Compare the best digital business bank accounts in Singapore (2024)

Digital business bank accounts are quickly gaining traction in Singapore. SMEs, in particular, show a strong interest in digital banking, with 88% open to moving some of their banking services online.¹ This shift reflects the growing need for financial solutions that keep pace with modern business.

The right business account can fast-track your growth, but how do you know which one works for you? In this article, we’ll cover everything you need to know about digital business bank accounts, how they work and the benefits they offer. We’ll also explore the Airwallex Business Account and how it can help you grow your business quickly with a comprehensive range of financial services.

What is a digital business bank account?

A digital business bank account is a digital-only account designed to support a company’s financial activities. Unlike traditional banks, which require in-person visits for account opening or loan applications, a digital business bank account offers all their services online. This helps business owners keep track of their cash flow and manage their business on-the-go. 

Research from RFI global shows that 26% of heavy digital users are more likely to adopt a new banking product in the next 6 months.² Businesses who want to explore digital banking have several options for digital bank accounts. 

1. Traditional banks. Legacy banks in Singapore like DBS and OCBC offer digital business banking services like multi-currency accounts, loans, and corporate cards.

2. Digital banks. Like traditional banks, digital banks offer payments and loans tailored to enterprises. The only difference is that digital banks have no physical locations for cash deposits, withdrawals, or account opening. Singapore has 3 digital banks that serve businesses - ANEXT, Maribank, and Green Link Digital Bank.

3. Fintech firms. Fintech business accounts like Airwallex are a good alternative to banks, particularly for businesses who need to get started quickly with specialised payment services. Although not a bank, the Airwallex Business Account lets you open 23+ local currency accounts with local bank details. This saves you the hassle and paperwork involved in opening a corporate bank account in markets where you do business. 

How do digital business bank accounts work?

Digital business bank accounts work by providing traditional banking services online, through a mobile app or website. The application process is done entirely online, and the account can be ready as soon as 1 business day. Business owners can use digital bank accounts to transfer funds locally, make cross-border payments, or apply for loans from anywhere, without the need to visit a physical branch. 

If the business account is offered by a traditional bank like DBS, account holders can access physical bank branches or ATMs for cash withdrawals and deposits. 

What alternatives are there to a digital business bank account?

Fintech platforms like Airwallex, Wise, and YouBiz are a good alternative to digital business bank accounts. They provide similar services like handling payments and multi-currency accounts, but with added benefits such as faster transactions, lower fees, and a fully online application process.   

Airwallex, in particular, offers an end-to-end payment solution that lets you open foreign currency accounts in minutes and accept payments from over 180 countries. You can send non-SWIFT payments to 120+ countries using our proprietary payment network, which means no SWIFT fees and 85% of transfers arriving the same day. These features reduce unnecessary currency conversion and makes it easier to do business in multiple markets. 

There’s no need to visit a physical branch to open a fintech account. All that’s needed is to upload soft copies of business registration documents and partners’ IDs. This efficient application process allows businesses to start transacting as quickly as 1 business day. 

The difference between digital banks and fintech firms lie in their specialised services.  While digital bank accounts focus on money transfer services, fintech offers a range of innovative solutions to see growth throughout your entire financial operations. . As an end-to-end financial solution, Airwallex’s benefits go beyond low-cost transfers; we reduce unnecessary fees through our multi-currency payment gateway and expense management platform, allowing businesses of all sizes to grow beyond Singapore. 

End-to-end solutions like Airwallex can also automate manual financial tasks like expense management or bill payments. Businesses can easily integrate their accounting software or eCommerce platform to the fintech account so that all their transactions can be viewed in one dashboard. This saves time and allows businesses to make the most of their lean teams.

For businesses who want to get started quickly and streamline their financial operations, fintech accounts are an excellent alternative.

Top 5 digital business bank providers in Singapore  

In Singapore, the top five digital business account providers include well-established banks with online banking services and digital-only banks. These institutions are recognized for their strong support of SMEs and for their innovative digital banking solutions.

DBS 

DBS is the largest bank in Singapore and Southeast Asia, with over 280,000 corporate banking customers as of 2023.³ They offer a wide range of digital accounts for SMEs and large companies, such as the DBS Business Multi-currency Account, and regularly win accolades for their digital innovations. DBS also partners with the Singapore government for initiatives like Start Digital to support SMEs with their digital transformation.⁴ 

OCBC 

OCBC is one of the oldest banks in Singapore and the second largest in Southeast Asia. OCBC business banking provides a full range of financial services for both established businesses and SMEs. Through the OCBC Velocity online banking platform, businesses can access multi-currency accounts, business loans, and trade financing solutions.  

ANEXT Digital Bank

ANEXT is run by Alibaba’s ANT Group and offers a digital business account for micro businesses, SMEs, and startups. Their multi-currency account can hold CNH, SGD, and USD. They also support businesses’ growth through loans and fixed deposits.  

Green Link Digital Bank

Green Link Digital Bank (GLDB) was the first digital bank to operate in Singapore.⁵ As a supply chain finance specialist, GLDB supports wholesalers and manufacturers by helping them access more working capital and relieving cash flow pressures. They also offer an SGD and USD business account, and fixed deposit accounts.

MariBank

MariBank is a digital bank that serves both individuals and SMEs. As part of the Sea Group ecosystem, MariBank’s business solutions are designed to work seamlessly with Shopee. Sellers can enjoy one free daily withdrawal when they link their MariBank Business Account to their Shopee shop. MariBank also offers business loans.

The top features to look for in digital business bank accounts and alternatives

Comparing digital business bank accounts and fintech accounts can be overwhelming and confusing. To make it easier, we’ve compiled a list of key features: 

• Swift account setup. It’s important to consider how quickly you can set up an account and get started banking. Established banks may require an in-person visit to confirm the account owner’s identity.

• Global reach. Check the bank's global reach to ensure it supports the markets you do business with. A bank with a strong presence in these regions can potentially offer lower international transfer fees and support local payment methods.

• Scalability. Choose a solution that can manage growing transaction volumes and multiple international markets with ease, so you won't need to switch providers as your business expands.

• Fees. Many providers display fees transparently, making it easier to compare prices across banks and avoid unexpected costs. Be sure to consider monthly subscription fees, foreign transaction charges, and currency conversion costs.

• Security and regulations. At a minimum, your business account provider should be licensed and regulated by the Monetary Authority of Singapore (MAS). This ensures that customer funds are safeguarded according to the stringent standards set by the MAS. Digital banks should also be PCI DSS compliant and have fraud prevention systems in place.

The Airwallex Business Account has all these features, plus solutions to automate your business operations.

Compare digital business bank accounts and alternatives in Singapore

Digital business bank accounts and fintech alternatives specialise in different financial solutions. Digital banks focus on transactions and loans, while fintech provides an all-in-one platform to manage your financial operations.  . 

Let’s take a look at the key features of various digital business bank accounts and fintech alternatives. This will help you find the best option to meet your business needs.

What's the difference between a digital business account and a digital business bank account?

The difference between a digital business account and a digital business bank account is the financial institution that offers them, and the services they provide.

A digital business account is typically offered by fintech companies and comes with specialised services beyond traditional banking. For instance, the Airwallex Business Account has a payment gateway, expense management, and integrations with accounting software. Business owners enjoy more efficient financial processes on top of the convenience of transacting on-the-go. 

On the other hand, a digital business bank account provides the traditional banking services like deposits and loans through a fully online platform. These accounts are offered by digital-only banks and established banks like DBS and OCBC. While digital banking is increasingly available from traditional banks, they may not have the same innovative services that fintech business accounts have, such as advanced integrations and streamlined expense maangement.

Do I need a digital business account?

If you're looking for speed, cost-efficiency, and prefer digital-first solutions, a digital business account could be a great fit for you. It helps you go to market faster as it requires no in-person branch visits, and has a range of flexible solutions that scales with your business.

For example, the Airwallex Business Account lets you open 23+ local currency accounts in minutes, without the need to visit local bank branches. You can start doing business like a local in 60+ countries, and cut down on hefty SWIFT and conversion fees. 

As your business grows, Airwallex gives you quick access to services like physical and virtual corporate cards, expense management, and payment acceptance. The Airwallex Business Account also integrates with accounting and eCommerce platforms for a more streamlined view of your expenses and revenue. Open an account for free and discover what Airwallex can do for your business.

What do I need to set up a digital business account?

To set up a digital business bank account in Singapore, prepare soft copies of your business registration documents and IDs of your directors or shareholders. Then go to the website of your chosen bank and begin the application process. 

Here are some documents you may need to submit. Every bank and fintech firm has their own list of requirements, so double check what documents are needed to open a business bank account: 

• Your Accounting and Corporate Regulatory Authority (ACRA) business profile

• Proof of business address, such as a rental agreement for your business's registered address.

• Company directors and shareholder information. This includes IDs and proof of residential addresses for the Ultimate Beneficial Owners (UBO), directors, and shareholders.  

• Ownership structure chart. Banks may need to understand your shareholding structure, and may require an equity or ownership chart.

• Authorisation letter. If you are not the director of the registered business, provide a letter saying you have the authority to act on behalf of the company.

Unlock faster growth with an Airwallex Business Account

More businesses in Singapore are turning to digital business accounts for international transfers, currency exchange, and bill payments.¹¹ Both established and digital banks provide traditional banking services online, offering added convenience for time-strapped SMEs.

However, fintech firms offer powerful alternatives that let businesses jumpstart their growth plans. The Airwallex Business Account can be opened as quickly as one business day if all your documents are in order. Once your account is verified, you can pay global suppliers in minutes, issue Borderless Cards instantly, or create local currency accounts. 

Airwallex also helps you cut unnecessary conversion fees with Global Accounts, which let you hold, receive, and convert 23+ currencies. If you do need to convert money, our interbank rates let you save up to 80% on foreign exchange fees. 

There are many fintech solutions in Singapore, but most focus on currency exchange and transfers. Airwallex, on the other hand, is engineered to grow with your business. You can quickly implement an eCommerce payment gateway, automate up to 1,000 bill payments, or activate expense management. Having all these services in one platform reduces the need to toggle between multiple providers, gives you a consolidated view of your performance and saves time. 

Singapore companies like Dreamcore, Little Blossom, and Igloohome have built thriving global businesses with Airwallex.

Sources

1. https://www.visa.com.sg/dam/VCOM/regional/ap/singapore/newsroom/documents/going-digital-the-banking-revolution.pdf

2. https://rfi.global/future-of-banking-digital-vs-traditional-in-singapore/

3. https://www.dbs.com/iwov-resources/images/investors/quarterly-financials/2023/DBS%20Annual%20Report%202023.pdf)

4. https://www.dbs.com.sg/sme/startdigital.page

5. https://www.straitstimes.com/business/banking/green-link-launches-as-singapores-first-digital-bank

6. https://youbiz.zendesk.com/hc/en-us/articles/6188587658393-Is-there-a-fee-for-sending-money-overseas

7. https://www.anext.com.sg/static/terms/feeschedule

8. https://www.dbs.com.sg/documents/276102/282855/pricing-guide.pdf/0773e2ea-4475-834e-d328-8aa396d0679b?t=1719382892817

9. https://www.ocbc.com/business-banking/help-and-support/accounts-and-services/business-pricing-guide

10. https://www.glbank.com/data/tosend/resource/upload/GLDB-Fees-and-Charges.pdf 11. https://www.visa.com.sg/about-visa/newsroom/press-releases/underserved-smes-look-to-digital-banks-to-provide-enhanced-services-visa-study.html

This publication does not constitute legal, tax, or professional advice from Airwallex nor 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.