How to Open a Corporate Bank Account in Singapore in 2026: Digital Banks vs Traditional Banks

After incorporating a Singapore company, one of the first things you need is a corporate bank account. In 2026, you have two distinct paths: digital payment platforms like Aspire and Airwallex, which open in 1–3 business days with fully remote onboarding; or traditional banks like DBS, OCBC, and UOB, which take 2–6 weeks but offer the broadest range of financial products. Most newly incorporated Singapore companies open a digital account first to get operational immediately, then add a traditional bank relationship as the business scales. HeySara’s partnership with Aspire makes this even simpler for new incorporations.

What Is the Difference Between a Digital Bank and a Traditional Bank in Singapore?

This is a distinction that matters more in Singapore than in many other countries, and it is often misunderstood.

MAS-licensed digital banks (ANEXT Bank, GXS Bank, MariBank, Green Link Digital Bank) hold full banking licences from the Monetary Authority of Singapore. ANEXT and Green Link Digital Bank hold Digital Wholesale Bank licences, meaning they serve businesses only. GXS and MariBank hold Digital Full Bank licences and can serve both individuals and businesses. Deposits with MAS-licensed Digital Full Banks (GXS, MariBank) are protected under the Singapore Deposit Insurance Corporation (SDIC) scheme up to S$100,000 per depositor. Deposits with Digital Wholesale Banks (ANEXT, Green Link) are not SDIC-protected.

Fintech payment platforms (Aspire, Airwallex, Wise Business, Revolut Business) hold Major Payment Institution (MPI) licences under MAS’s Payment Services Act. They are MAS-regulated and reputable, but they are not banks — they cannot take deposits in the traditional sense and are not covered by SDIC. For most day-to-day business transactions, this distinction is invisible. For certain government grant applications or trade finance facilities, some institutions require an account with a licensed bank.

Traditional full-service banks (DBS, OCBC, UOB, Standard Chartered, HSBC) hold full banking licences, are SDIC-protected up to S$100,000, offer the full range of corporate banking products (credit facilities, trade finance, multi-currency loans, payroll integration), and carry the credibility that enterprise clients and institutional counterparties expect. You can verify the licence status of any financial institution in Singapore on the MAS Financial Institution Directory.

Quick Comparison: Digital Platforms vs Traditional Banks

Aspire: Why Most HeySara Clients Start Here

Aspire is a MAS-licensed Major Payment Institution that has become the default first account for the majority of newly incorporated Singapore companies — particularly those with lean teams, international revenue, or a need to get operational within days rather than weeks.

What Aspire offers:

• Multi-currency business account (SGD and 10+ foreign currencies)
• Virtual and physical Visa corporate cards with built-in expense management
• Direct CPF Board integration for payroll — one of the very few non-bank platforms that supports this natively
• Xero and QuickBooks sync, making month-end accounting significantly faster
• Free FAST and PayNow transfers within Singapore
• International transfers to 130+ countries at competitive FX rates
• Fully digital onboarding — no branch visit, no minimum balance, no monthly fee on the base plan

Airwallex: Best for International Payment Volume

Airwallex is also a MAS-licensed Major Payment Institution, and it is the stronger choice for businesses with significant cross-border revenue — particularly those billing clients in USD, GBP, EUR, or AUD and wanting to receive those funds as if they were a local entity in those markets.

Airwallex provides local payment details in the US, UK, EU, Australia, Canada, and several other markets, allowing overseas clients to pay you as a domestic transfer rather than an international wire — saving them fees and reducing friction.

Airwallex’s accounting integrations (Xero, QuickBooks, NetSuite) are robust. However, its payroll integration is more limited than Aspire’s — if CPF payroll is a priority from Day 1, Aspire has the edge.

ANEXT Bank: For China-Facing and Trade-Focused Businesses

ANEXT Bank is wholly owned by Ant International (the parent of Alipay) and holds a Digital Wholesale Bank licence from MAS. It supports SGD, USD, CNH (offshore yuan), and EUR, making it particularly well-suited for Singapore businesses with Chinese suppliers, customers, or parent companies.

ANEXT has no monthly fee and no corporate card. It does not integrate directly with Xero or QuickBooks, and deposits are not covered by SDIC. Its strengths are in cross-border trade finance for Asia-facing businesses — and for companies that need to transact in CNH, it is the most straightforward option among the digital alternatives.

Traditional Banks: When You Need One and When You Don’t

DBS, OCBC, and UOB remain essential for companies that need:

• SDIC-insured deposits above S$100,000
• Credit facilities, overdrafts, or business loans
• Trade finance (letters of credit, banker’s guarantees)
• Accounts that satisfy certain government grant or tender requirements
• A relationship banker for complex transactions

The trade-off is time and documentation. Traditional banks typically take 2–6 weeks to open a corporate account. For foreign-owned companies or complex holding structures, compliance rounds can extend to 6–12 weeks. You will need to submit your ACRA business profile, Certificate of Incorporation, passports and proof of address for all directors and significant shareholders, a business plan, and sometimes bank statements or client contracts to demonstrate business activity.

Since 2023’s S$3 billion money laundering case, Singapore banks have applied materially higher compliance scrutiny to new corporate account applications. Banks rarely give reasons for rejection — which is why preparation matters. If one bank rejects your application, you can apply to another simultaneously (this is permitted), but do not reapply to the same institution immediately.

The Recommended Approach for Newly Incorporated Companies

Based on what we see with HeySara clients, the most practical approach in 2026 is:

1. Open an Aspire or Airwallex account first — get operational within 3 days. Start receiving revenue, paying suppliers, and managing expenses immediately.
2. Apply to a traditional bank in parallel — submit your DBS, OCBC, or UOB application at the same time. Let the compliance process run in the background while your business is already moving.
3. Switch your primary account once the traditional bank is live — or continue using both, with the digital account for day-to-day and the traditional account for larger transactions and facilities.

This approach eliminates the operational gap that comes from waiting 4–6 weeks for a traditional bank account before you can invoice a client or pay a supplier.

Documents Typically Required for Corporate Account Opening

Regardless of which bank or platform you apply to, have these ready:

• ACRA Business Profile (downloadable from BizFile+ — free for newly incorporated companies)
• Certificate of Incorporation
• Passport copies for all directors and beneficial owners
• Proof of residential address for all directors and beneficial owners (utility bill or bank statement, dated within 3 months)
• Company constitution (Articles of Association)
• Board resolution authorising account opening (HeySara prepares this as part of the secretarial service)
• Business description — what your company does, who your customers are, and expected transaction volumes

For traditional banks, you may also need client contracts, invoices, or a business plan depending on your sector and structure.

How HeySara Supports the Bank Account Opening Process

As your ACRA-registered filing agent and corporate secretarial service provider, HeySara prepares the board resolution authorising account opening and ensures your ACRA documents are in the correct format for bank submission.

If you are ready to incorporate and open your corporate account, start at heysara.sg/company-incorporation or WhatsApp us at +65 8098 1313 to get started today.

Sources and Further Reading

• • MAS Financial Institution Directory — verify any Singapore bank or payment institution licence
  • MAS Payment Services Act — framework governing Major Payment Institutions
  • Singapore Deposit Insurance Corporation (SDIC) — what is and isn’t covered
  • Aspire — MAS-licensed business account for Singapore companies
  • Airwallex Singapore — multi-currency business account
  • ANEXT Bank — MAS-licensed Digital Wholesale Bank