Digital bank Singapore: Top 5 MAS-licensed banks (2026)

Key takeaways:

• A digital bank in Singapore is a MAS-licensed bank that operates entirely online, with no physical branches and no in-person paperwork.

• Singapore has five digital banks: GXS Bank, MariBank, ANEXT Bank, Green Link Digital Bank, and Trust Bank.

• Airwallex is a MAS-regulated fintech platform for businesses that need more than what digital banks offer — including multi-currency accounts in 20+ currencies, free transfers to 120+ countries, and built-in tools for corporate cards, expenses, and global payments.

A digital bank in Singapore is a licensed bank that runs entirely through an app or web platform — no branches, no queues, no paperwork. The Monetary Authority of Singapore (MAS) regulates these banks under the same rules that apply to traditional banks.

This guide covers all five MAS-licensed digital banks in Singapore as of 2026, what each one offers, and where they fit for personal and business users. We'll also explain how Airwallex compares as a fintech platform for businesses that need to operate globally.

What is a digital bank in Singapore?

A digital bank is a licensed bank that operates entirely online. There are no physical branches, no in-person paperwork, and no visits required to open or run an account. Everything — from sign-up to payments to customer support — happens through an app or website.

In Singapore, digital banks are regulated by the Monetary Authority of Singapore (MAS) under the same standards as traditional banks. That covers capital requirements, risk management, anti-money laundering rules, and technology controls.

You can open an Airwallex account entirely online, with no monthly fees on the Explore plan and no minimum spend. Learn more.

Two types of digital bank licences in Singapore

MAS issues two types of digital bank licences. Each one allows the bank to serve a different set of customers.

• Digital Full Bank (DFB): Can serve both individuals and businesses, and accept retail deposits.

• Digital Wholesale Bank (DWB): Can only serve businesses (mostly SMEs and corporate clients), not individuals.

This means DFBs offer a wider range of products — savings accounts, credit cards, personal loans — while DWBs focus on business banking and trade finance.

Are digital banks safe and SDIC-insured?

Digital banks in Singapore are supervised by MAS, which sets strict rules on capital, liquidity, security, and compliance. They have to meet the same standards as traditional banks.

For deposit protection, the picture depends on the licence type:

• Digital Full Banks (GXS Bank, MariBank) accept SGD deposits that are insured by the Singapore Deposit Insurance Corporation (SDIC), up to S$100,000 per depositor.²

• Digital Wholesale Banks (ANEXT Bank, Green Link Digital Bank) generally do not offer SDIC-insured retail deposits.

• Trust Bank operates as a digitally-native bank in partnership with Standard Chartered Bank (Singapore) and FairPrice Group, and SGD deposits are SDIC-insured up to S$100,000.

Compare the 5 digital banks in Singapore (2026)

Here's a side-by-side look at all five MAS-licensed digital banks in Singapore:

The information in this table has been reviewed to be accurate as of 13 May 2026.

Quick note: The five digital banks above cater to a mix of personal and business customers. If you're looking specifically for digital business bank accounts, read our guide to the best digital business bank accounts in Singapore.

1. Trust Bank

Trust Bank is a digitally-native bank in partnership with Standard Chartered Bank (Singapore) and FairPrice Group. It serves individuals only — there are no business accounts.

Its strongest draw is everyday spending and saving. The Trust Savings Account offers up to 2.40% p.a. on your first S$1.2 million via the Flex plan, where you pick 3 bonus interest options to unlock each month.³ The Trust cashback credit card adds 1% unlimited cashback on local spend and charges no foreign transaction fees on overseas spend.⁴

The information in this table has been reviewed to be accurate as of 13 May 2026.

2. GXS Bank

GXS Bank is a Digital Full Bank backed by Grab and Singtel. It serves both individual savers and sole proprietors.

The GXS Biz Account earns 1.08% p.a. daily interest on your balance, with no fees, no minimum balance, and unlimited free PayNow and FAST transfers.⁵ Note one key restriction: the Biz Account is currently open to sole proprietors only — not Pte Ltd companies.

SGD deposits are SDIC-insured up to S$100,000. Grab merchants and Singtel customers also unlock ecosystem perks.

The information in this table has been reviewed to be accurate as of 13 May 2026.

3. MariBank

MariBank is a Digital Full Bank backed by Sea Group, the parent of Shopee. It serves both individuals and SMEs.

The Mari Business Account earns 1.00% p.a. on all balances, with no monthly or fall-below fees, and free local transfers.⁶ Overseas transfers are free until 30 June 2026 under a promotion; after that, a S$3 service fee plus applicable agent bank fees applies.⁷

Account balances are SGD-only — you can't hold foreign currencies — though transfers are supported to over 40 destinations in 20 currencies.⁶ Shopee sellers also get free daily Seller Balance withdrawals.

For more details, see our MariBank Business Account review.

The information in this table has been reviewed to be accurate as of 13 May 2026.

4. ANEXT Bank

ANEXT Bank is a Digital Wholesale Bank and a wholly-owned subsidiary of Ant International. It serves businesses only.

The ANEXT Business Account is the only digital bank on this list with meaningful multi-currency support — you can hold balances in SGD, USD, CNH, and EUR, and send or receive in 10 currencies.⁸ 

International wires are a flat S$15 each, which is predictable for low-volume cross-border senders.⁸ You earn up to 1.0% p.a. daily interest on SGD, USD, and EUR balances, with no monthly fees or minimum balance.⁸

For more detail, see our ANEXT Business Account review.

The information in this table has been reviewed to be accurate as of 13 May 2026.

5. Green Link Digital Bank

Green Link Digital Bank (GLDB) is a Digital Wholesale Bank backed by Greenland Financial Holdings and Linklogis. It serves businesses only and focuses on companies with cross-border activity.

GLDB offers a Current Account and a Multi-Currency Account, plus Fixed Deposits in SGD or USD across tenures of 6, 9, 12, or 18 months.¹⁰ It also provides supply chain financing, payables financing, and receivables financing for trade-focused businesses.

Specific transfer fees and fixed deposit rates are not publicly disclosed on its product pages — you'll need to contact GLDB directly for pricing.

The information in this table has been reviewed to be accurate as of 13 May 2026.

How to choose a digital bank in Singapore

The right digital bank depends on who you are and what you need. Use these questions to narrow it down.

Are you an individual or a business?

• Individuals: Trust Bank and MariBank are your options for personal savings and spending. GXS Bank also offers a personal Savings Account. ANEXT Bank and Green Link are not available to individuals.

• Sole proprietors: GXS Bank Biz Account is open to you. MariBank and ANEXT Bank also accept sole proprietors.

• Pte Ltd companies: MariBank, ANEXT Bank, and Green Link Digital Bank accept Pte Ltd businesses.

Do you need SDIC deposit insurance?

If protecting SGD deposits under the SDIC scheme matters to you, you need a Digital Full Bank — that's GXS Bank, MariBank, or Trust Bank. Digital Wholesale Banks (ANEXT and Green Link) do not offer SDIC-insured retail deposits.

Do you transact across borders?

If you pay overseas suppliers, receive international payments, or hold foreign currencies, most digital banks here will fall short. ANEXT Bank holds 4 currencies and sends in 10. Green Link supports multiple currencies as well. The other digital banks are SGD-only.

For broader multi-currency needs, a fintech option like Airwallex will give you more reach (more on this later).

What rates and fees matter most?

Compare the headline interest rate against the conditions to unlock it. Trust Bank's 2.40% p.a. requires meeting bonus criteria each month. GXS, MariBank, and ANEXT all offer simpler base rates with no hoops.

For international transfers, ANEXT's flat S$15 fee is predictable, while MariBank's free overseas transfers run only until 30 June 2026.

How fast do you need to open an account?

Digital banks generally onboard within minutes via Singpass and MyInfo. The exact time varies by provider and entity type. Sole proprietors and individuals tend to onboard fastest; Pte Ltd companies and entities with foreign directors may take longer.

Why Singapore businesses choose Airwallex over digital banks

Most businesses look at digital banks for the same reasons: easy account opening, low fees, and a clean app experience instead of branch visits and paperwork.

You get all of that with Airwallex — and a lot more. Where most digital banks in Singapore stop at SGD-focused accounts and limited overseas transfer support, Airwallex gives you free transfers to 120+ countries, lower FX rates, and more:

Free international transfers to 120+ countries

Send money to 120+ countries with no transfer fees, routed through our local payment rails instead of SWIFT. 93% of our transfers arrive the same working day, and 45% arrive immediately.

Save up to 80% on FX fees with interbank rates

Convert between currencies at highly competitive rates of 0.4% to 0.6% above interbank. This saves you up to 80% on FX fees compared to traditional banks.

Multi-currency accounts in 20+ currencies

Open local accounts in 20+ currencies with bank details to receive payments like a local. No forced conversions, no waiting for funds to clear via SWIFT.

Built-in tools digital banks don't offer

Get instantly-issued multi-currency Corporate Cards, real-time expense management, automated Bill Pay, and an eCommerce payment gateway — all in one platform. You don’t need to pay for separate tools, or manage multiple logins.

MAS-regulated and secure

Airwallex is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore. Customer funds are safeguarded in segregated accounts with tier-one global banks.

Frequently asked questions (FAQs)

How many digital banks are there in Singapore?

There are five digital banks in Singapore: GXS Bank, MariBank, ANEXT Bank, Green Link Digital Bank, and Trust Bank. Four hold a digital bank licence from MAS — two Digital Full Banks (GXS and MariBank) and two Digital Wholesale Banks (ANEXT and Green Link). Trust Bank operates as a digitally-native bank in partnership with Standard Chartered and FairPrice Group.

Are digital banks safe in Singapore?

Yes. Digital banks in Singapore are licensed and supervised by MAS, which sets the same standards on capital, liquidity, security, and compliance that apply to traditional banks. Digital Full Banks also offer SDIC deposit insurance on SGD deposits up to S$100,000. Digital Wholesale Banks generally do not offer SDIC-insured retail deposits.

Which digital bank is best for individuals in Singapore?

It depends on what you want. Trust Bank offers the highest headline interest rate (up to 2.40% p.a. on the Flex plan, with conditions) and strong FairPrice Group rewards. MariBank offers a simpler, no-conditions interest rate on its savings account. GXS Bank also offers a personal Savings Account with competitive daily interest. ANEXT Bank and Green Link Digital Bank are not available to individuals.

Which digital bank is best for businesses in Singapore?

It depends on your business type and needs. Sole proprietors can open a GXS Biz Account or a Mari Business Account. Pte Ltd companies can open accounts with MariBank, ANEXT Bank, or Green Link. ANEXT offers the broadest multi-currency support among digital banks, while MariBank offers free overseas transfers until 30 June 2026.

What is the difference between a digital bank and a fintech in Singapore?

Digital banks (GXS, MariBank, ANEXT, Green Link) hold a banking licence from MAS and can accept deposits. Digital Full Bank deposits are SDIC-insured up to S$100,000. Fintech providers like Airwallex hold a Major Payment Institution licence — they are not banks, so customer funds are not SDIC-insured. However, MAS still requires fintechs to safeguard customer funds with approved financial institutions.

Can I have both a digital bank account and an Airwallex account?

Yes. Many businesses use Airwallex alongside a digital bank to cover different needs. You might use a digital bank for SDIC-insured SGD deposits, and Airwallex for global multi-currency accounts, low-cost international transfers, and built-in tools like Corporate Cards and expense management.

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.business.gxs.com.sg/biz-account

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

4. https://trustbank.sg/cashback-credit-card/

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

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

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

8. https://www.anext.com.sg/bank/business-account/

9. https://trustbank.sg/instant-loan/

10. https://www.glbank.com/en/our-banking-solutions/cash/deposit-accounts/index.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.