactions, this cost efficiency can translate into significant savings over time. 

• Personalised services: Through AI and data analytics, digital banking can recommend the right products and services tailored to your spending habits.   

• User-friendly interface: Features such as instant notifications, one-click transactions, and budgeting tools improve the overall user experience and simplifies app-based banking.

• Licensed protection: The Singapore Deposit Insurance Corporation's (SDIC) Deposit Insurance Scheme covers licensed digital banks in Singapore, insuring depositors up to S$100,000 in the event of a bank failure. 

What services do digital banks in Singapore provide?

Digital banks offer a wide range of services tailored to the needs of both individuals and businesses, including:

• Savings accounts: A core feature of digital banks, savings accounts let users deposit money and earn interest over time. Funds can be withdrawn from a savings account at any time.

• Debit or credit card: Payment cards allow customers to make purchases, withdraw cash, and complete online transactions directly from their accounts.

• Personal loans: Some digital banks offer unsecured personal loans to eligible customers for flexible use.

• Business accounts: Designed for SMEs, these accounts support business transactions such as payments, receivables, and payroll, all through a digital platform.

• Business loans: Business account holders can get access to fixed-term loans or revolving credit for their operational needs.

• Fixed deposits: A savings option that allows individuals and businesses to set aside idle funds for a fixed duration in exchange for higher interest rates. This low-risk product offers predictable returns, making it ideal for those seeking stability and better returns than a regular savings account.

Can I have both an Airwallex and a digital bank account at the same time?

Yes, you can have both an Airwallex account and a digital bank account at the same time. Many businesses use Airwallex alongside a digital bank to cover different needs. This gives you access to traditional banking services while benefiting from Airwallex’s global capabilities and all-in-one platform.

Is Airwallex licensed in Singapore?

Yes. Airwallex is licensed in Singapore as a Major Payment Institution and regulated by the Monetary Authority of Singapore (MAS). This means we meet strict standards for compliance and security while providing businesses with trusted global payment and multi-currency services.

What are the regulatory requirements and safeguards for digital banks in Singapore?

Digital banks in Singapore are licensed and supervised by the MAS, which sets strict requirements on capital, liquidity, and risk management to safeguard customers’ funds. They must also meet the same compliance standards as traditional banks, including anti-money laundering (AML) and technology risk management rules. These safeguards ensure digital banks operate safely and maintain trust in Singapore’s financial system.

Do digital banks offer business loans, payments, transfers, and investments?

Yes, digital banks in Singapore offer business loans, local transfers, and fixed deposit accounts. However, services are usually limited to the domestic market. Fintech platforms like Airwallex don’t provide loans, but we give you more in other areas – S$0 transfers to 120 countries, payment acceptance services, and Airwallex Yield, which lets you earn returns on surplus SGD and USD. This makes Airwallex a stronger option if you’re looking to manage money globally while putting idle funds to work. 

Sources:

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

2. https://www.mas.gov.sg/regulation/banking/digital-bank-licence 

3. https://trustbank.sg/newsroom/trust-bank-launches-as-the-digital-bank-for-singapore

4. https://eservices.mas.gov.sg/fid/institution/detail/237846-TRUST-BANK-SINGAPORE-LIMITED 

5. https://trustbank.sg/

6. https://www.business.gxs.com.sg/

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

8. https://www.anext.com.sg/

9. https://www.glbank.com/

10. https://trustbank.sg/faqs/credit-card/#what-does-zero-fx-fee-or-zero-foreign-transaction-fee-mean?search=true

11. https://www.gxs.com.sg/business-operatingaccount-terms

12. https://banking-aka-storage.maribank.com.sg/maribank/sg/website-content/Overseas_Transfers_Overseas_Transfers_Unlimited_$0_Transfers_Promotion_Terms_&_Conditions_12062025.pdf

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

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

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

16. https://www.glbank.com/data/tosend/resource/upload/GLDB-Rates-Fixed-Deposits.pdf

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

All comparisons and information reflect Airwallex’s own research using public documentation as of 21 October, 2025, and have not been independently validated. Product features, pricing and other details are subject to change. Airwallex does not guarantee the continued accuracy of this information and is not responsible for any inaccuracies that may arise from such changes. This publication is not intended to be relied on for the purpose of making a decision about a financial product. In particular, Yield is not a savings or deposit product. Investments involve risks, including the possible loss of principal amount invested. Past performance is not indicative of future results.  Users are encouraged to conduct their own verification and seek their own advice.

Indicative rate is based on historical annualised rate of underlying funds as of 2 September, 2025, net of Airwallex fees and assumes subscription to the Accelerate tier at SGD 399/ month. Click here to learn more.

If you would like to request an update of the content in this publication, feel free to contact us at [email protected]. 

Airwallex (Singapore) Pte. Ltd. is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore. Airwallex Capital (Singapore) Pte. Ltd. is licensed as a Capital Markets Services License holder under the Securities and Futures Act 2001 by the Monetary Authority of Singapore (License No. CMS101830). The MAS has not reviewed this information. For more details, you can refer to the MAS website here.