All 5 Digital Banks in Singapore (2025): Top Features & Benefits

Digital banks are redefining the way people manage money in Singapore—with speed, simplicity, and mobile-first design at the core. With 5 digital banks now licensed by the Monetary Authority of Singapore (MAS), SMEs, entrepreneurs, and individuals have more flexible, mobile-first options to manage both personal and business finances.

In this guide, you’ll get a clear overview of the top players shaping digital banking in Singapore. We’ll highlight their key benefit, who they’re best suited for, and how they compare, so you can find the right fit for your needs.

Let’s look at what each digital bank brings to the table.

As of April 2025, there are five licensed digital banks in Singapore. The Monetary Authority of Singapore (MAS) is currently not granting new licences.

Singapore’s digital banks are typically backed by major enterprises, bringing strong financial and technological capabilities to the market. These banks provide personal and business financial services exclusively through digital channels, typically via mobile apps, unlike traditional banks that operate physical branches. 

Digital Banking Licences in Singapore

MAS offers two types of banking licences for digital-only banks in Singapore: the Digital Full Bank licence (GXS Bank and MariBank) and the Digital Wholesale Bank licence (ANEXT Bank and Green Link Digital Bank). The key difference is that Digital Full Banks (DFBs) can provide services to both business and retail customers, while Digital Wholesale Banks (DWBs) are restricted to serving only SMEs and corporate clients.

All digital banks in Singapore operate under one of these two licences. However, Trust Bank, while operating entirely online, holds a full bank licence rather than a digital-specific one.

GXS Bank is backed by two brands that are part of daily life for many people in Singapore and Southeast Asia: Grab and Singtel.

In terms of products, it’s quite straightforward. The bank focuses on optimising personal banking experiences, so you’ll find options like personal accounts and business accounts for ACRA-registered sole proprietors. It also offers the FlexiCard, a credit card with no minimum income requirement and no foreign transaction fees, which is a nice touch if you shop online or travel often.

• For Savings Account: You must be a Singapore Citizen, a Singapore Permanent Resident, or hold a valid visa such as a Dependant’s Pass (DP) or Employment Pass (EP), and be above 16 years of age.
• For Biz Account: You must be at least 18 years old, be a Singapore Citizen or Permanent Resident, and have an active ACRA-registered sole proprietorship business.

Both personal and business applicants must have proof of 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 global consumer internet company. Licensed as a digital full bank, MariBank offers online banking services for both personal and business customers and safeguards deposits of up to SGD 100,000 per depositor under the Deposit Insurance Scheme.

While MariBank also provides an innovative numberless credit card with access to instant loans and cashback rewards like Shopee Coins and mobile wallet support through Apple Pay, its standout offering is the overseas transfer service. Users can benefit from competitive FX rates and broad regional coverage, which is particularly useful for those sending money to countries in Southeast Asia, China, and India.

The bank was awarded New Virtual Bank of the Year (Singapore) at the Asian Banking and Finance Retail Banking Awards 2024.

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.

ANEXT Bank is licensed as a digital wholesale bank, with products built specifically for SMEs, including startups and growing businesses in Singapore. It’s a wholly owned subsidiary of Ant International, an affiliate of Alibaba Group,  which speaks to the strength of its reliable tech infrastructure.

Overall, ANEXT Bank is a practical choice for businesses looking for flexible financial tools. It offers multi-currency business accounts, lending options, and API integrations that support day-to-day operations and digital business models.

The ANEXT Business Account is available to sole proprietorships, limited liability partnerships, limited partnerships, partnerships, and private limited companies. 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.

Applications are typically approved on the same day, but processing can take up to 14 business days, depending on your business entity type and whether additional information is required.

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. 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 products include cash management and lending options, including overdrafts and term loans. While it’s a strong choice overall for trade and supply chain financing, the fixed deposit account stands out as its most practical offering. 

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

Lastly, Trust Bank is another digital bank worth mentioning, although it technically holds a full bank licence. The back operates entirely online and was launched in 2022 as a joint venture between Standard Chartered and FairPrice Group, a well-known retail brand in Singapore.

Trust Bank offers a range of products geared toward everyday spending, including savings accounts, cashback credit cards, personal loans, buy-now-pay-later options, and insurance products.

The bank also won the 2024 Global Retail Banking Innovation Awards for Best Mobile Banking App and Best Digital Bank - Singapore.

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

Now that we’ve gone over the current digital banks in Singapore, you might already have a rough idea of which one could suit you based on their key features. However, to choose the one that truly fits your needs, it’s worth taking a closer look. Here’s how to decide, depending on whether you’re banking as an individual or as a business.

If you’re opening a digital bank account for personal use, consider the following:

• Ease of Use: A user-friendly mobile app, fast account setup, and good customer support can make a big difference. 
• International Use: If you travel or shop online often, check for low or no foreign transaction fees and support for overseas transfers.
• Savings Interest Rates: Compare how much interest you earn on your account balance and how often it's credited (daily, monthly, etc.).
• Daily Spending Rewards: Look for cashback credit cards, rewards programmes (such as Linkpoints), or interest on your everyday spending. Consider whether the bank offers rewards tied to services you use often, like Grab, Shopee, or FairPrice, to maximise the value you get from daily transactions.

If you're a business owner, especially an SME, focus on these:

• Multi-Currency Support: This is useful if you invoice or pay in different currencies. Check which currencies are supported and what FX rates apply. 
• Overseas Transfers: Look for free or low-cost international payments, especially if you deal with suppliers or clients abroad.
• Financial Tools: Some banks offer fixed deposits, working capital financing, or API integrations to automate payment flows.
• Account Flexibility: Consider whether there are minimum balance requirements, account fees, or transaction limits.

Opening an account with a digital bank in Singapore is usually quick and entirely online, as these banks don’t have physical branches. 

Here’s how it typically works:

• Step 1 - Download the app: Find the bank’s app on the App Store or Google Play, or download it via a QR code or link on the bank’s website.
• Step 2 - Verify your identity: Use Singpass (for individuals) or Corppass (for businesses) to pre-fill your details. You may also be asked to scan your ID and take a selfie or short video for identity verification.
• Step 3 - Submit required details: Provide basic information such as your address, contact number, and (for businesses) ACRA registration and shareholder details.
• Step 4 - Wait for approval: Approval is often instant or same-day. Business accounts may take longer, depending on the entity type and whether further checks are needed.
• Step 5 - Start banking: Once approved, you can start using your account, make transfers, and access any other services offered through the app.

Digital banks typically charge no fees to open or maintain an account, and most have no minimum balance requirements. 

Digital banks are becoming an important part of the banking ecosystem in Singapore. They offer hassle-free and accessible banking services through mobile apps while also keeping costs low because of their digital-first operations. 

Some banks, like GXS Bank and Trust Bank, are backed by major companies and already offer valuable promotions and features tied to everyday services like Grab and FairPrice, making them attractive for personal use. In fact, a 2024 survey by FIS found that 43% of Singaporean consumers are likely to try a digital bank.

For businesses, digital banks such as MariBank, ANEXT Bank, and Green Link Digital Bank focus on financial inclusion for SMEs, making business banking more accessible with features like multi-currency accounts, fixed deposits, and financing tools.

Looking ahead, digital banks in Singapore are expected to evolve even further. Insights from FinTech LIVE Singapore suggest that the future will include greater use of AI and automation, improved data management, real-time 24/7 banking, and enhanced multi-layered security. There’s also growing potential for collaboration between digital banks and fintech provider companies, which open the door to expanded services, better customer experiences, and greater financial inclusion.

That wraps up our look at the full list of Singapore’s five digital banks! With lower fees, fast onboarding, and mobile-first convenience, they’re a solid option, especially for businesses just getting started.

If you’re looking for a multi-currency business account to support global operations, especially across Asia and Europe, Statrys is your option. It’s not a bank but a licensed Money Service Operator in Hong Kong that brings everything together on one platform — from business accounts to company setup in Singapore and Hong Kong, plus accounting and bookkeeping services.

Here’s a quick look at what the Statrys Business Account includes.