Top 10 Digital Banks in Singapore 2024

Determining the best bank depends on individual needs. 

• For high savings interest, Trust Bank offers up to 3.5% p.a. 
• For SMEs, ANEXT Bank and Aspire provide multi-currency accounts and business loans. 
• GXS Bank and YouTrip cater to students and gig workers with savings perks and no foreign fees. 
• Revolut and Wise are ideal for comprehensive financial services and multi-currency accounts.

More Details

1. GXS Bank

GXS Bank, a pioneering collaboration between Singtel and Grab, stands out in Singapore’s digital banking landscape by offering tailored solutions for retail and corporate clients. Since its inception, GXS has focused on providing competitive interest rates and fee-free banking, making it an attractive option for gig economy workers and students.

Key Features

• Savings Pockets: Mini fixed deposits with up to 2.68% p.a. interest accrued daily.
• Main Account Interest: Earn 2.38% p.a. interest on your main account.
• Unlimited Instant Rewards: Unlock rewards on eligible transactions with no limits.
• No Foreign Transaction Fees: Enjoy fee-free foreign currency spending with no exchange rate markups.

Pros and Cons

Pros:

• High interest rates on savings.
• No banking fees or foreign transaction charges.
• Unlimited rewards on debit card spending.

Cons:

• Limited to specific customer segments (gig workers and students).
• Savings Pockets require a minimum balance of S$500 to earn higher interest rates.

2. MariBank

MariBank, owned by Sea Limited, has made a significant mark in Singapore’s digital banking scene by offering user-friendly and high-interest savings and investment options. Known for its no-frills approach, MariBank caters to individuals looking for straightforward financial solutions without the complexity of traditional banking.

Key Features

• Mari Savings Account: Earn a promotional interest rate of 2.88% p.a. with no minimum deposit, no salary crediting, or spending requirements.
• Mari Invest: Designed for low-risk investments, offering returns up to 3.87% p.a., with no fees and a minimum investment of just S$1.
• No Fees: No charges for opening or maintaining accounts.
• Transaction Support: Compatible with Shopee transactions, PayNow QR codes, and fund transfers.
• Security: Funds in Mari Invest are held separately in a custodian account, providing safeguards in case of bank liquidation.

Pros and Cons

Pros:

• High interest rates on savings and investments.
• No minimum deposit, spending requirements, or fees.
• Flexible investment options starting from S$1.

Cons:

• Investment funds are not insured.
• Limited to digital transactions and may not suit those preferring in-person banking services.

3. Trust Bank

Trust Bank, backed by Standard Chartered Bank and FairPrice Group, is designed to blend traditional banking reliability with digital convenience. Known for its user-friendly interface, Trust Bank offers competitive interest rates and a range of customer-centric features, making it a popular choice among Singaporeans.

Key Features

• Savings Account: Earn up to 3.5% p.a. interest on deposits up to S$500,000.
• Credit Card: Enjoy up to 21% savings at FairPrice Group and up to 22.78% savings at Caltex.
• Instant Loan: Apply for personal loans with low rates from 2.79% p.a. (EIR 5.27% p.a.) and no processing fees, approved within 60 seconds.
• Insurance: Access a range of insurance products via the Trust App.
• No Hidden Fees: Transparent fee structure with no hidden charges.
• Super Shiok Exchange Rates: Competitive foreign exchange rates with no transaction fees.
• Security: Bank with the latest encryption technology and multi-factor authentication for enhanced security.

Pros and Cons

Pros:

• High interest rates on savings.
• Significant savings on groceries and fuel with the Trust credit card.
• Instant loan approval with competitive rates.
• No hidden fees and transparent charges.

Cons:

• Interest rates may vary depending on the balance and account activity.
• Some advanced features may require familiarity with digital banking platforms.

4. ANEXT Bank

ANEXT Bank, launched by Ant Financial, is dedicated to serving SMEs in Singapore with a range of digital financial solutions. Known for its dual-currency capabilities and competitive interest rates, ANEXT Bank tailors its services to meet the specific needs of small and medium-sized enterprises.

Key Features

• Dual-Currency Capabilities: Manage and grow both SGD and USD business funds.
• Competitive Interest Rates: Attractive rates for placements ranging from 1 month to 36 months.
• No Long Lock-In Periods: Flexible tenure options for business funds.
• Effortless Rewards: Instant placements, automatic renewals, and no renewal fees.
• Collateral-Free Business Loans: Loans up to S$300,000 with no collateral required.
• Flexible Repayment Options: Choose between traditional installment plans or “pay per use” plans.
• Business Account: Centralized account for depositing funds and making transactions.

Pros and Cons

Pros:

• Tailored specifically for SMEs with business-centric features.
• Competitive interest rates with flexible placement tenures.
• No collateral required for business loans.
• Dual-currency capabilities for managing SGD and USD funds.
• Convenient and effortless financial management with instant placements and automatic renewals.

Cons:

• Primarily focused on SMEs, which may not cater to individual retail customers.
• Requires familiarity with digital banking platforms and business finance management.

5. Green Link Digital Bank (GLDB)

Green Link Digital Bank (GLDB) focuses on supporting MSMEs and technology enterprises, offering a range of banking services aimed at fostering growth for small and medium-sized businesses. By breaking away from traditional revenue-based client segmentation, GLDB addresses diverse business needs with flexible loan options and innovative financing solutions.

• Micro overdrafts between S$10K – S$150K
• Overdrafts with a minimum of 200K
• Micro term loans between S$10K – S$300K
• Term loans with a minimum of S$300K

Key Features

• Payables and Receivables Financing: Advance up to 100% of invoice value for payables financing and up to 90% for receivables financing, supporting both USD and SGD drawdowns.
• No Revenue-Based Classifications: Provides loans based on business needs rather than rigid revenue thresholds.
• Supply Chain Financing: Supports businesses in managing cash flow by financing outstanding invoices and extending payment terms with suppliers.

Pros and Cons

Pros:

• Flexible loan amounts and terms tailored to specific business needs.
• Supports both USD and SGD for financing options.
• Focuses on MSMEs and technology enterprises, offering specialized services.
• Innovative financing solutions like payables and receivables financing.

Cons:

• Primarily targets business clients, which may not cater to individual retail customers.
• Loan approval and drawdown are subject to GLDB’s internal credit assessment and approval.

6. Wise Multicurrency Account

Previously known as Transferwise, Wise is a digital bank account founded in January 2011. It helps you handle your finances in multiple countries and currencies. Wise offers a seamless and cost-effective way to handle international transactions.

Key Features

• Variable Rate Return: Earn up to 3.79% variable rate return on your SGD balance.
• Multiple language support: Expect the best customer support and financial services in over fifty languages.
• Affordable foreign transfers: Send money to at least a hundred countries with a transfer rate that’s seven times cheaper than that of brick-and-mortar banks.
• Use your card in over 100 countries: The digital banking application changes the money into the local currency using the actual exchange rate.
• Multiple currencies in your account: The digital banking application enables you to offer simple credit and hold and convert over 70 currencies in your account.
• Make convenient transactions in Singapore and abroad: Spend your money locally and internationally with ease and style using Google Pay and Apple Pay.

Pros and Cons

Pros:

• Competitive exchange rates and low fees for international transfers.
• Ability to hold and manage multiple currencies in one account.
• Potential to earn interest on balances with a variable rate return.
• Strong security measures, including 2-factor authentication and funds held with reputable institutions.

Cons:

• Variable rate returns mean growth is not guaranteed and capital is at risk.
• Primarily designed for international transactions, which may not suit users with purely domestic financial needs.

7. BigPay

BigPay is a Singapore-based digital wholesale bank that focuses on global transactions, expense management, and exclusive AirAsia privileges. It combines the functionalities of an e-wallet, challenger bank, and budgeting tool, empowering users to manage their money efficiently through a single app and prepaid card. It includes a physical Visa card and an e-wallet application, enabling you to spend all over the world at minimal charges.

Key Features

• Multi-Function App: Spend, send, receive, and track money with one app and one card.
• No Fees: No registration, annual, or hidden fees.
• Instant Card Protection: Freeze and unfreeze your card instantly through the app for enhanced security.
• Integrated Expense Manager: The platform allows you to keep an eye on your spending using analytics since transactions will be grouped by country, type of transaction, by merchant and other non-retail segments.
• AirAsia Privileges: You get to enjoy some delicious perks like exclusive access to AirAsia sales and a processing charge waiver when you buy AirAsia flights. 
• Global ATM Withdrawals: You can withdraw up to S$2,500 daily from all overseas Cirrus ATMs, Visa, or Maestro.

Pros and Cons

Pros:

• No fees, making it a cost-effective financial solution.
• Comprehensive money management features in one app.
• Enhanced security with instant card freeze/unfreeze options.
• Exclusive privileges for AirAsia users.

Cons:

• Only users who frequently travel with AirAsia can enjoy the full benefits.
• May not offer as extensive banking features as traditional banks.

8. YouTrip

YouTrip is Singapore’s first multi-currency wallet and designed for students and young depositors. It was established in 2018 and resulted from a collaboration between You Technologies Group, EZ-link, and Mastercard. With its integration of EZ-Link cards and zero foreign transaction fees, YouTrip offers a convenient and cost-effective solution for managing multiple currencies while traveling and shopping internationally.

Key Features

• You Can Also Utilize It As An Ez-Link Card: You can use the card for public transport in Singapore and at least twenty other cities, including New York and Kuala Lumpur.
• Free To Use: Customers don’t need any minimum balance or card fees to maintain it.
• Monthly Rewards: Get different rewards every month whenever you use your YouTrip card.
• You Can Hold Up To Ten Various Currencies In It: You can make an exchange between these currencies and monitor their exchange rates in YouTrip.
• One-Click Lock System: Instantly lock and secure your card with a single tap if misplaced.
• 24/7 Monitoring: Dedicated fraud and security teams ensure your money is safe.
• Merchant Perks: Enjoy special deals and perks from select merchants, including Shopee, Lazada, foodpanda, and more.

Pros and Cons

Pros:

• No foreign transaction fees and hidden charges.
• Convenient multi-currency management for travelers.
• Integration with EZ-Link for seamless transportation payments.
• Enhanced security features with instant card lock and 24/7 monitoring.
• Instant payment alerts to track spending.

Cons:

• Limited to users who frequently travel or make international transactions.
• May not offer extensive banking features compared to traditional banks.

9. Revolut

Revolute is a user-friendly digital banking application offering an extensive range of services, including currency exchange, debit cards, stock trading, and cryptocurrency trading. It was founded in 2015 and enables you to spend cash worldwide at a minimum charge. It has three tiers; Standard, Premium account, and Metal, with Standard being the lowest.

Key Features

• Instant Balance Top-Up: Reload money from your bank account to your Revolut account quickly.
• Make International Payments: Transfer cash to over 100 nations at the interbank exchange rate.
• Request Payments Or Pay Friends: Request payments or offer simple credit to your buddies with the tap of your screen.
• Rewards: Enjoy discounts and customized cashback when you spend at the bank’s partner merchants, e.g., Zalora and Amazon.
• 24/7 Customer Service: Interact with friendly and experienced human customer care agents on the application no matter the day or time.
• Stock and Cryptocurrency Trading: Trade stocks and cryptocurrencies directly from the app.
• Advanced Security: Advanced fraud protection, rigorous security features, and 24/7 in-app customer support.

Pros and Cons

Pros:

• Comprehensive financial services in one app, including currency exchange and trading.
• Multi-currency support for international spending and saving.
• Strong security features and 24/7 customer support.
• Flexible account plans to suit different needs and budgets.

Cons:

• Monthly fees for Premium and Metal plans.
• Some advanced features may be complex for new users to navigate.

10. Aspire

Established in 2018 by Giovanni Casinelli (CTO) and Andrea Baronchelli (CEO), Aspire is a bank based in Singapore. It is one of the new entrants that strives to offer quality banking services to SMEs with its technology-led financial tools.

With multi-currency accounts and low transfer charges, Aspire has become a popular choice for startups and established companies looking to manage their finances efficiently.

Key Features

• No Minimum Deposit: It doesn’t require you to place a minimum amount of cash in it for you to open an account with it or maintain deposit accounts.
• No Monthly Charges: It’s one of the new digital banks that doesn’t have a deposit cap and charge you to keep your money in it every month.
• Fast Mobile Payments Locally And Internationally: It’s one of the convenient virtual banks that enable you to send money home and away in minutes!
• Low Transfer Charges: Enjoy transparent and low-cost FX, up to 3x cheaper than traditional banks.
• Unlimited Cashback: Earn 1% cashback from select merchants, combined with FX gains from multi-currency corporate card spend.
• Enhanced Security: Funds safeguarded with Tier-1 banks, highest digital security encryption, and stringent access protocols.

Pros and Cons

Pros:

• Comprehensive financial management for businesses of all sizes.
• Fast and remote account opening process.
• Transparent and low-cost international transfers.
• Earn cashback on corporate card spend.
• Robust security measures and safeguarding of funds.

Cons:

• Primarily designed for business clients, which may not cater to individual retail customers.
• Some advanced features may require familiarity with business finance management tools.

Summary

Read Also: GXS vs Trust Bank: Which is Better? 

FAQs

1. Who are the four digital banks in Singapore?

The four digital banks in Singapore are GXS Bank, MariBank, ANEXT Bank, and Green Link Digital Bank. These banks were awarded licenses by the Monetary Authority of Singapore (MAS) to provide innovative banking services and cater to specific market segments, such as retail customers, SMEs, and technology enterprises.

2. Which is the best digital bank?

The best digital bank depends on individual needs and preferences. For example, GXS Bank is excellent for gig economy workers and students, while Trust Bank offers significant savings and rewards for everyday spending. MariBank is ideal for straightforward financial solutions with high-interest rates, and ANEXT Bank caters specifically to SMEs with dual-currency capabilities and flexible loans.

3. Who owns MariBank in Singapore?

MariBank is owned by Sea Limited, a prominent digital entertainment, e-commerce, and financial services company in Southeast Asia. Sea Limited has leveraged its expertise to provide user-friendly and high-interest savings and investment options through MariBank.

4. Does DBS have a digital bank?

DBS, a leading financial services group in Asia, does not have a standalone digital bank. However, it offers comprehensive digital banking services through its primary banking platform. DBS has heavily invested in digital innovation to provide seamless online banking experiences to its customers.

Final Word

With the options that abound, finding the digital bank for you can be overwhelming. However, you’re bound to find something that suits your needs by looking at the services and benefits that they offer.

Key Takeaways

• Digital banks like GXS Bank and MariBank offer high-interest savings, no fees, and instant rewards tailored to modern lifestyles.
• Despite economic challenges, digital banks are set for significant growth in 2024, addressing the needs of various segments with innovative services.
• Digital banks provide convenience and cost-effectiveness through AI-driven advice, zero transaction fees, and robust security, making them a strong alternative to traditional banks.

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