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. It gives you multi-currency accounts in 20+ currencies, transfers to 200+ 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, with 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 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.

2 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 the Monetary Authority of Singapore (MAS) and must meet regulatory requirements around areas such as capital, liquidity, risk management, security, and compliance.

Whether your deposits are protected by the Singapore Deposit Insurance Corporation (SDIC) depends on the bank and the type of deposit:

• Digital Full Banks: GXS Bank and MariBank accept eligible SGD deposits covered by SDIC's deposit insurance scheme.

• Digital Wholesale Banks: ANEXT Bank and Green Link Digital Bank serve businesses and do not provide SDIC-insured retail deposits.

• Trust Bank: Trust Bank's eligible SGD deposits are covered by SDIC.

Digital banks vs fintechs: what's the difference?

Digital banks and fintech platforms can look very similar from a customer's perspective. Both can offer app-based accounts and digital payments, often with a fully online setup.

The key differences are how they are regulated and what they are licensed to do:

• Digital banks are licensed banks regulated by the Monetary Authority of Singapore (MAS). They can provide banking services under their specific banking licence, such as accepting deposits and offering payment or financing products.

• Fintechs are technology companies that provide financial services but are not banks. They may hold different licences, partner with banks or other regulated institutions.

In terms of scope, fintechs often specialise in areas such as cross-border payments, multi-currency accounts, corporate cards and expense management, while digital banks tend to focus on core banking services.

Airwallex is one example of a fintech platform. Our Business Account supports 20+ currencies, transfers to 200+ countries, and payment acceptance in 180+ countries. There are no signup fees or monthly fees on the free Explore plan, and you can sign up online.

5 digital banks in Singapore (2026)

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

This information is based on publicly available information accessed on 1 Oct 2026. Information reflects Airwallex's own research and has not been independently verified.

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

Customers served: Individuals

Trust Bank is a consumer-focused digital bank built around everyday banking and the FairPrice Group ecosystem. Backed by Standard Chartered Bank (Singapore) and FairPrice Group, it is particularly suited to individuals who want their banking, spending and rewards in one app.

Features

• Savings Account with three savings plans

• Trust debit card linked to the Savings Account

• Trust Link and Freedom credit cards

• FairPrice Group rewards and savings

• No foreign transaction fees on overseas card spending

• Savings Pots for setting aside money for specific goals

• TrustInvest for investing in stocks, ETFs and funds

Information in this section is based on Trust Bank’s official website as of 1 Oct 2026.

2. GXS Bank

Customers served: Individuals + sole proprietors

GXS Bank is a digital full bank backed by Grab and Singtel, with products designed around both personal and business banking. It stands out most for small businesses that want a digital-first banking experience alongside the wider Grab and Singtel ecosystem.

Its business account is currently available to sole proprietorships and selected Private Limited companies, so it is more relevant to smaller businesses than larger corporate organisations.

Features

• GXS Savings Account for personal banking

• GXS Biz Account for eligible businesses

• PayNow and FAST transfers through GXS Biz Account

• Real-time transaction tracking through the app

• Grab merchant settlement into GXS Biz Account

• GXS FlexiLoan Biz for eligible businesses

• Grab and Singtel business ecosystem benefits

Information in this section is based on GXS Bank’s official website as of 1 Oct 2026.

3. MariBank

Customers served: Individuals + businesses

MariBank is Sea Group's digital full bank in Singapore and has a particularly strong connection to the Shopee ecosystem.

It is a good fit for businesses that sell through Shopee or need a straightforward digital business account for local operations, while also supporting overseas supplier payments. Its personal and business banking products are managed through the same app.

Features

• Mari Savings Account

• Mari Business Account for registered businesses

• Local PayNow and bank transfers

• Overseas transfers to 59+ destinations in 21 currencies

• Shopee Seller Balance withdrawals

• Business loans and credit facilities

• Personal and business banking in one app

For more details, see our MariBank Business Account review.

Information in this section is based on MariBank’s official website as of 1 Oct 2026.

4. ANEXT Bank

Customers served: Businesses

ANEXT Bank is a digital wholesale bank focused exclusively on businesses, particularly SMEs with cross-border banking needs.

Backed by Ant International, it stands out among Singapore's digital banks for its international banking capabilities and multi-currency account structure. It is best suited to Singapore-incorporated businesses that regularly deal with overseas customers or suppliers.

Features

• Multi-currency Business Account

• Hold SGD, USD, CNH and EUR balances

• Send and receive funds in 10 currencies

• Local transfers through FAST, PayNow, GIRO and MEPS

• International transfers via SWIFT

• Real-time FX rates with transparent markup

• Online business account opening using CorpPass or MyInfo Business

For more detail, see our ANEXT Business Account review.

Information in this section is based on ANEXT Bank’s official website as of 1 Oct 2026.

5. Green Link Digital Bank

Customers served: Businesses

Green Link Digital Bank (GLDB) is a digital wholesale bank built specifically for businesses, with a particular focus on MSMEs and companies involved in trade and supply chains.

Its main point of differentiation is the combination of digital business banking with trade and working-capital financing. It is therefore particularly suited to businesses that need financing tied to receivables, payables or supply-chain transactions, rather than individuals looking for a retail savings account.

Features

• Business Current Account

• Multi-Currency Account

• SGD and USD fixed deposits

• Payables financing

• Receivables financing

• Supply chain financing

• Embedded finance solutions for platforms and business ecosystems

Information in this section is based on GLDB’s official website as of 1 Oct 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, GXS Bank, and MariBank offer personal banking. ANEXT Bank and Green Link Digital Bank are focused on business banking.

• Sole proprietors: GXS Bank, MariBank, and ANEXT Bank offer business banking options, subject to eligibility.

• Pte Ltd companies: MariBank, ANEXT Bank, and Green Link Digital Bank offer business banking options. GXS Bank also has SME products for selected companies, but its GXS Biz Account is designed for sole proprietors.

Do you need SDIC deposit insurance?

If protecting your SGD deposits matters to you, check whether the bank is an SDIC member and whether your specific deposit is covered.

• Trust Bank, GXS Bank, and MariBank: Eligible SGD deposits are covered by SDIC, subject to the scheme's rules.

• ANEXT Bank and Green Link Digital Bank: As digital wholesale banks, they do not offer SDIC-insured retail deposits.

SDIC coverage is subject to limits and eligibility rules, so check the latest SDIC guidance when opening an account.

Do you transact across borders?

If you pay overseas suppliers, receive international payments, or need to hold foreign currencies, ANEXT Bank and Green Link Digital Bank are the strongest options among the digital banks covered here for multi-currency banking.

ANEXT lets businesses hold four currencies and send or receive funds in 10 currencies, while Green Link offers a multi-currency account. Trust Bank, GXS Bank, and MariBank are primarily SGD-based, with more limited international capabilities.

For broader multi-currency and cross-border needs, a fintech platform such as Airwallex may work better.

With Airwallex, you can hold 20+ currencies and send transfers to 200+ countries. 94% of our transfers go through local rails with $0 transfer fees.

What banking features do you actually need?

Think about whether you need a simple savings account, a business operating account, multi-currency banking, international payments, or access to financing. A bank that looks attractive on one feature may not be the best fit if it lacks the services you actually use.

Why Singapore businesses choose Airwallex over digital banks

Digital banks can work well when you mainly need a business bank account for day-to-day banking. Airwallex is built more specifically around businesses that operate across countries, currencies, and payment methods.

For Singapore businesses with international operations, the main differences are:

• Multi-currency capability: Airwallex Business Accounts let businesses receive and hold funds in 20+ currencies, rather than relying primarily on SGD accounts.

• Competitive FX rates: Convert currencies at 0.4% to 0.6% above the interbank rate, saving you up to 80% on FX fees compared to traditional banks.

• Broader international payments: Businesses can make transfers to 200+ countries and accept payments in 180+ countries from the same platform.

• Business spending tools: Airwallex combines corporate cards with spending controls and expense management, so businesses can manage employee and company spending alongside their accounts.

In Singapore, Airwallex (Singapore) Pte. Ltd. is licensed by MAS as a Major Payment Institution, and customer funds are safeguarded in accordance with local requirements.

There are no setup fees or monthly fees on the free Explore plan, and the application is 100% digital, with no need to visit a branch.

Frequently asked questions (FAQs)

How many digital banks are there in Singapore?

Singapore has five banks commonly considered part of its digital banking landscape: GXS Bank, MariBank, ANEXT Bank, Green Link Digital Bank, and Trust Bank. Four hold MAS digital bank licences: GXS Bank and MariBank are Digital Full Banks, while ANEXT Bank and Green Link Digital Bank are Digital Wholesale Banks. Trust Bank is a full bank that operates through a digital-first model, in partnership with Standard Chartered Bank and FairPrice Group.

Are digital banks safe in Singapore?

Digital banks in Singapore are regulated by the Monetary Authority of Singapore (MAS) and must meet regulatory requirements covering areas such as capital, liquidity, risk management, technology and security. For deposit protection, it depends on the bank and deposit type. Eligible SGD deposits with Trust Bank, GXS Bank and MariBank are covered by SDIC, subject to the scheme's rules.

Which digital bank is best for individuals in Singapore?

The main options for individuals are Trust Bank, GXS Bank, and MariBank. Trust Bank is closely tied to the FairPrice Group ecosystem and offers personal banking, cards, savings and investment products. GXS Bank focuses on digital savings and other personal financial products, while MariBank combines personal banking with its wider Shopee and Sea ecosystem.

Which digital bank is best for businesses in Singapore?

It depends on your business type and what you need from the account. GXS Bank and MariBank offer business banking for smaller businesses, while ANEXT Bank and Green Link Digital Bank focus specifically on business banking. GXS Biz Account is currently available to sole proprietors and selected Private Limited companies. MariBank and ANEXT also support a broader range of business types, subject to eligibility.

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

Digital banks are licensed banks regulated by MAS, while fintechs are technology companies that provide financial services but are not banks. Digital banks can accept deposits under their banking licences, while fintechs may offer services such as payments, multi-currency accounts, cards, and expense management under different licences or through partnerships with regulated 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