The digital banking landscape in Singapore has undergone a rapid transformation, with four players gaining approval from the Monetary Authority of Singapore (MAS). These digital banks are revolutionising how financial services are delivered to consumers and businesses alike, leveraging technology for convenience, innovation, and accessibility.
In this article, we’ll explore the offerings of these players, highlighting their key features and what makes them unique.
Last Updated: 11 February 2025
What Are Digital Banks?
Digital banks are financial institutions that operate exclusively through digital platforms such as mobile apps and websites. They do not have traditional physical branches, which allows them to offer faster, more streamlined services with lower overhead costs.
Digital banks offer almost a full spectrum of financial products, including savings accounts, loans, and payment solutions, all delivered through technology.
Consumer demand for more convenient, cost-effective banking solutions has driven this shift towards digital banking. Why? The appeal of digital banks lies in their ability to offer seamless, accessible, and customer-centric services, often with innovative tools like AI-driven assistance, 24/7 customer service, and advanced security features.
MAS’ Role in Licensing Digital Banks in Singapore
The Monetary Authority of Singapore (MAS) is the regulatory body responsible for overseeing the country’s financial institutions. As part of its vision to foster innovation while maintaining a stable financial ecosystem, MAS introduced digital banking licences in 2020. These licences fall under two main categories:
Digital Full Bank Licence: Allows digital banks to offer a wide array of banking services to both consumers and businesses, including deposits, loans, and investment products.
Digital Wholesale Bank Licence: Geared towards businesses, providing services such as deposits, trade financing and corporate loans.
How Many Digital Banks Are There in Singapore?
Singapore has five digital banks in total.
As of the time of writing, MAS is not granting new digital banking licenses. This means that these four players — GXS Bank Pte Ltd, Maribank Singapore Private Limited, ANEXT Bank Pte Ltd, and Green Link Digital Bank Pte Ltd — are the only authorised digital banks in Singapore.
Interestingly, although Trust Bank has a full bank licence, it operates as a digitally native bank and is thus considered a digital bank in Singapore too. This is because Standard Chartered had secured an additional full bank license to develop a subsidiary that operated on new or alternative business models, like a digital bank.
This additional license was awarded to Standard Chartered Singapore when the bank itself was awarded the Significantly Rooted Foreign Bank privilege in August 2020 by MAS, according to Yahoo Finance.
List of Digital Banks in Singapore 2025
Here is a detailed breakdown of the five digital banks in Singapore:
GXS Bank
Backed by Grab Holdings Inc., and Singtel, GXS Bank aims to provide its customers with financial products that help them save and earn at a lower cost. Currently, GXS Bank offers Singaporeans a savings account, two card types, a flexible loan and a balance transfer solution. The digital bank also started offering business banking solutions early this year, which is currently open to sole proprietors.
GXS Bank, the Best Digital Bank for Freelancers and Small Businesses
GXS Bank focuses on the underserved segments, offering tailored banking solutions. In a recent article on CNA, a spokesperson from the bank mentioned that GXS noted that at least one out of two sole proprietorships in Singapore has a relationship with Grab or Singtel at the very least.
GXS Bank is able to leverage data derived from within its ecosystem to power its credit assessment model, which is particularly useful for fresh or small businesses without a credit history. The bank offers a daily interest business account at 2.68% per annum for a limited time* and a FlexiLoan Biz solution at an EIR of 9.32% per annum. No fees apply at the time of writing
Individual account holders also can save and lend in smaller amount. The GXS FlexiCard, for instance, is a no-interest credit card with unlimited instant rewards, and has no minimum income requirements*, according to the bank’s website.
MariBank
MariBank is a fully owned subsidiary of Sea Limited. Its personal banking solutions consists of a savings account, credit card, personal loan and investment offerings. MariBank also offers business banking solutions, including a business banking account, credit line facility as well as term loan financing.
MariBank, the Best Digital Bank for Shopee Retail Consumers and SMEs
MariBank offers a balanced selection of products for individuals and businesses alike. For individuals, its digital bank account requires no minimum deposit or minimum spending, and provides 2.5% of daily interest, calculated on the bank balance from the previous day. The digital bank account also makes it easy to pay on Shopee while reaping rewards too.
Individuals can also invest from as little as a dollar, with no transaction fees involved. As for business account holders, MariBank’s business account doesn’t charge fall-below fees, account fees and local transfer fees. For Shopee sellers, they can enjoy free daily Seller Balance withdrawals, an upgrade from the standard benefit of one free Shopee withdrawal per week.
ANEXT Bank
ANEXT Bank, a subsidiary of Ant International, focusing on simplifying financial services for SMEs. ANEXT business offerings include a business account, fixed deposit and business loan. ANEXT Bank also runs its own API programme for SMEs, ANEXT Programme for Industry Specialists (APIs).
ANEXT Bank, the Best Digital Bank for MSMEs
ANEXT Bank claims to be the “Singapore’s first digital bank for SMEs”, and allows businesses to open an account with no setup or annual fees nor minimum balance maintenances. Its multi-currency business account is capable of holding funds in four currencies: EUR, SGD, USD and CNH.
ANEXT also offers collateral free financing for up to S$30,000 (no documents) or otherwise up to S$500,000, with options to pay based on your usage (Pay-Per-Use) or monthly repayments (Pay Monthly). Business fixed deposits are also a solution offered, with tenures of up to 36 months. Fixed deposit currencies include EUR (minimum EUR5,000), SGD (minimum S$250,000) and USD (minimum US$5,000).
Green Link Digital Bank
Green Link Digital Bank or Greenland Group-Linklogis Consortium consists of Greenland Group, a Chinese developer and state-owned enterprise, and Linklogis, a Hong Kong-listed supply chain financing platform, The Straits Times reports.
GLDB Bank, the Best Digital Bank for Trade and Supply Chain Financing
One unique standout factor GLDB Bank has is its payables financing, receivables financing and receivables purchase financing solutions.
Under payables financing, GLDB Bank offers up to 100% of revolving financing for a business’ purchase invoices, at a financing tenor for up to 180 days. Drawdowns for payables financing is available in USD and SGD. Next, GLDB Bank also offers up to 90% financing for sales invoices, also for up to 180 days and in both USD and SGD.
Finally, GLDB’s supply chain financing helps businesses to gain funding for up to 100% of an invoice’s value, at a tenor of up to 180 days. Interested only needs to be paid on usage, i.e. when you encash invoices.
Trust Bank
Trust Bank is another authorised digital bank that operates under different regulatory frameworks. Although licensed as a full bank by the Monetary Authority of Singapore, it operates as fully digital bank. It is made up of a partnership between FairPrice Group and Standard Chartered. Products and services offered include cashback and Link credit cards, savings account, insurance, instant loan, balance transfer and TrustInvest.
Trust Bank, the Best Digital Bank for Everyday Banking
Trust Bank appeals well to the Singapore’s population, with over 10% of its customers falling under the age of over 65 years. The extensive FairPrice Group customer base helped Trust Bank get a foothold into the senior market, CNA reports.
What makes this digital bank work? For starters, it credit card charges no annual fee, as well as no foreign transaction fees (inclusive of 1% Visa charges), no cash advance fee and no card replacement fee too. Next, its Trust+ provides customers in this segment VIP in-app customer service support, extra privileges and soon, a metal card. A S$100,000 monthly average balance is required to qualify for this service.
Other interesting features Trust Bank offers includes Smart switch, where a customer can opt to pay via debit or credit on the same card, all by selecting to change on their Trust app.
How to Choose the Best Digital Bank in Singapore
Choosing the best digital bank depends on your individual or business needs. Here are key factors to consider:
Type of Services Offered
Are you looking for personal finance products such as savings and loans, or do you need business banking and trade financing? Choose a bank that offers the services you need.
Fees and Charges
Check the fee structure of each bank. Some digital banks offer low or no fees for basic services, while others may have charges for certain transactions.
Technology
Evaluate the bank’s mobile app or digital platform. Is it user-friendly? Does it provide the features you need to manage your finances effectively?
Customer Support
Look for a bank with accessible and efficient customer support, whether through AI-powered chatbots, email, or phone support.
Reputation
Check reviews and customer feedback online to gauge the reliability and satisfaction level of existing users.
Comparing the Five Digital Banks in Singapore
The table below breaks down the key offerings, licensing type and more for each digital bank.
| Feature | GXS Bank | MariBank | ANEXT Bank | GLDB | Trust Bank |
|---|---|---|---|---|---|
| Ownership | Grab & Singtel | Sea Group | Ant Group | Greenland Group & Linklogis | FairPrice & Standard Chartered |
| License Type | Digital Full Bank | Digital Full Bank | Digital Wholesale Bank | Digital Wholesale Bank | Full Bank |
| Target Customer Segment | Individuals & businesses | Individuals & SMEs | Startups &SMEs | MSMEs, SMEs & Corporate | Individuals & NTUC union members |
| Solutions and Services (Individuals) | Savings account, debit card, FlexiCard (credit card), FlexiLoan, balance transfer | Savings, investment, credit card, loan (converts credit card portion to available credit limit, invite-only) | Not available | Not available | savings account, credit cards, split purchase, instant loan, balance transfer, travel insurance, TrustInvest |
| Solutions and Services (Businesses | GXS Biz Account, GXS FlexiLoan Biz (credit line) | Business account, credit line, term loan | Business account, business loan, fixed deposit | current account, multi-currency account, fixed deposit account, overdraft, term loans, payables financing, receivables financing, receivables purchase financing | Not available |
Source: Respective banks as of 10 February 2025
Future Trends for Digital Banking in Singapore
Digital banking in Singapore continues to evolve, with the future holding exciting prospects. Expect more advanced AI tools that personalise banking services based on user preferences, making financial management more efficient and user-friendly.
For example, Trust Bank introduced Savings Pots, with no lock-in period and instant withdrawals plus gamified features to help customers save better. ANEXT Bank, on the other hand, recently started offering investment funds for MSMEs, after partnering with Schroders.
Keep in mind that MAS is not granting new digital banking licences for now, so these are the main institutions leading the charge in transforming Singapore’s financial landscape.
FAQs
Are digital banks in Singapore safe?
Yes, all digital banks in Singapore are licensed and regulated by the Monetary Authority of Singapore (MAS). They must adhere to strict security and compliance standards.
Can I open multiple digital bank accounts in Singapore?
Yes, many users open multiple digital bank accounts to take advantage of different features, such as high-interest savings, cashback rewards, or SME financing tools. There are no restrictions on having accounts with multiple digital banks.
Do digital banks offer physical branches for customer support?
No, digital banks operate entirely online and do not have physical branches. However, they provide customer support through live chat, in-app messaging, email, and sometimes dedicated hotlines for business users or NTUC members (for Trust Bank).
Which digital bank is best for SMEs?
ANEXT Bank stands out as a strong contender. Holding a digital wholesale bank license, ANEXT is specifically designed to serve the needs of SMEs and corporate accounts. They offer a range of flexible business loan products, including revolving credit lines and term loans, along with a multi-currency business account boasting no setup fees, annual fees, or minimum balance requirements.
*terms and conditions apply and may be subject to change
