All 5 Digital Banks in Singapore (2026): Eligibility, Best Use Case, and Who They Can't Serve

Most "best digital bank Singapore" comparisons rank the banks. They tell you who has the best interest rate, the slickest app, the lowest fees. The problem is that the comparison answers a question most readers shouldn't actually be asking yet.

If you're a foreign founder running a Singapore-incorporated company, two of the five digital banks won't even let you open a personal account. If you're an individual rather than a business, 3 of them can't serve you at all. If you're looking for multi-currency support beyond SGD plus a couple of common pairs, only 1 of the 5 offers it. Get the eligibility filter wrong, and you spend an afternoon comparing features for banks that will reject you in onboarding.

In my experience supporting Statrys Singapore clients, the most common reason a founder is still bankless three months after incorporating is that they applied to the bank with the best headline features rather than the one whose eligibility criteria they actually met.

This guide covers all 5 MAS-licensed digital banks in Singapore as of May 2026, but it's organised by who can use them, not by who has the flashiest app.

Before the per-bank breakdowns, here's the eligibility view.

Eligibility by Bank

Best Fit + Deal-Breaker by Bank

As of May 2026, the Monetary Authority of Singapore (MAS) has licensed five digital banks and is not currently issuing new licences. All five are backed by major enterprises bringing strong financial and technological capabilities. They provide services exclusively through digital channels, no physical branches, no in-person account opening.

Summary Comparison

Digital Banking Licences in Singapore

MAS issues two types of digital banking licences. The difference matters for who can open an account.

Digital Full Banks (DFBs), held by GXS and MariBank, can serve both retail and business customers. Digital Wholesale Banks (DWBs), ANEXT and Green Link are restricted to SMEs and corporate clients. They can't serve individuals at all.

Trust Bank is a special case: it operates entirely online but holds a full bank licence rather than a digital-specific one. Functionally similar to a digital bank, but with a different regulatory category.

Backed by Grab and Singtel, GXS Bank focuses on personal banking. The product line is straightforward: personal accounts, business accounts for sole proprietors, and the FlexiCard credit card with no minimum income or foreign transaction fees.

🏆 Best feature: GSX Savings Account with up to 2.82% p.a., credited daily
The GSX Savings Account splits savings into three pockets, earning up to p.a. Interest is credited daily, though small, it's psychologically meaningful for active savers. Deposits are insured up to SGD 100,000 by the Singapore Deposit Insurance Corporation (SDIC), the same protection as any major Singapore bank.

Who can bank with GXS?

• For a Savings Account: Singapore citizen, PR, or holder of a valid pass; 16+ years old.
• For a Biz Account: Singapore citizen or PR with an active sole proprietorship. Both require Singpass and a Singapore residential address. GXS does not accept US citizens.

You can hold only one account with GXS at a time, Savings, Biz, or FlexiLoan, not multiple.

A subsidiary of Sea Limited, MariBank offers personal and business accounts and SDIC deposit protection up to SGD 100,000. It also issues a numberless credit card with Apple Pay support, but its standout feature is overseas transfers.

🏆 Best feature: Free overseas transfers in 10 currencies (T&C apply)
Whether on a personal Mari Savings Account or a business account, you get competitive FX rates across 10 currencies covering 13 countries: Thailand, Vietnam, Philippines, Malaysia, China, Hong Kong, the US, and others. UnionPay and Alipay support make transfers to China particularly seamless. MariBank was named New Virtual Bank of the Year (Singapore) at the Asian Banking and Finance Retail Banking Awards 2024.

Who can bank with MariBank?

• Personal: 16+ years, Singapore citizen, PR, or foreigner with a valid pass.
• Business: Singapore-registered (sole prop, partnership, LLP, Pte Ltd), but all owners, directors, partners, and major shareholders (25% or more share) must be Singapore citizens or PRs. No corporate partners or shareholders allowed.

A wholly owned subsidiary of Ant International (Alibaba Group affiliate), ANEXT is a Digital Wholesale Bank built specifically for SMEs. It is the only digital bank in Singapore that explicitly supports foreign founders applying via Corppass for Singapore-incorporated companies.

🏆 Best feature: multi-currency business account
ANEXT's business account holds funds in SGD, CNH, USD, and EUR. The account has no annual fee, no minimum balance, and includes unlimited free local transfers and inward telegraphic transfers (TT).

Who can bank with ANEXT?

Sole proprietorships, LLPs, limited partnerships, partnerships, and private limited companies. Foreigners (non-SG citizens, non-PRs) can apply on behalf of the company, provided the company is incorporated in Singapore and has an active Corppass account. Applications are typically approved the same day; can take up to 14 business days.

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. As a MAS-regulated Digital Wholesale Bank, it offers business accounts to MSMEs. Core products are cash management and lending, overdrafts, term loans, and supply chain financing.

🏆 Best feature: business fixed deposit with competitive rates
The Green Link fixed deposit is the standout product. If you have surplus operating cash that isn't needed immediately, placing it in a Green Link fixed deposit earns steady returns. GLDB offers fixed deposits in SGD and USD, with tenors of 3, 6, 9, and 12 months. As of May 2026: up to 3.50% p.a.

Who can bank with Green Link? Any MSME business owner can apply for a GLDB account online on behalf of their Singapore-registered company.

Trust Bank is the unusual one. It operates entirely online but technically holds a full bank licence. Launched in 2022 as a JV between Standard Chartered and FairPrice Group, it offers savings, cashback credit cards, personal loans, BNPL, and insurance.

🏆 Best feature: Link Credit Card with up to 21% savings on daily essentials, including fuel and groceries.
If you're living in Singapore and want a digital-feeling bank with real value on everyday spending, Trust Bank earns its place. The Link Credit Card offers cashback on groceries, dining, and fuel, making it particularly useful if you shop at FairPrice, dine at Kopitiam, or drive regularly. Few digital bank cards reward daily essentials directly.

Who can bank with Trust Bank? 16+ years, SG citizen, PR, or foreigner with a valid work pass. Singpass and MyInfo authentication required.

Eligibility first, features second.

For individuals: ease of use, international transaction fees, savings interest rates, and daily spending rewards (cashback tied to services you actually use). For online banking security, see our guide to 10 expert tips for protecting yourself when banking digitally.

For Singapore SME founders:

• Eligibility first — does the bank serve foreign-founder Pte Ltd companies, or only SG-citizen-owned businesses?
• Multi-currency — which specific currencies, and what FX rates apply
• Overseas transfers — free or low-cost international payments
• Account flexibility — minimum balance, account fees, transaction limits

Here’s how it typically works:

Most digital banks charge no fees to open or maintain an account. For comparison with the traditional bank process, see our how to open a business bank account in Singapore guide.

Digital banks are a wrong-tool problem for several common situations. Here are the patterns I see most often when a Statrys SG client comes to us after a digital bank rejection:

• Foreign-founder Pte Ltd companies: Four of the five digital banks won't serve your business. GXS requires Singapore citizenship. MariBank requires all owners to be Singapore citizens/PR. Trust Bank doesn't offer business accounts. Green Link's eligibility is open, but multi-currency is limited to SGD and USD. Only ANEXT fits, and only if you don't need cards.
• Multi-currency businesses with non-Asian flows: If you receive payments in GBP, AUD, JPY, or HKD beyond what ANEXT supports (SGD, CNH, USD, EUR), digital banks can't hold those currencies. You'll convert each transaction at receipt, eating FX margin every time.
• Businesses needing FX hedging or forwards: No digital bank in Singapore offers FX forwards, options, or hedging products. Multi-currency accounts hold but don't hedge.

What to Do Instead

A MAS-licensed Major Payment Institution like Statrys is built for the cross-border SME case that digital banks aren't designed to serve. We're not a bank; we don't offer deposit protection or savings interest. What we offer:

• Foreign-founder eligibility (no citizenship requirement)
• 11 supported currencies, including the ones digital banks miss
• FX fees starting from 0.1% based on real-time mid-market rates
• Single platform combining multi-currency account + company incorporation + accounting

Over 10,000 SMEs in Hong Kong and Singapore use Statrys to manage cross-border operations, with $7 billion+ in transfers processed. 96% of clients open their accounts within 3 business days.

That's the full landscape of Singapore's five digital banks. They're a strong fit if your situation matches their eligibility criteria, fast onboarding, low fees, and mobile-first convenience. The decision matrix at the top of this article is the fastest way to confirm whether one of the five is right for you.

If you're a foreign founder, a multi-currency business, or you need FX hedging, the answer is probably outside the digital bank lineup. Statrys is built for that case: a multi-currency business account from a MAS-licensed Major Payment Institution, with explicit support for foreign-founder SG companies, FX starting from 0.1%, and 11+ supported currencies.