As digital banking evolves, many businesses are turning to fintech solutions instead of traditional banks. But are digital-only business accounts reliable and compliant in Singapore?
What Are Fintech Business Accounts?
These are online-only platforms offering borderless business banking—often faster, cheaper, and more intuitive than legacy banks.
Advantages
- Low or zero monthly fees
- Transparent FX rates
- Fast onboarding
- API integration and automation
Limitations
- No physical branches
- May not support cheques or cash deposits
- Limited credit products (loans, overdraft)
Popular Options
- Wise Business: Best for freelancers and international transfers
- Airwallex: Multi-user management, FX tools, cards
- Aspire: Singapore-based, MAS-licensed
FAQ:
Q1: Are digital accounts accepted by Singapore regulators?
A: Yes—many are licensed by MAS or operate under trusted partners.
Q2: Can I use them for payroll and GST?
A: Yes, but verify with your accountant or corporate secretary.
User Comments:
“Airwallex is perfect for our small team—intuitive and cost-effective.” — Bryan C.
“I still use DBS for big clients, but Wise handles our global payments.” — Daisy L.
Editor’s Note:
Fintech accounts offer speed and savings, but may not yet replace traditional banks for complex business needs.
Tags: fintech-banking, digital-business-account, neo-banks, online-banking-singapore
About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
Read more articles