Top 5 digital banks in Singapore (2025)

A decade ago, running a business through a digital bank in Singapore was nearly unthinkable. Traditional banks in Singapore weren't built for digital-first operations – services were rigid, and many transactions still required in-person visits. 

Today, many SMEs manage their entire financial operations online. This shift has been driven by the rise of digital banks and payment specialists like Airwallex, which are designed to meet the evolving needs of modern businesses. These fintech innovations aren’t just digital replicas of traditional banks – they’re financial platforms that help streamline operations and support international growth.

In this article, we’ll cover what digital banking is and what sets these challenger banks apart. We’ll also highlight the difference between digital banks and neobanks in Singapore, and how to choose a provider that aligns with your business goals.

Key takeaways 

• Digital banks focus on providing banking services to individuals and businesses through online platforms. They typically have no physical branches and offer lower fees compared to traditional banks. 

• Digital banks in Singapore are regulated by the Monetary Authority of Singapore (MAS) and adhere to the same security standards as traditional banks.

• Fintech providers like Airwallex stand out as ideal options for businesses expanding globally, offering services such as like-for-like settlement in 14 currencies, international transfers without unnecessary conversion fees, Expense Management, Corporate Cards, and more.

What is a digital bank? 

Also known as virtual banks, digital banks delivers personal and business banking services through digital channels, such as a mobile app or website. Unlike traditional business bank accounts, digital banks have no physical branches, automated teller machines (ATMs), or cash deposit machines (CDMs).  

With digital banks, routine tasks like transferring funds or managing payroll can be completed without the need to visit a physical branch. This level of convenience is especially valuable for businesses that operate on tight schedules and need real-time access to their finances.

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 Funds can be withdrawn from a savings account at any time.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 yields than a regular savings account.

Regulatory approval in Singapore

The Monetary Authority of Singapore (MAS) began offering digital full banking (DFB) licences and digital wholesale banking (DWB) licences in June 2019.¹ 

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

• Digital Wholesale Banking (DWB): provides 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. However, Trust Bank – a joint venture between Standard Chartered Bank (Singapore) and FairPrice Group,² holds a Full Bank Licence, despite operating as a fully digital bank. This enables Trust Bank to operate ATMs and CDMs and to offer a comprehensive range of banking services, similar to traditional banks.³  

Top 5 best digital banks in Singapore

Trust Bank

Trust Bank serves retail customers with features that help with everyday savings. Its main product is a savings account with an interest rate of 2.22% p.a. - 4.22% p.a., and a credit card that offers savings on groceries and petrol (i.e. up to 21% savings at FairPrice and up to 20% savings at Caltex).

GXS Bank

GXS Bank in Singapore offers banking solutions for gig economy workers and students. Their Savings Pockets feature for the GXS Savings Account works like a mini fixed deposit, with the potential to earn a higher interest rate of up to 2.68% p.a., accrued daily. 

MariBank

MariBank is Sea Group’s digital bank in Singapore. They offer banking solutions for retail consumers and SMEs. Their Mari Savings Account has an interest rate of 2.5% p.a. while for Shopee sellers, MariBank will automatically add the Mari Business Account as your Shopee Shop’s linked payment method. This facilitates smoother financial tracking for Shopee businesses and reduces the hassle of manual withdrawals.

ANEXT Bank

Ant Group’s ANEXT Bank provides digital financial solutions for Singapore SMEs. Central to its offerings is the Business Account, which allows SMEs to deposit funds and make transactions.

ANEXT Bank expands its support for SMEs with business loans of up to S$500,000. They offer two payment methods – a traditional instalment plan, and a “pay per use” plan.

Green Link Digital Bank

Green Link Digital Bank (GLDB) serves SMEs with loans, revolving financing, and supply chain financing. 

On top of overdraft loans and term loans, GLDB also offers a payables and receivables financing service. This service allows companies to finance their outstanding invoices or extend payment terms with suppliers.

Airwallex: the digital solution for your corporate account

Managing a growing business often involves navigating complex financial challenges, especially with international transactions. While Airwallex is not a digital bank, it offers a comprehensive suite of tools that can streamline these processes. 

With the Airwallex Business Account, you can manage multiple currencies, send overseas payments, and save up to 80% on FX fees. This is particularly valuable for SMEs that need to pay overseas suppliers, are operating in multiple markets, or want to expand to overseas markets.

Unlike digital banks, Airwallex has a wide transfer network and partners with local payment rails and traditional banks in over 120 countries. This means your overseas payments in foreign currencies are processed like local transfers, allowing you to avoid SWIFT and international money transfer fees. To add on, 90% of these transactions can arrive as quickly as one business day.

For businesses looking to expand into new markets, Airwallex offers an all-in-one business account that simplifies operations. It includes features like batch transfers, Expense Management, and Xero integration for simplified bookkeeping and reconciliation, helping you manage multiple currencies effortlessly. 

With Airwallex, you can also issue free multi-currency virtual cards – a corporate debit card powered by Visa that earns 1% unlimited cashback on all domestic and international business expenses. 

To top it off, an Airwallex business account is free to open with no initial deposit, fall-below fees, and monthly or annual fees. Here’s how we keep our customers’ funds safe.

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

Although all traditional banks offer online banking and a wide range of business services, digital banks are inherently distinct. The focus on technology from digital banks makes banking on an app straightforward. 

Here are a few key differences:

Digital banks vs neobanks: What’s the difference?

You may have come across the term "neobank" in conversations about fintech and wondered, “What is a neobank?” Like digital banks, neobanks offer digital-first financial services. However, they are different in several ways:

• Licensing: In Singapore, companies that specialise in payments are licensed by the MAS as a major payment institution, which means they can facilitate monthly transactions larger than S$3 million for any payment service. MAS regulations concerning transfer limits, the safeguarding of customer funds, and the protection of customer data must be followed.

• Financial services: Neobanks can provide specialised payment services, such as money transfers and currency conversions. Unlike digital banks, however, they cannot provide loans, credit facilities, or investment products.

• Digital business solutions: Some financial technology companies have also introduced time-saving features like batch transfers and automated reconciliation through integrations with accounting software like Xero and NetSuite. Licensed by MAS, Airwallex offers business accounts, cross-border payment solutions, and Expense Management tools, with plans to roll out investment products to better meet the needs of businesses expanding rapidly. These business solutions simplify financial operations for SMEs, helping them operate more effectively on a global scale.

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. 

Should you consider opening a digital bank account for your business? 

If your business values flexibility, efficiency, and modern financial management, then a digital bank account could be a smart move. As you explore banking partners, take time to compare business bank accounts to find the best fit for your needs:

• Service offerings: Digital banks offer efficiency and technological innovations that traditional banks may not offer. These include unique features such as software integration, global transfers, and multi-market support.  

• Fees: While digital banks offer cost advantages over traditional banks, it's essential to carefully review the fees associated with the banking activities you perform most frequently. Choose a financial partner that aligns with your usage and cost expectations.

• Security: A trustworthy digital bank should offer multi-layered security features. On top of two-factor authentication (2FA), look out for data encryption features and real-time transaction alerts to help you detect any unauthorised activity.

• Reviews and case studies: Reading user reviews is an important part of due diligence, while case studies can showcase real-world applications and success stories from similar businesses.

Why you should consider a fintech service provider like Airwallex 

Digital banking offers SMEs and startups modern conveniences and innovations that are often difficult to access through traditional banking. Its advantages, such as on-the-go flexibility and automation, help businesses stay competitive.

However, digital banking still has its limitations. Businesses looking for a more comprehensive digital solution can consider fintech companies like Airwallex. These providers offer services such as multi-currency accounts, software integration, and international transfers with no hidden fees—features that may not be available with traditional digital banks.

Fintech companies like Airwallex provide a comprehensive range of tools designed to streamline financial processes and give your business a competitive edge. Our technology and global transfer network enable fast international payments without hidden fees - 90% of our transfers arrive within the same day. You can also create local currency accounts within our multi-currency wallet, allowing you to receive, hold, and send different currencies without incurring unnecessary conversion fees.

Airwallex is licensed as a Major Payment Institution regulated by the Monetary Authority of Singapore (MAS), ensuring secure transactions under robust regulatory oversight.

Choosing the right digital bank or fintech partner requires a thoughtful approach, beginning with a clear understanding of your business needs and operational goals. The key is selecting a partner that not only supports your current operations but can also scale with your growth.

Frequently asked questions (FAQs) 

1. How safe are digital banks?

Digital banks and financial technology institutions in Singapore are held to the same rigorous safety and regulatory standards as traditional banks. Licensed by the Monetary Authority of Singapore (MAS), these banks employ industry-standard security features like encryption and real-time fraud monitoring. Using a fintech provider like Airwallex or digital bank in Singapore is as safe as it gets, giving you peace of mind in your financial transactions.

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

Digital banks are licensed by the Monetary Authority of Singapore (MAS) under a framework designed for financial stability and consumer protection. There are two main types of licences: a digital full bank (DFB) licence, which allows banks to offer financial services to both retail and business customers, and a digital wholesale bank (DWB) licence, focused on business clients. 

Fintech companies like Airwallex are licensed by MAS as Major Payment Institutions, which authorises them to handle monthly transactions exceeding S$3 million across various payment services. These institutions must meet strict guidelines on transfer limits, fund safeguarding, and data protection. This rigorous process ensures that fintech companies can operate securely and contribute to Singapore’s innovative banking landscape.

3. Which digital bank offers the best interest rates, fees, and features for your business needs?

Interest rates, fees, and features vary across digital banks. Finding the best fit requires research, including comparing current offerings, reading the fine print, and evaluating which services align with your specific business needs.

4. How can you access and manage your digital bank account online or via mobile app?

Managing your digital business bank account is straightforward. First, download the provider's app or visit their website. Log in with your business account details to access your dashboard, where you can perform various banking tasks like viewing balances, making transfers, handling invoices, and preparing payroll.

5. Do digital banks offer business loans, payments, transfers, investments, etc.?

Yes – Digital Full Banks and Digital Wholesale Banks can offer business loans and other financial services for businesses.

6. How can you integrate your digital bank account with your accounting, invoicing, and other business software?

Integrating your digital bank account with your business software starts with choosing an institution that supports the right software integrations. While not all digital banks offer this, many fintech companies – like Airwallex – provide APIs that connect your bank account with platforms like Xero. This automates reconciliation, invoicing, and reporting, giving you a holistic view of your finances.

Sources:

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

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

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

4. https://trustbank.sg/ 

5. https://www.gxs.com.sg/savings-account 

6. https://www.maribank.sg/

7. https://www.anext.com.sg/business-account

8. https://www.glbank.com/data/tosend/resource/upload/GLDB-Rates-Current-Accounts-and-Multi-Currency-Accounts.pdf 

9. https://www.abs.org.sg/about-us/membership

10. https://www.mas.gov.sg/regulation/banking/types-of-deposit-taking-institutions

11. https://www.mas.gov.sg/-/media/digital-bank-licence/faqs-on-dfb-and-dwb-licences.pdf

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.