Top banks in Singapore for businesses: A complete guide

Key takeaways

• DBS Bank and OCBC are among Singapore's top banks for businesses. Both offer tailored solutions, whether you're running an SME or a larger corporation.

• To open a business account in Singapore, you'll need documents such as your company's ACRA business profile, certificate of incorporation, and proof of address for directors.

• Digital banks are easier to set up than traditional banks, with online applications and lower fees. There are also modern fintech solutions like Airwallex which let you open multi-currency business accounts, make fast international transfers, and issue Corporate Cards at competitive FX rates.

If you're starting a business in Singapore, you're in the right place. As a regional hub for multinational companies and home to over 4,000 start-ups¹, Singapore's commercial banks offer diverse business services. This guide will walk you through finding the right financial partner for your needs.

In this guide, we'll explore Singapore's commercial banking landscape and cover the top 10 banks for businesses. We'll also look at modern fintech solutions like Airwallex and show you why our business account could be a smarter choice for your business.

Overview of banks in Singapore

Singapore's banking system breaks down into three types: full banks (with unrestricted operations), qualifying full banks (with limited branch networks), and wholesale banks (serving only corporate clients).

The Monetary Authority of Singapore (MAS) oversees over 150 financial institutions² across these categories, including three major domestic banks: Development Bank of Singapore (DBS), United Overseas Bank (UOB), and Oversea-Chinese Banking Corporation (OCBC)—which anchor the local economy.

Best banks in Singapore for businesses in 2026

Singapore is home to a number of major qualifying full banks, each with its own history and regional footprint. The table below summarises key details such as the type of bank, founding year, and country of origin.

Note: The information in this table has been reviewed to be accurate as of 3 February 2026.

DBS Bank (Development Bank of Singapore)

DBS is Singapore’s largest retail and commercial bank⁴. Beyond its large retail banking presence in Singapore, DBS has services for businesses of all sizes. 

If you're running an SME, you'll find several DBS business account options, such as the DBS Multi-Currency Business Account and Fixed Deposit Account, along with working capital finance and foreign trade services. For larger corporations, DBS has advanced digital solutions, international transfer services, and strategic industry expertise.

OCBC (Oversea-Chinese Banking Corporation Limited)

OCBC started in 1932 and is now South East Asia's second-largest bank by asset size⁵. OCBC's business banking options include the Business Growth Account, Business Entrepreneur Plus Account, and Multi-Currency Business Account. These accounts can help you scale your business, whether you're a new entrepreneur or running an SME. 

If you're running an established business or large corporation, OCBC also has corporate banking services, including transaction banking, treasury services, and investment banking.

UOB (United Overseas Bank)

United Overseas Bank (UOB) is one of Singapore’s leading banks, with a strong footprint across Southeast Asia. In 2022, it expanded its regional presence further by acquiring Citibank’s retail banking businesses in Indonesia, Vietnam, Malaysia, and Thailand, and was also recognised as the region’s best SME bank⁶.

For Singapore-based SMEs, UOB offers three types of business accounts alongside foreign exchange services, competitive FX rates, financing, insurance, and import-related solutions. Businesses with more complex or cross-border operations can also access UOB’s commercial and corporate banking services.

BOC Singapore (Bank of China Singapore)

Bank of China (BOC) has operated its Singapore branch since 1936 and is a key provider of renminbi (RMB) business banking services in the region⁷. It offers a broad range of RMB solutions for both SMEs and large corporations, including deposit accounts, trade finance, corporate lending, and global cash management.

For Singapore-based companies with strong trade ties to mainland China, BOC is often a practical and strategic banking partner.

Citibank Singapore

Citibank has operated in Singapore since 1902⁸ and has a full range of financial products for personal banking and business accounts. If you're a Citigold client, you can get a corporate banking account with services like cash management, trade finance, and treasury options. You'll also get access to the Citi Business Card, a credit card with higher limits that are separate from your personal credit card limit.

CIMB Bank Singapore (Commerce International Merchant Bankers)

CIMB Bank is one of Malaysia’s largest banks and ranks as Southeast Asia’s fifth-largest by asset size⁹. It offers a range of merchant banking services, including deposit accounts, cash management, and lending solutions. CIMB also supports halal-focused businesses through the CIMB Halal Corridor¹⁰, which connects halal enterprises in ASEAN with global markets.

Maybank Singapore

Maybank is one of Malaysia’s leading banks, with a strong presence in Singapore and across the region. It offers a broad set of business solutions for SMEs, including deposit accounts, e-financing, PayNow Corporate, insurance, and trade finance.

For companies operating between Singapore and Malaysia, Maybank provides services such as instant fund transfers and preferential Malaysian ringgit rates. Halal-focused businesses can also access Shariah-compliant financing, investment options, and halal facilitation services.

Standard Chartered Singapore

Standard Chartered offers a range of business banking services tailored to companies in Singapore. SMEs can access solutions such as working capital financing and government-backed SME loans. Larger businesses benefit from payment services designed to reduce both domestic and international transaction costs, as well as a centralised platform for managing foreign exchange trades in one place.

HSBC Singapore (Hong Kong and Shanghai Banking Corporation)

HSBC Singapore has operated in Singapore since 1877 and focuses on supporting businesses with international growth needs. Its business banking services include international trade financing and cross-border cash management, making it well suited for companies expanding globally.

A key feature is HSBC’s Global View platform, which lets you view all your HSBC accounts worldwide through a single interface. Once connected, you can transfer funds between these accounts without fees, simplifying international fund management.

BNP Paribas (Banque Nationale de Paris Paribas)

BNP Paribas, one of the leading banks in the European Union, has operated in Singapore since 1968 through its predecessor entities. It works primarily with multinational companies, regional and local businesses, and high-net-worth individuals. Rather than focusing on standardised offerings, BNP Paribas takes a more tailored approach to banking for clients with complex needs.

Its global network supports large corporate clients with international expansion, connecting businesses in APAC to markets across the Americas, Europe, and Africa. BNP Paribas also offers award-winning wealth management services in Asia, including investment management and wealth planning.

What to consider when choosing a business bank in Singapore

Selecting the right bank is crucial for your business. While the list highlights some of the top options, it’s important to focus on the factors that best align with your company’s size, operations, and growth plans. Here are five factors to consider: 

1. Business size and stage

Are you a new SME or an established corporation? Banks like DBS, OCBC, and UOB have dedicated SME solutions, while others focus on large corporate clients if that's you.

2. International operations

If you pay overseas suppliers, collect from global customers, or have international staff, look for a bank with strong cross-border capabilities, competitive FX rates, and multi-currency accounts. Banks like HSBC and Standard Chartered are known for their global networks.

3. Industry specialisation

Some banks have services for specific industries. For example, if you run a halal business, Maybank has Shariah-compliant financing. If you trade with mainland China, Bank of China has extensive renminbi services.

4. Digital capabilities

Check out the bank's online platform and mobile app. A modern, intuitive interface can save you time on day-to-day financial management.

5. Fees and requirements

Compare account maintenance fees, transaction costs, international transfer fees, and minimum balance requirements to find the most cost-effective option for your business.

Opening a bank account in Singapore

Setting up a corporate bank account in Singapore is generally straightforward for both local and foreign business owners, provided you are a shareholder or proprietor of a Singapore-registered company. You will typically need the following documents:

• ACRA business profile

• Passport or NRIC

• Proof of address for all company directors

• Certificate of Incorporation

• Board of Directors' resolution

• Company Constitution

Best digital alternatives for banking services in Singapore

Singapore is South East Asia's fintech hub too, with 40% of the region's firms headquartered here¹². For businesses seeking digital-first solutions, fintech firms are an attractive alternative to traditional banks, offering faster processes, lower costs, and streamlined services for international payments, corporate cards, and currency exchange.

Here are five popular fintech business accounts in Singapore:

1. Airwallex

Our all‑in‑one Business Account helps you streamline international payments while reducing FX and transfer costs. With Airwallex, you can open local currency accounts in 21 countries, pay out to 200+ countries, and accept payments from 160+ local payment methods. On top of that, Airwallex offers multi‑currency Corporate Cards, built‑in Expense Management, and Bill Pay so you can manage global spending from a single platform.

2. Wise

Previously known as TransferWise, Wise offers international money transfer services and global ATM withdrawals for consumers and businesses. It also lets businesses accept payments in 23 currencies¹³ using local bank details. Learn how Wise compares to Airwallex.

3. Aspire

Aspire serves SMEs in Singapore, helping them manage company expenses, run local payroll, and convert major currencies efficiently. Its digital-first platform is designed to simplify day-to-day financial operations for growing businesses.Here’s how Aspire compares to Airwallex.

4. Payoneer

Payoneer is a global financial platform that enables businesses to receive international payments, make cross-border transfers, and manage multiple currencies in one account. It is especially popular with freelancers, eCommerce sellers, and SMEs that work with clients or marketplaces worldwide. Here’s how Payoneer compares to Airwallex.

5. Revolut

Revolut is a UK-based fintech platform that provides multi-currency corporate cards, international money transfers, and expense management solutions. It caters to both consumers and businesses looking for fast, digital-first financial services. Here’s how Revolut compares to Airwallex.

Opening a fintech business account in Singapore

Fintech firms typically require documents that verify your Singapore-registered business, along with authorised IDs and proof of address for the business owners. Unlike traditional banks, the entire application process is completed online, so there’s no need to visit a branch in person. 

Many fintech platforms also offer faster approval times. With Airwallex, most applications get approved within a few business days after you submit your documents.

How does Airwallex help businesses save time and money?

If you're running a startup or new business, you might look to traditional banks for corporate accounts, but there's a better option in today's digital-first world. Airwallex’s all-in-one Business Account helps simplify global financial operations while reducing costs.

• Multi-currency Global Accounts: Set up currency accounts instantly with local bank details in multiple countries. Receive funds in USD, GBP, and 20+ currencies without opening accounts manually or paying transaction fees. Each account comes with a dedicated account number, branch code, and bank code, allowing you to hold, receive, and spend foreign currency without unnecessary conversions.

• Fast and free international payments: Airwallex works with local payment rails in 120+ countries, so you can bypass the SWIFT network and avoid hefty fees. 93% of our transactions arrive on the same day, and businesses like Igloohome have used Airwallex to save over S$100 per SWIFT transfer.

• FX rates with lower markups: Airwallex works with traditional banks worldwide to give you attractive FX rates at lower mark-ups than what you'd typically get. In fact, our customers save up to 80% on FX fees.

• Accept payments in 130+ currencies: Use 160+ local payment methods to receive payments globally. With like-for-like settlement in 20+ currencies, you can avoid unnecessary conversion to SGD while enjoying competitive gateway fees. 

• Corporate Cards: Airwallex lets you issue virtual and physical multi-currency corporate cards at no extra cost. Pay for business travel, ads, and other expenses wherever Visa is accepted. You can spend directly in the currencies in your Airwallex account, saving on international transaction fees. PURE Group employees use these cards to manage expenses seamlessly in USD, SGD, and HKD.

• Expense Management and Bill Pay: Automate bill payments and accounting tasks with Airwallex’s tools. Send batch transfers to up to 1,000 recipients across multiple currencies and countries, integrate with Xero and other accounting software for instant reconciliation, and streamline your financial operations, just like Little Blossom did.

Frequently asked questions (FAQs)

Can foreigners open a business bank account in Singapore without an employment pass?

Yes, foreigners can open a corporate bank account in Singapore without an employment pass if they are a partner, shareholder, or director of a Singapore-registered company. However, each bank sets its own requirements for non-residents, and many traditional banks may request additional documents or even decline the application. Digital banks and fintech platforms are often more flexible, making it easier for foreign business owners to get started.

What are the required documents to open a business bank account in Singapore?

You'll need these documents to open a Singapore business bank account:

• Certified True Copy of Company's Business Profile from ACRA

• Certified True Copy of Certificate of Incorporation

• Certified True Copy of Resolution

• Board of Directors Resolution

• Certified True Copy of Company's Constitution

• Certified True Copies of the passport/Singapore IC of the company's directors, authorised signatories, and Ultimate Beneficial Owners.

• Certified True Copies of Proof of Residential Address of the company's directors, authorised signatories, and Ultimate Beneficial Owners

• Completed Corporate Account application forms, signed by authorised signatories

Requirements vary slightly across financial institutions, and additional documents may be requested.

What are the main benefits of using a digital bank for business accounts in Singapore?

Digital banks in Singapore typically offer no minimum deposits, low fees, and fully online applications without branch visits. They also integrate with business software to automate financial operations and improve efficiency.

Which bank in Singapore offers the highest fixed deposit rate?

The bank offering the highest fixed deposit rate in Singapore changes frequently and is often limited to new deposits, rather than existing funds. Rates also vary by tenure, with shorter-term deposits sometimes offering more competitive rates than longer-term ones. Major banks like DBS, OCBC, UOB, Maybank, and Bank of China periodically run promotions, so it’s worth comparing their latest offers before placing a deposit.

What are the typical banking hours for commercial banks in Singapore?

In Singapore, commercial banks are open from 9.00am to 3.00pm on weekdays, but some branches open as early as 8.30am whilst others operate at weekends¹⁴. Many banking services are also available online, allowing businesses to perform transactions outside of banking hours.

Sources:

1. https://www.statista.com/topics/10174/startups-and-venture-capital-in-singapore/

2. https://eservices.mas.gov.sg/fid

3. https://www.abs.org.sg/about-us/memberbanks

4. https://gfmag.com/banking/top-banks-in-singapore/#:~:text=Today%2C%20DBS%20is%20the%20largest,%2C%20wealth%2C%20and%20investment%20banking.

5. https://www.ocbc.com/group/about-us/group-business.page

6. https://thedigitalbanker.com/uob-connects-retail-banking-prowess-with-regional-ambitions-for-big-success/

7. https://www.bankofchina.com/sg/aboutus/ab1/201001/t20100120_955880.html

8. https://www.citigroup.com/global/about-us/global-presence/singapore

9. https://www.cimb.com/en/who-we-are/about-us.html

10. https://www.cimbislamic.com/en/our-businesses/the-cimb-halal-corridor.html

11. https://internationalservices.hsbc.com/international-banking/global-view-global-transfers/

12. https://fintechlab.nus.edu.sg/what-makes-singapore-aseans-fintech-hub/

13. https://wise.com/sg/business/

14. https://www.abs.org.sg/consumer-banking/consumers/banking-hours

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.