5 best digital banks in Singapore [2026]: The complete guide to digital banking

Key takeaways

• Singapore’s five digital banks hold three MAS licence types: Digital Full Bank, Digital Wholesale Bank and Full Bank
• GXS Bank and MariBank hold DFB licences, ANEXT Bank and Green Link Digital Bank hold DWB licences, and Trust Bank holds a Full Bank licence
• ANEXT Bank and Green Link Digital Bank serve business customers only, while Trust Bank’s published products are for retail customers
• SDIC insures eligible Singapore dollar deposits up to S$100,000 per depositor per Scheme member, and foreign currency deposits are not insured
• The World Account by WorldFirst is a multi-currency business account from a payments provider, built for cross-border payments

Digital banks in Singapore run mainly through mobile apps and web platforms rather than branches. The Monetary Authority of Singapore (MAS) licenses them under different categories, and the category sets who each bank can serve.

MariBank takes both consumers and eligible businesses, ANEXT Bank and Green Link Digital Bank take business customers only. Trust Bank serves consumers under a Full Bank licence instead of a digital bank licence.

What is a digital bank?

A digital bank operates mainly through digital channels, such as a mobile app and website, instead of physical branches. In Singapore, the term covers banks that MAS licensed under its digital bank framework, along with banks that run through an app under other licence types.¹

Read more about virtual bank accounts in Singapore

Types of digital bank licences in Singapore

The five banks hold three types of MAS licence:

• A Digital Full Bank (DFB) licence permits deposit taking and banking services for retail and non-retail customers. GXS Bank and MariBank hold DFB licences.^1,2
• A Digital Wholesale Bank (DWB) licence permits deposit taking and banking services for SMEs and other non-retail customers. ANEXT Bank and Green Link Digital Bank hold DWB licences.^1,2
• A Full Bank licence is the general banking licence for established banks, and Trust Bank holds one instead of a digital bank licence.2 Trust Bank is included because it operates through an app for everyday consumer banking.

Are digital banks safe in Singapore?

Yes, digital banks are safe in Singapore. All five banks are licensed and regulated by MAS. Deposit protection comes from the SDIC (Singapore Deposit Insurance Corporation), which insures eligible deposits up to S$100,000 per depositor per Scheme member.³

Insured deposits are Singapore dollar deposits in savings, fixed deposit and current accounts. Foreign currency deposits, structured deposits and investment products are not insured.⁴

SDIC states that all full banks and finance companies in Singapore are Scheme members unless MAS has exempted them, and the member list is published on its website.⁵

5 best digital banks in Singapore

1. GXS Bank

GXS Bank is a Digital Full Bank associated with Grab and Singtel. It serves consumers and, through GXS Biz, eligible sole proprietors. The GXS Savings Account has a Main Account and named Saving Pockets for savings goals, and the GXS Debit Card carries no annual fee.^7,8

The GXS Biz Account is open to registered sole proprietorships whose proprietor is a Singapore citizen or permanent resident aged 18 or above. They should have a Singapore residential address and Singpass MyInfo.¹⁶

*Fees checked in October 2026

2. MariBank

MariBank is a Digital Full Bank and part of Sea Limited, the parent company of Shopee. Consumers can open the Mari Savings Account and apply for the Mari Credit Card and Mari Debit Card.¹⁰  The Mari Business Account covers local transfers, business payments and overseas remittances to 59+ destinations in 21 currencies.⁹

Eligible business types are sole proprietorships, private limited companies without corporate shareholders, partnerships without corporate partners and limited liability partnerships without corporate partners. Owners must meet stated citizenship, residency and Singpass requirements.²⁰

*Fees checked in October 2026

3. ANEXT Bank

ANEXT Bank is a Digital Wholesale Bank. It serves SMEs and other eligible business customers, including those with international payment needs.¹¹

The ANEXT Business Account covers local transfers, international transfers and multi-currency functions, and it can hold SGD, USD, CNH and EUR, while other currencies may be received and some are converted into USD.¹²  ANEXT Bank also offers business loans and fixed deposits, through CorpPass and MyInfo Business.^11,12

-> For a full breakdown of features and fees, read the ANEXT Bank business account review

*Fees checked in October 2026

4. Green Link Digital Bank

Green Link Digital Bank (GLDB) is a Digital Wholesale Bank founded by the Greenland Group and Linklogis consortium.²⁴  It serves business customers with digital business accounts, cash management, loans and working capital, payables financing, supply chain financing and receivables financing, plus API banking for platforms and marketplaces.¹³

*Fees checked in October 2026, based on the schedule effective 1 July 2025

5. Trust Bank

Trust Bank is backed by Standard Chartered and FairPrice Group and holds a Full Bank licence.¹⁴  It serves consumers through the Trust Savings Account, which includes Savings Pots, and through the Trust credit cards, a debit card, instant loans, split purchase and balance transfer. Trust Bank’s published products are for retail customers.

*Fees checked in October 2026

Compare SME bank accounts in Singapore

The World Account: A multi-currency account for Singapore businesses

Singapore businesses handling cross-border payments can hold a multi-currency account alongside their domestic SGD bank account to receive, hold and send funds in foreign currencies without converting to SGD on every transaction.

WorldFirst is an international payments provider offering the World Account, a multi-currency business account designed for this purpose.

• Hold funds across 20+ local currency accounts, including a USD account plus 14 other local currencies
• Send payments in 100+ currencies to 200+ countries and regions
• Receive payouts from 130+ marketplaces and payment gateways, including Amazon, Shopify, Stripe and Etsy
• Transfer funds instantly between World Account holders at zero cost
• Lock in exchange rates for future payments through forward contracts
• Spend with the World Card, a Mastercard-powered multi-currency card available as a virtual or physical card, with up to 25 multi-currency cards per business (including up to 10 physical cards)
• Pay in 15 supported currencies with no FX fees (with sufficient balance held in that currency), and up to 0.6% currency conversion for payments in other currencies

Pricing: Zero account opening fee, zero monthly fee and zero receiving fees, with currency conversion up to 0.6%

FAQs

1. What is digital banking?

Digital banking means using a bank through a mobile app or website instead of branches. Singapore’s digital banks include two Digital Full Banks, GXS Bank and MariBank, and two Digital Wholesale Banks, ANEXT Bank and Green Link Digital Bank, while Trust Bank operates through an app under a Full Bank licence.

2. What is the best digital bank in Singapore?

The five banks serve different customers, so the comparison above sets out how they differ on licence type, eligibility, features and fees. Consumers can apply to GXS Bank, MariBank and Trust Bank, eligible sole proprietors to GXS Biz, eligible business structures to the Mari Business Account, and business customers to ANEXT Bank and Green Link Digital Bank.

3. Can I open a digital business bank account in Singapore?

Yes, you can open a digital business bank account in Singapore, subject to each bank’s eligibility. GXS Biz is open to eligible sole proprietors, the Mari Business Account to eligible business structures, and ANEXT Bank and Green Link Digital Bank to business customers, while Trust Bank’s published products are for retail customers.

Sources

1. https://www.mas.gov.sg/regulation/banking/digital-bank-licence
2. https://eservices.mas.gov.sg/fid/
3. https://www.sdic.org.sg/
4. https://www.sdic.org.sg/di_scope_of_coverage/
5. https://www.sdic.org.sg/di_scheme_members/
6. https://www.business.gxs.com.sg/biz-account
7. https://www.gxs.com.sg/savings-account
8. https://www.gxs.com.sg/debit-card
9. https://www.maribank.sg/product/mari-business-account
10. https://www.maribank.sg/product/mari-credit-card
11. https://anext.com.sg/bank/business-account/
12. https://anext.com.sg/bank/faqs/business-account/
13. https://www.glbank.com/
14. https://trustbank.sg/who-we-are/
15. https://trustbank.sg/credit-card/
16. https://www.business.gxs.com.sg/biz-account-terms
17. https://help.gxs.com.sg/GXS_Debit_Card/Fees_and_Charges_of_GXS_Debit_Card/Are_there_fees_for_the_GXS_Debit_Card%3F
18. https://www.maribank.sg/fees-rates
19. https://www.maribank.sg/product/mari-business-account/business-remittance
20. https://www.maribank.sg/help-centre/article/10503-who-can-apply-for-a-mari-business-account
21. https://www.maribank.sg/help-centre/article/10510-what-are-the-fees-and-charges-involved-in-opening-and-maintaining-the-mari-business-account
22. https://anext.com.sg/bank/
23. https://bkwordpress-public.anext.com.sg/faqs/overseas-transfers/?category=sending-money&slug=11023
24. https://www.glbank.com/about
25. https://www.glbank.com/data/tosend/resource/upload/GLDB-Fees-and-Charges.pdf
26. https://trustbank.sg/savings-account/
27. https://trustbank.sg/legal/key-facts-sheet-and-product-terms-savings-account/
28. https://trustbank.sg/legal/key-facts-sheet-credit-card/

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.