With the advancement of fintech, electronic banking (also known as digital banking) offers more flexible and efficient modern financial solutions for corporate clients beyond traditional banking services. This has become an ideal choice especially for startups, small and medium-sized businesses, and international trading companies.
Why choose electronic banking?
- Convenience: No need to visit a physical branch; enjoy banking services 24/7 anywhere and anytime.
- Fast account opening process: Opening an account is easy, with online application and verification, usually completed within 2-4 weeks.
- High cost efficiency: Compared to traditional banks, electronic banking account management fees are more competitive and can reduce a company’s operating costs.
- Financial tool integration: Many digital banks provide cash flow management and expense tracking features that make it easier for companies to improve their financial efficiency.
List of electronic banking options
Currently, Singapore has a number of licensed electronic payment banks supervised by the Monetary Authority of Singapore (MAS), including:
| Bank Name | Account Opening Fee | Funding Requirements | Suitable Industries | Restricted Industries | Can Open an Account Remotely |
| Aspire | Regular local companies: no account opening fee Family Office: USD 499 opening fee, USD 100 monthly management fee | After successfully opening an account, a deposit of SGD 100 or its equivalent is required within one month. Activation | Consulting, trading, and more | Trading in precious metals and stones, cryptocurrencies, audits, and related businesses | Yes |
| Airwallex | No opening or annual fees | None | Consulting, trading, and more | Investment companies, fund management, and crypto-related businesses are restricted | Yes |
| Wallex | Opening fee: starts at USD 2,000 for offshore companies; There is no fee for other companies. Offshore companies are required to deposit USD 2,000 for account activation. Others, no requirements | Consulting, trading, and others | Recommended only for companies/industries with operational needs and basic account usage | Yes | |
| Transwap | Opening fee: BVI companies USD 3,000, others no requirements Account management fee: USD 100/month (can be waived if certain conditions are met) | None | Consulting, trading, and others | No | Yes |
In addition, Maribank, ANEXT Bank, and Green Link Digital Bank also provide various services such as multi-currency accounts and international payments, which further enhance the company’s global financial management capabilities.
Suitable for
- New companies established in Singapore
- Small and medium-sized enterprises with a focus on international trade
- Cross-border businesses that require multi-currency accounts and flexible financial management
Important note
All of the above electronic banks are licensed for payment services and supervised by financial authorities. However, compared to traditional banks, their services have certain limitations. Although opening an account is easier, each platform has specific requirements depending on the type of industry and business model. It is recommended to consult with EsinBiz before opening an account in order to choose the banking solution that best suits your business needs.