Fast onboarding is not magic; it is preparation. Digital banks automate many checks but still require evidence of ownership, activity, and purpose. Here’s how to craft an application that sails through.
1. Build your one-pager (banks love it)
Include: (1) what you sell, (2) who your customers are, (3) countries you serve, (4) expected monthly inflow/outflow by currency, (5) top 5 counterparties, (6) why a Singapore account is operationally necessary.
2. Application checklist (copy/paste into your tracker)
| Section | You Provide | Good Looks Like |
|---|---|---|
| Corporate basics | ACRA Biz Profile, Constitution, Board Resolution | Names and addresses match across docs |
| People & control | IDs & address proofs for directors/UBOs (>25%) | Clear UBO chain to natural persons |
| Activity proof | First invoices/POs/LOIs, supplier quotes, deck | Same industry wording across website and docs |
| Online presence | Website, domain WHOIS, LinkedIn pages | Contactable & consistent with business model |
| Compliance note | Sanctions/PEP screening, no-crypto/no-custody statement if applicable | 5–8 lines; concise and specific |
| Banking plan | Predicted volumes, currencies, payment methods, card needs | Low/base/high ranges for 12 months |
3. Timeline expectations
| Case | Typical Path | What Speeds It Up |
|---|---|---|
| Local founder, services business | In-app eKYC → doc upload → short video call → account live | Upload a single PDF pack; keep phone reachable |
| Import/export trading | Extra Qs on shipping & counterparties | Provide Incoterms, forwarder details, sample invoices |
| Foreign-owned with remote directors | Certified copies, group chart | Early notarization; schedule video calls in SGT hours |
4. Avoidable blockers (and quick fixes)
| Blocker | Why It Delays | Fix |
|---|---|---|
| Inconsistent activity description | Triggers manual review | Align ACRA, website, invoices to one description |
| Website “under construction” | Weak credibility | Publish a 1-pager with services, terms, contacts |
| Missing address proofs | IDV fails | Utility/lease/bank statement within 90 days |
| Mixed models (e.g., consulting + reselling + crypto) | Risk classification unclear | Separate entities or ring-fence activities |
5. First 30 days after approval
- Activate PayNow for Business and place QR/UEN on every invoice.
- Set maker-checker for payments > SGD 5,000.
- Create virtual cards for SaaS/ads; one card per vendor.
- Turn on weekly bank-to-books sync (Xero/QuickBooks).
- If FX exceeds expectations, request tiered spread once volumes are visible.
6. Simple cost model to pressure-test your choice
| Cost Driver | Your Estimate | Notes |
|---|---|---|
| Monthly FAST transfers | Check free quota vs per-item fee | |
| PayNow collections | Is there a per-credit fee after quota? | |
| International wires | Add lifting & beneficiary bank fees if any | |
| FX conversion volume | Apply assumed spread (e.g., 0.30–0.45%) | |
| Minimum balance gap | Potential fall-below fee per month |
Rule of thumb: If your FX conversions exceed SGD 150k/month, the spread becomes your biggest driver—negotiate tiers.
open digital bank account Singapore, SME eKYC, corporate onboarding, UBO verification, PayNow Business, compliance checklist, account opening timeline
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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.
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