Singapore’s 5 Digital Banks in 2025: Key Services & Eligibility

As a leading hub for technology and finance, Singapore offers a wide range of banking options. Traditional banks in Singapore are expanding their online services, while new digital banks are thriving in the market. If you're interested in learning more about Singapore’s digital banks, this guide covers the essentials.

In this guide, we’ll walk you through the five key digital banks in Singapore, highlighting their product offerings, unique services, and eligibility requirements.

A digital bank is a financial institution that operates entirely online without physical branches. Users can access a full banking experience, including opening bank accounts, making transfers, applying for loans or cards, and contacting customer support through digital platforms like mobile apps or websites.

In Singapore, digital banks are required to obtain a license from the Monetary Authority of Singapore (MAS) to operate. There are two types of digital bank licenses available: [1] [2] 

Digital full banks in Singapore are required to be members of the Singapore Deposit Insurance Scheme (SDIC), unless exempted, whereas digital wholesale banks are not required to be members. Deposits in Singapore dollars held in savings accounts, fixed deposit accounts, current accounts, and funds under the Supplementary Retirement Scheme are insured up to a total of SGD 100,000 per depositor per SDIC member. [3] [4] 

As of 2025, there are a total of five major digital banks operating in Singapore.

GXS Bank is a digital full bank operated by Grab Holdings Inc., a food delivery, transportation, and digital payments platform, and Singtel, Singapore’s telecommunications conglomerate. While the bank has its own application, users can also access GXS from their Grab and Singtel apps. 

Deposits made to GXS Bank in Singaporean dollars are insured for up to SGD 100,000 by the Singaporean Deposit Insurance Corporation. [5] 

GXS Bank won the Financial Technology category at the SBR National Business Awards 2024. [6]

GXS Bank focuses primarily on personal banking services, offering products designed for individual customers. Its business products are specifically available to sole proprietorships. The bank often offers lifestyle promotions through partnerships with Grab and Singtel. Here are some of the services they offer:

• GXS Savings Account: Earn daily credited interest with rates from 2.08% p.a. Set up a main account for everyday spending and separate saving pockets for your goals. No minimum balance and no fees.
• GXS Biz Account: Manage your business finances with daily interest on deposits up to 2.68% p.a. No fees and no minimum balance. Currently available only to ACRA-registered sole proprietors in Singapore.
• GXS Debit Card: A Mastercard® debit card with instant rewards on eligible transactions and no foreign transaction fees 
• GXS FlexiCard: No-interest credit card with no minimum income requirement and no foreign transaction fees. Earn up to SGD 3 cashback on eligible transactions when you spend at least SGD10. SGD 5 minimum repayment, with no interest on carried balances. 
• GXS Personal Loans: Choose between instalment plans with interest rates starting from 2.88% or opt for a balance transfer.
• GXS Business Loan: Tailor a loan to suit your business needs. Select a repayment plan with flexible tenures from 2 to 36 months. Available exclusively to sole proprietorship businesses.

For savings account:

• Be at least 16 years old.
• Be a Singapore citizen, a Singapore Permanent Resident, or have a valid visa, such as a Dependant’s Pass (DP) or Employment Pass (EP)
• Must not hold an existing GXS Biz Account or GXS FlexiLoan Biz. 
  

For Biz Account

• Be at least 18 years old
• Be a Singapore citizen or Permanent Resident
• Have an active ACRA-registered sole proprietorship
• Must not hold an existing GXS Savings Account, GXS FlexiLoan Account, or GXS FlexiCard
  

Both personal and business applicants must have a residential address in Singapore and a Singpass account.

GXS currently do not accept applications from US citizens.

MariBank is a subsidiary of Sea Limited, a Singapore-based consumer internet company. As a digital full bank, MariBank provides online banking services for both personal and business customers and safeguards deposits of up to SGD 100,000 under the Deposit Insurance Scheme. [7] 

The bank was awarded New Virtual Bank of the Year (Singapore) at the Asian Banking and Finance Retail Banking Awards 2024. [8] Since it operates entirely online, MariBank offers 24/7 customer support through in-app live chat, hotline, and email. 

MariBank offers a wide range of personal and SME banking products, including the following:

• Mari Savings Account: Up to 2.50% p.a. interest with no minimum deposit or spending required, interest credited daily, connect to Shopee payments, apply for exclusive rewards, use PayNow for instant transfers and payments at stores with QR codes.
• Mari Credit Card: A personal numberless credit card with rewards such as Shopee Coins, 3% cashback on overseas card spend, and 1.7% cashback on local card spend. Add the card to Apple Pay for easy payments from your iPhone or Apple Watch. Access credit card instant loans. 
• Mari Business Account: Pay suppliers and staff with free local transfers when using PayNow, get free daily withdrawals if you are a Shopee seller, and switch between personal and business banking in apps.
• Mari Invest: Access to investment products with no transaction fees, allowing you to invest from SGD 1.
• Mari Business Loan: Choose from the Credit Line, with no processing or annual fees, with interest starting from 0.5% per month and up to SGD 200,000 credit limit, repayable over 3-12 months, or the Term Loan with interest from 5% p.a., up to SGD 300,000 facility limit and loan tenors of 2-5 years.

MariBank’s products and services are available to those who are 16 or above and are Singaporean citizens, permanent residents, or foreigners with valid passes. 

Businesses must be registered in Singapore (sole proprietorship, partnerships, LLP or PLC) to apply for a Mari Business Account, and all owners, directors, partners, and major shareholders with 25% share must be Singaporeans or permanent residents. Additionally, the business must not have a corporate partner or corporate shareholder. 

You have to update your Singapore residential address on Singpass prior to submitting your application.

Trust Bank Singapore is a digital bank supported by Standard Chartered International and FairPrice Group, a prominent retailer in Singapore. It holds a full banking license and operates digitally. It is a member of the Deposit Insurance Scheme, and deposits in Singaporean dollars are insured for up to SGD 100,000. [9]  

As part of its association with FairPrice Group, customers can enjoy various discounts and rewards related to retail and everyday purchases. Through the Trust App, customers can access Customer Care specialists and receive assistance around the clock.

Trust Bank won the 2024 Global Retail Banking Innovation Awards for Best Mobile Banking App and Best Digital Bank - Singapore. [10]

TrustBank provides a diverse selection of products primarily designed for daily spending, including the following:

• Savings Account: Earn up to 3.00% p.a. on deposits up to SGD 800K. No monthly fees or minimum balance. No foreign transaction fees.
• Trust Debit Card: 11% savings on groceries and food, and 17% savings on Caltex fuel.
• Cashback Card: Get 15% promotional cashback on your preferred category, and unlimited 1.0% cashback on all other eligible spend. 20% off at exclusive partners like Caltex, Agoda, KFC, Deliveroo, and CDG Zig. No FX fees.
• Link Credit Card: Save 20% on fuel at Caltex and 21% on credit card spending at FairPrice Group, including Unity, Cheers, and Kopitiam.
• SmartSwitch: Switch between your credit and debit card with one tap on the Trust App.
• Instant Loans: Get personal loans with your Trust credit card, repayable in fixed instalments over 3 to 60 months.
• Other Loans: Balance transfer and split purchases of SGD 100 and above into smaller payments.
• Insurances: Travel, home, and domestic helper insurance options are available.

• Must be 16 years old or above
• Singapore citizen, Singapore permanent resident, or foreigner with a valid work pass
• Possess Singpass and MyInfo authentication.

ANEXT Bank is a wholly-owned subsidiary of Singapore-headquartered Ant International. [11] It is licensed and regulated as a digital wholesale bank, offering banking products tailored to meet the financial needs of startups, micro, small, and growing businesses, as well as SMEs.

With a focus on enhancing financial inclusion, ANEXT Bank offers multi-currency business accounts covering major currencies, along with loans and flexible financing solutions. Additionally, it provides APIs designed to support business operations.

ANEXT Bank only offers financial products to business customers, with the key services include:

• ANEXT Business Account: A free multi-currency account that can hold SGD, USD, EUR, and CNH and pay in CNH, EUR, GBP, HKD, JPY, KRW, MYR, THB, and USD. It supports free local transfers and inward TTs. Earn 2.7% p.a. interest on SGD and USD balances. There are no setup fees, annual fees, or minimum balance requirements.
• ANEXT Business Loan: Up to SGD 500,000 loans for startups and SMEs with 2 repayment options: Pay-Per-Use or Pay Monthly.
• ANEXT Fixed Deposit: A fixed deposit account that allows users to grow SGD, USD and EUR business funds, with placements as short as 1 month. You can start from USD 5,000 or EUR 5,000.
• APIs: An inventory of financial service APIs, including payment and financing solutions, with no subscription fees.

Sole proprietorships, limited liability partnerships, limited partnerships, partnerships, and private limited companies can apply for an ANEXT Business Account. Foreigners who are not Singapore citizens or permanent residents can apply on behalf of the company as long as it is incorporated in Singapore and has an active Corppass account.

Green Link Digital Bank (GLDB) is 80% owned by Greenland Group, a Chinese real estate developer backed by the Shanghai Government, and 20% owned by Linklogis Hong Kong Limited. [12] [13]  It is an MSA-regulated digital wholesale bank offering various types of bank accounts to business customers, mainly Micro, Small, and Medium-sized Enterprises (MSMEs). 

The bank’s main activities include cash management, lending, and supply chain finance.

Green Link Digital Bank offers a range of financial services to support businesses of all sizes, including but not limited to the following:

• Current Account: An SGD or USD business current account that supports different types of payments and collections and enables you to earn credit interest without any minimum balance fee. 
• Multi-Currency Account: An account that works like a current account but with multiple sub-accounts supporting SGD and USD.
• Fixed Deposit Account: A fixed deposit account in SGD or USD in tenors of 6 months, 9 months, 12 months, and 18 months. 
• Payment Solutions: Support scheduled payments, MEPS (real-time gross settlement system for high-value SGD interbank funds transfers), and overseas fund transfers (same-currency and cross-currency). There’s an integrated online platform offering both FX (foreign exchange) and payment capabilities.
• GLDB Overdrafts: A short-term reserve financing solution to access cash for business growth and expansion. 
• GLDB Term Loans: A non-revolving financing solution to support daily operations and boost working capital, with collateral assessed on a case-by-case basis.
• Supply Chain Finance: A funding solution that helps businesses to optimise their working capital and manage cash flow. Get funding for up to 100% of your sales invoices that would otherwise be tied up in the supply chain.
• Other Financing Solutions: Payable Financing offers revolving financing for up to 100% of your purchase invoices, and Receivables Financing provides revolving financing for up to 90% of your sales invoices settled on an open account basis.

Any MSME business owner or corporate customer can apply for a GLDB account online on behalf of their Singapore-registered company. 

As digital banks enter the market, they offer a wide range of advantages to consumers, transforming the way financial services are accessed and managed. 

Some of the major benefits include:

1. Convenience: Digital banks offer banking services via mobile apps, allowing consumers to manage accounts, transfer funds, and pay bills anytime without visiting branches.
2. Cost Savings: Digital banks typically have lower operating costs, allowing them to offer accounts with fewer fees and competitive interest rates on savings.
3. Innovative Features: As fully online platforms, digital banks usually offer advanced online tools such as real-time spending trackers, savings goals, and app integration, simplifying financial management. Many also enable faster, more efficient transactions through electronic transfers.
4. Diversity for Consumers: Ultimately, having more players in the market drives competition, with each bank striving to offer unique products. As a result, consumers benefit from a wider range of product options.

Moreover, Small and Medium Enterprises (SMEs) can benefit from digital banks through lower operational costs, as these banks typically charge fewer fees than traditional banks or sometimes none at all. Additionally, digital banks often do not require a minimum balance, making them more accessible to startups and growing businesses.

Digital banks also often offer innovative tools, like real-time payment system and expense tracking, which simplify financial management for small businesses.

Although digital banks in Singapore offer many benefits, including lower fees, greater convenience, and accessibility to banking, there are some factors that may make it not suitable for everyone. 

Individuals and businesses considering digital banks should be aware of potential limitations, such as:

1. Lack of physical branches and ATMs: Most digital banks in Singapore do not offer ATM networks or physical branches, which can make cash transactions, such as deposits or withdrawals, less convenient
2. Technology reliance: Digital banks rely heavily on technology and internet access.
3. Brand recognition: New digital banks might not be as well-known as established banks.

To balance the drawbacks, consider having multiple bank accounts with both digital and traditional banks. For example, a digital bank account can help reduce costs, while a traditional bank account ensures access to cash transactions. 

Singapore's five digital banks offer diverse services, from personal accounts to business solutions. With a mix of full and wholesale digital banking licenses, these banks provide a range of products, from savings accounts and credit cards to business loans and multi-currency accounts. While they bring advantages like lower fees and greater accessibility, the absence of physical branches and ATMs may not suit everyone.

If you're seeking a multi-currency business account to support your global operations or are considering doing business in Singapore, Statrys provides a flexible alternative for international SMEs expanding into Asia. Statrys is not a bank, but a Hong Kong-based payment service provider offering a range of products tailored to help international SMEs expand into Asian markets, including multi-currency business accounts and company incorporation services in both Singapore and Hong Kong.