Top 10 banks in Singapore for businesses in 2025

Starting a business in Singapore can be a rewarding move for new entrepreneurs or companies expanding to Asia. As a regional hub for multinational companies¹ and home to over 4,000 startups², the country’s commercial banks offer a range of services for businesses of all sizes and industries. However, not all of these services may be relevant to your business.

In this guide, we’ll explore Singapore’s commercial banking landscape and provide an overview of the top 10 banks for businesses. We’ll also discuss fintech alternatives like Airwallex and explain why their corporate account could be a smarter choice for your business.

Key takeaways:

• The top banks in Singapore for businesses include DBS Bank and OCBC, with each bank providing tailored solutions for SMEs and larger corporations.

• 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.

• Compared to traditional banks, digital banks are easier to set up, have an online application process and offer lower fees.

• Fintech alternatives like Airwallex let businesses open multi-currency business accounts, make fast international transfers, and issue corporate cards at competitive FX rates.

Overview of banks in Singapore

The Monetary Authority of Singapore (MAS) regulates over 150 financial institutions³ that operate as full banks, qualifying full banks, or wholesale banks.

While most of these institutions are foreign banks, Singapore’s three major domestic banks – DBS Group, United Overseas Bank (UOB), and Oversea-Chinese Banking Corporation (OCBC) – form the cornerstones of the local economy. All three banks reported record-high profits in 2024, earning S$11.4 billion⁴, S$6.0 billion⁵, and S$7.59 billion⁶ respectively.

Top 10 most popular banks in Singapore for businesses

Some of Singapore’s largest qualifying full banks offer business accounts. These institutions cater to established corporations, while some also offer services tailored to SMEs.

DBS Bank (Development Bank of Singapore)

DBS is the largest bank in Southeast Asia by asset size.¹⁸ Besides having a large retail banking footprint in Singapore, they provide a comprehensive range of services for businesses of all sizes. SMEs can choose from various 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 offers advanced digital solutions, DBS international transfer services, and strategic industry expertise.

OCBC (Oversea-Chinese Banking Corporation Limited)

OCBC was founded in 1932 and has since grown to be the second-largest bank in Southeast Asia by asset size.¹⁹ OCBC’s business banking offerings include the Business Growth Account, Business Entrepreneur Plus Account, and Multi-Currency Business Account. These accounts are designed to help new entrepreneurs and SMEs scale their business effectively. For established businesses and large corporations, OCBC offers a wide range of corporate banking services, including transaction banking, treasury services, and investment banking.

UOB (United Overseas Bank)

United Overseas Bank (UOB) is another leading Singapore bank with a robust presence in Southeast Asia. In 2022, UOB expanded its reach by acquiring Citibank’s retail business in Indonesia, Vietnam, Malaysia, and Thailand,²⁰ earning recognition as the best SME bank in the region.²¹

Singapore-based SMEs can choose from three business accounts and get access to foreign exchange services, including UOB’s competitive foreign exchange rates, financing, insurance, and import solutions. UOB also offers both commercial and corporate banking for multinational companies.

BOC Singapore (Bank of China Singapore)

Bank of China (BOC) has been operating their Singapore branch since 1936, offering extensive Chinese renminbi business banking solutions in the region.²² Businesses of all sizes can benefit from a range of renminbi services, including deposit accounts, trade finance, corporate loans, and global cash management. This makes BOC a strategic choice for Singaporean companies that trade with mainland China.

Citibank Singapore

Citibank has been operating in Singapore since 1902 and offers a full range of financial products for personal banking and business accounts.²³ If you're a Citigold client, you can open a corporate banking account and enjoy services like cash management, trade finance, and treasury options. You can also use 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 the fifth-largest bank in Southeast Asia by asset size.²⁴ As a merchant bank, it offers a suite of banking solutions like deposit accounts, cash management, and loans. They also connect halal businesses in ASEAN with the rest of the world through the CIMB Halal Corridor.²⁵

Maybank Singapore

Maybank is another leading Malaysian bank that offers robust business solutions in Singapore and the region. Their Singapore SME banking services include deposit accounts, e-financing, PayNow corporate, insurance, and trade finance.

Maybank also facilitates business between Singapore and Malaysia, with services like instant fund transfers and preferential ‌Malaysian ringgit rates.²⁶ For halal companies, Maybank offers Shariah-compliant business loans, investments, and halal facilitation services.

Standard Chartered Singapore

Standard Chartered delivers a wide range of business services tailored to meet the unique needs of Singapore companies. They offer specialised solutions for SMEs, such as working capital loans and government-backed SME loans. For larger firms, Standard Chartered has comprehensive payment services that reduce domestic and global transaction fees. They also offer a platform for centralising foreign exchange trades.

HSBC Singapore (Hong Kong and Shanghai Banking Corporation)

HSBC Singapore has been a trusted banking partner since 1877, offering a comprehensive suite of business services tailored for companies aiming to expand internationally. They provide services like international trade financing and cross-border cash management, which are ideal for businesses looking to scale globally.

One of HSBC's notable features is its Global View platform, which allows users to monitor all of their HSBC accounts worldwide from a single interface. Once these accounts are connected, users can easily and safely transfer funds between them without incurring any fees, streamlining international transactions.²⁷

BNP Paribas

BNP Paribas, the leading bank in the European Union, established its Singapore branch in 1968. It serves a diverse clientele, including multinational companies, local and regional corporations, and high-net-worth individuals. Known for its personalised approach, BNP Paribas is often considered a private bank for clients with unique banking needs that go beyond conventional banking solutions.

The bank’s global presence has allowed it to facilitate its large corporate clients’ international aspirations, providing a gateway for APAC businesses to enter the American, European, and African markets.²⁸ Their award-winning Wealth Management system also provides services such as investment management and wealth planning solutions across Asia.

Opening a business account in Singapore

Opening a corporate bank account is a straightforward process for locals and foreigners alike, as long as you’re a shareholder or proprietor of a Singapore-registered company. You may need to prepare these required 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 business accounts in Singapore

Singapore is also Southeast Asia’s fintech hub, with 40% of the region’s firms headquartered here.²⁹ Local businesses that prefer digital-first solutions tend to use fintech firms instead of traditional banks, especially when they offer cost or time savings on international payments, corporate card issuance, and currency exchange.

Some popular fintech business accounts include:

• Airwallex: our all-in-one Business Account streamlines international payments while cutting down on costly transfer fees. Instantly create 23+ local currency accounts, send money to 150+ countries at market-leading exchange rates, and accept eCommerce payments worldwide from 180+ countries. Additionally, Airwallex offers powerful solutions like multi-currency Corporate Cards, Expense Management, and Bill Pay to help businesses efficiently manage global spending.

• 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 currencies using local bank details. Learn how Wise compares to Airwallex.

• Aspire: caters to SMEs in Singapore looking to convert leading currencies, manage local payroll, and streamline company expenses.

• Payoneer: freelancers and businesses can use Payoneer to receive overseas payments, handle business expenses, convert currencies, and obtain capital advances based on their monthly payment volume.

• Revolut: UK-based financial technology platform offering multi-currency corporate cards, international money transfers, and expense management to consumers and businesses.

Opening a fintech business account in Singapore

Fintech firms also require documents that verify your business’s registration in Singapore, as well as authorised IDs and proof of address of the business owners.³⁰ The only difference is that the application is done entirely online, and there's no need for an in-person visit.

How does Airwallex help businesses save time and money with their services?

Startups and new businesses often turn to traditional banks for corporate accounts, but in today’s digital-first world, there’s a better option. Airwallex offers an all-in-one Business Account designed to simplify global banking and reduce costs, fully regulated by MAS and licensed as a Major Payment Institution. Here’s how Airwallex can help your business thrive:

• Multi-currency Global Accounts: Airwallex’s Global Accounts helps you instantly create accounts in different countries and lets you easily receive payments in USD, GBP, and over 20 other currencies without having to create a local bank account or incurring any transaction fees. It comes with a dedicated account number along with a local branch and bank code, so you can receive, hold, and spend foreign currency without any unnecessary conversions.

• Fast and free international payments: Airwallex partners with local payment rails and banks in 120+ countries, allowing you to bypass the SWIFT network and avoid hefty fees when you send money from your Global Account. 90% of overseas transfers arrive on the same day. Businesses like Igloohome have used Airwallex to save over S$100 per SWIFT transfer.

• FX rates with lower markups: Airwallex’s global network of partnerships with traditional banks lets you enjoy attractive FX rates at lower markups than what banks typically offer to businesses.

• Accept payments in 130+ currencies using 160+ local payment methods: as one of the best payment gateways, we offer like-for-like settlement in USD, GBP, and 12 other leading currencies, which means you can avoid unnecessary conversion to SGD when you accept payments in these currencies. We also offer competitive gateway fees for various payment methods. See how Dreamcore uses Airwallex to combat rising payment gateway fees.

• Corporate cards: issue multi-currency virtual and physical corporate cards for free. Pay for business travel, social ads, and other expenses wherever Visa is accepted using the currencies in your Airwallex account and save on international transaction fees. You also get unlimited 1% cashback on all domestic and international spend in all categories. Discover how PURE Group’s employees use our Corporate Cards to manage business expenses in USD, SGD, and HKD.

• Expense Management and Bill Pay: automate manual bill payment and accounting tasks with Airwallex’s Bill Pay and Expense Management solution. Send batch transfers to up to 1,000 recipients across countries, currencies, and transfer methods by simply uploading a file. Integrate Airwallex with Xero and other leading accounting software for instant reconciliation. Discover how much time Little Blossom saved by using Airwallex to streamline their accounting, employee expenses, and bill payments.

Frequently asked questions (FAQs)

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

According to the Monetary Authority of Singapore (MAS), non-residents without an employment pass can open a corporate bank account in Singapore if they're a partner or shareholder of the business. Check your financial institution’s requirements, as each one has its policies for non-residents.

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

Prepare the following documents before you 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 Beneficiary Owners.

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

• Completed Corporate Account application forms, signed by authorised signatories

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

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

Digital banks in Singapore can offer business accounts with no minimum deposits and low fees compared to traditional banks. They are easier to apply for and set up, as all documents are submitted online and in-person visits aren’t required. Digital banks also often integrate with other business software so you can automate manual financial operations and enhance efficiency.

4. Which bank in Singapore offers the highest fixed deposit rate?

The bank offering the highest fixed deposit rate in Singapore can vary. It's best to compare rates from major players like DBS, OCBC, and UOB, as they often offer competitive terms for their savings bank accounts.

5. 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 while others operate on weekends.³¹ Many banking services are also available online, allowing businesses to perform transactions outside of banking hours.

Check your preferred branch’s operating hours to confirm.

Sources:

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

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30. https://help.airwallex.com/hc/en-gb/articles/900001756886-Verifying-your-business-in-Singapore

31. 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.26.