[SUMMARIES]
Two Main Categories: Understand the critical difference between MAS-licensed Digital Wholesale Banks (like ANEXT, GLDB, MariBank) and Fintech Payment Institutions (like Aspire, Wise).
Top Picks for SMEs: Aspire remains the top “All-in-One” Finance OS, while Wise dominates for international transfers and ANEXT/MariBank are best for loans and interest.
Eligibility: Most neobanks allow remote opening for foreigners, though requirements for directors vary.
Safety: Digital banks have SDIC protection (up to SGD 100k), while major fintechs use strict safeguarding measures under MAS regulations.
[/SUMMARIES]
Opening a business bank account in Singapore has historically been a hurdle for startups and foreign entrepreneurs due to strict compliance checks by traditional banks. However, the rise of Neobanks for business in Singapore has revolutionized the landscape, offering faster approval times, lower fees, and seamless digital interfaces. Whether you are looking for a comprehensive Digital Bank with a full banking license or a flexible Fintech solution for global payments, navigating the top options is crucial for your financial efficiency. At Koobiz, we help clients navigate these options during the incorporation process, and this guide compares the top 10 players to help you decide.
What defines a Business Neobank in Singapore?
A Business Neobank in Singapore is a digital-first financial service provider that operates without physical branches, offering banking services primarily through mobile apps or web platforms.
To understand the landscape correctly, you must distinguish between two regulatory categories defined by the Monetary Authority of Singapore (MAS). Specifically, there are Digital Wholesale Banks (DWB), such as ANEXT, GLDB, and MariBank, which hold full banking licenses to serve non-retail customers (SMEs), offering deposit insurance and loans. In contrast, Major Payment Institutions (MPI), like Aspire, Wise, and Airwallex, are fintech companies licensed to handle payments, e-money issuance, and cross-border transfers but do not lend money directly from deposits. Understanding this distinction is the first step to choosing the right partner for your new entity.
The Best Neobanks for Business in Singapore: Grouping & List
There are two main groups of neobanking solutions available to Singapore businesses: the versatile Fintech Payment Institutions and the fully licensed Digital Wholesale Banks.
Below is the detailed breakdown of the top 10 players dominating the market in 2025.
1. Aspire (Best for SMEs & Startups)
Aspire is currently the leading all-in-one finance operating system for modern businesses in Southeast Asia. It stands out by combining a business account with corporate cards, expense management, and payable management in one interface. For many startups, Aspire is the go-to choice because of its high approval rate and seamless digital onboarding.
2. Wise Business (Best for International Transfers)
Wise Business is the optimal choice for companies that frequently pay overseas suppliers or receive foreign currency. It offers mid-market exchange rate without hidden markups making it 3-5 times cheaper than traditional banks. Also providing local account details for over nine major currencies, allowing Singapore to receive payments globally.
3. Airwallex (Best for E-commerce & Global Scale)
Airwallex creates a powerful ecosystem for e-commerce businesses and tech companies scaling globally. Airwallex offers a payment gateway on your website, combined with high-limit corporate cards and efficient FX services, making it particularly strong for Amazon or Shopify sellers that need to repatriate funds to Singapore.
4. Revolut Business (Best for Forex & Team Cards)
Revolut Business excels with granular control over team spending. It allows companies to hold and exchange 25+ currencies and issue physical or virtual cards with preset spending limits, operating as a licensed payment institution in Singapore and well-suited for frequent-travel teams.
5. ANEXT Bank (by Ant Group)
ANEXT Bank is a Digital Wholesale Bank licensed by MAS, focusing specifically on serving SMEs with accessible financing. ANEXT offers dual-currency (SGD/USD) accounts and the unique ability to offer financing options to small businesses based on alternative data, not just financial history.
6. Green Link Digital Bank (GLDB)
Green Link Digital Bank (GLDB) focuses on supply chain finance within the B2B segment.It leverages technology to provide efficiency and digital onboarding to MSMEs, particularly those involved in supply chain and trade.
7. MariBank (Best for Shopee Sellers & Interest)
MariBank, a licensed Digital Bank, backed by Sea Group (Shopee), offers competitive interest rates on business deposits (often credited daily) and integrates seamlessly with the Shopee ecosystem, making it a top contender for e-commerce merchants.
8. Volopay (Best for Expense Management)
Volopay focuses primarily on spend management software attached to a corporate fund. Its primary value proposition is the software that automates expense approvals, receipt matching, and reimbursement workflows, making it ideal for larger SMEs with complex spending patterns.
9. Statrys (Best for Personalized Support)
Statrys is a robust alternative for SMEs that require a more personalized touch. While digital-first, they are known for having dedicated account managers. They offer multi-currency business accounts and are particularly friendly to companies with Hong Kong and Singapore links.
10. Wallex (Best for B2B FX & High Volume)
Wallex is a B2B-focused fintech specializing in cross-border payments and FX, supporting 40+ currencies and offering customized rates for high-volume transactions, making them a strong alternative to traditional bank FX desks.
Comparison: Fees, FX Rates, and Minimum Balance
| Feature | Aspire | Wise Business | Airwallex | ANEXT Bank | Traditional Banks (e.g. DBS) |
|---|---|---|---|---|---|
| Account Type | Fintech (MPI) | Fintech (MPI) | Fintech (MPI) | Digital Wholesale Bank | Traditional Bank |
| Monthly Fee | Free | Free | Free | Free | SGD 18 – 40 (waived with min balance) |
| Min. Balance | $0 | $0 | $0 | $0 | SGD 3,000 – 10,000 |
| FX Rate | Mid-market + ~0.7% | Mid-market + ~0.43% | Interbank + 0.2% – 0.6% | Competitive Market Rate | Spread of ~1.5% – 2.5% |
| Opening Fee | Free | ~SGD 54 (One-time) | Free | Free | Free |
Most traditional banks require an initial deposit of SGD 3,000 to SGD 10,000 and charge fall-below fees. In contrast, neobanks like Aspire and Wise typically have no minimum deposit requirement and no monthly maintenance fees, making them highly cost-effective for new companies. Regarding FX rates, Wise and Airwallex charge a transparent fee (usually 0.4% – 0.6%) above the mid-market rate, whereas banks may include a spread of 1% – 2.5%.
Is a Neobank Safe? Understanding MAS Protection
Yes, using a Neobank in Singapore is generally safe, provided you understand the specific regulatory protections applicable to each type of institution.
Digital Wholesale Banks like ANEXT, GLDB, and MariBank are members of the Deposit Insurance Scheme, meaning SGD deposits are insured by SDIC for up to SGD 100,000 per depositor.
However, Fintechs like Aspire and Wise are not banks; they operate under the Payment Services Act. They safeguard user funds by segregating them in trust accounts at tier-1 banks (like DBS or UOB). This ensures your funds are segregated from the fintech’s operating money, protecting them even if the fintech becomes insolvent.
Neobanks vs. Traditional Banks (DBS/OCBC/UOB): Which Should You Choose?
How to Choose: A Simple Decision Framework
To make the right decision, compare your business requirements against the strengths of each banking type:
Choose a Neobank (e.g., Aspire, Wise, ANEXT) if:
- Speed is critical: Start invoicing in 1-3 days.
- You are a Foreigner: Fully remote opening process without flying to Singapore.
- You run an Online Business: Multi-currency accounts to transact globally (e.g., E-commerce).
- Cost Efficiency: No monthly fees and minimum deposit requirements.
Choose a Traditional Bank (e.g., DBS, UOB, OCBC) if:
- You handle Cash: Requiring physical branches or ATMs to deposit daily cash earnings.
- You need Credit Facilities: Requiring Letters of Credit, overdrafts, or complex trade financing.
- You need Cheques: Strictly required payment via cheque.
- Reputation Matters: A “Big Three” bank for trust and credibility in order to transact.
Pro Tip / Recommendation:
For most new startups, we recommend a hybrid approach: Open a Neobank account immediately to get operations running. Then, once your business has 6 months of transaction history, apply for a traditional bank account to access deeper financial products.
Critical Features to Consider for Singapore SMEs
Beyond basic transfers, there are three critical features that modern Singapore SMEs must evaluate to ensure operational efficiency.
Multi-Currency Accounts for Cross-Border Trade
For Singapore businesses, holding USD, EUR, and regional currencies is vital. A multi-currency account prevents forced conversion (double FX loss) when receiving payments from clients and paying suppliers in their local currency.
Integration with Xero and Accounting Software
Seamless integration with accounting software like Xero or QuickBooks is a unique attribute of top neobanks, allowing transactions to flow automatically into your accounting books, saving hours of manual data entry.
Corporate Cards and Expense Management
Issuing virtual cards instantly for software subscriptions (SaaS) or marketing ads is a game-changer, separating business expenses from personal credit cards and allowing business owners to set strict budget limits per card.
Can Foreigners Open a Business Neobank Account in Singapore?
Yes, foreigners can open business neobank accounts in Singapore thanks to advanced remote verification technology.
However, the process requires a registered Singapore entity. Most neobanks will require the company’s ACRA Business Profile and identity verification of the directors and Ultimate Beneficial Owners (UBOs). If you are a foreign entrepreneur, Koobiz can assist not only with the Singapore company incorporation but also in providing a Nominee Director if required to meet statutory compliance, thereby smoothing the banking application process.
How to Open a Business Account: Step-by-Step
Opening a business account involves a standardized digital process that generally consists of 3 to 4 key steps ensuring compliance with Anti-Money Laundering (AML) regulations.
Let’s explore the process:
- Preparation of Documents: Ensure you have your latest ACRA Business Profile (bizfile), Constitution (M&A), and passports/ID of all directors and shareholders.
- Digital Application: Visit the website (e.g., Aspire, Wise, ANEXT) and register using Corppass (if available) or via manual email entry.
- e-KYC Verification: Directors will need to perform identity verification, often via a live selfie check or by uploading proof of address (utility bills/bank statements from their home country).
- Business Activity Review: You may need to provide a website, invoices, or contracts to prove the legitimacy of your business. Once approved, your account details are generated instantly.
About Koobiz
Navigating the financial landscape of a new market can be daunting. Koobiz is your trusted partner for doing business in Singapore. We specialize in company incorporation, accounting, tax filing, and audit services. Beyond compliance, we offer strategic consultancy to help you successfully open bank accounts with both top-tier traditional banks and flexible neobanks.
Ready to launch your business in Singapore? Visit koobiz.com to consult with our experts today.