Digital banks in Singapore: who can open an account

A digital bank in Singapore is a bank that holds one of two licence types MAS introduced in June 2019, with licensees announced on 4 December 2020: the digital full bank (DFB) licence, which allows retail and non-retail customers, and the digital wholesale bank (DWB) licence, which is limited to SMEs and other non-retail customers. Four entities hold these licences: GXS Bank and MariBank Singapore (DFB), and ANEXT Bank and Green Link Digital Bank (DWB). Trust Bank, often listed alongside them, is not a digital bank licensee. Digital banks follow the same due-diligence rules as traditional banks; their eligibility conditions, not their technology, decide who can use them.

Licences: digital full banks and digital wholesale banks

MAS announced the successful applicants on 4 December 2020. The two DFB licences went to a consortium of Grab Holdings Inc. and Singapore Telecommunications Ltd. (now GXS Bank) and to an entity wholly owned by Sea Ltd. (now MariBank Singapore). The two DWB licences went to a consortium led by Greenland Financial (now Green Link Digital Bank) and an entity wholly owned by Ant Group (now ANEXT Bank) (MAS media release, 4 December 2020).

MAS's Digital Bank Licence page (updated 12 August 2024) describes the scope of each licence:

The same page states that "MAS is currently not granting new licences". When a provider describes itself as a digital bank, the MAS Financial Institutions Directory is the place to check what licence it actually holds. Being app-based does not by itself make an institution a digital bank licensee.

The five banks compared

The table summarises published positions as checked on each bank's website in October 2026. Eligibility rules change often; confirm on the bank's own pages before applying.

Green Link's eligibility rules could not be confirmed on an official page when this guide was checked, so the table does not state them. This page does not compare interest rates, which change frequently.

Personal accounts at digital banks

For individuals, GXS and MariBank are the two digital bank licensees that open personal accounts. Both rely on Singpass Myinfo to verify identity, and both ask applicants to keep a Singapore residential address on Singpass. GXS's help centre lists the requirements as being at least 16, living in Singapore, holding a valid pass (such as a Dependant's Pass, Employment Pass or Work Permit) if not a citizen or PR, having a Singpass Myinfo account, and not already holding a GXS Biz Account or FlexiLoan Biz. MariBank's help centre accepts citizens, PRs and "foreigners holding a valid pass" aged 16 and above, after they update their Singapore address on Singpass.

These conditions explain who digital banks suit and who they do not. A pass holder already living in Singapore can usually apply entirely in an app. A non-resident without Singpass generally cannot, because Myinfo is the verification route and Notice 626 requires non-face-to-face checks to be as robust as in-person ones. Non-resident routes at traditional banks are covered in personal accounts.

Trust Bank also serves individuals. Its 2021 corporate governance report states that it was incorporated on 8 December 2020 and commenced banking business on 15 December 2021, and that Standard Chartered Bank (Singapore) Limited owned 60% and BetaPlus Pte. Ltd., part of NTUC Enterprise, owned 40% at the time. Its current account-opening conditions should be checked on its website.

Business accounts at digital banks

Digital business accounts are aimed at small, locally run companies, and their published rules reflect that. Three patterns stand out:

1. Local ownership or Singpass access. GXS states that it is "unable to onboard if all directors and major shareholders in your company are foreign nationals" without PR, and one help page requires at least two citizen or PR directors and citizen or PR status for all shareholders holding 25% or more. GXS's own pages give differing descriptions of which entities qualify (its product page refers to sole proprietorships, a help page to sole proprietors and private limited companies), so confirm current eligibility in the app. MariBank allows foreigners only if they have Singpass access.
2. No corporate shareholders, or full look-through. MariBank's business account excludes companies with corporate shareholders or partners. ANEXT accepts them but asks for an ownership chart naming individuals with at least 25% effective shareholding of the applying entity.
3. Singapore incorporation and Corppass. ANEXT requires the business to be "incorporated in Singapore and have an active Corppass account", and the applicant must hold a Singpass account (NRIC/FIN) and be authorised to retrieve Myinfo Business data. For foreign business owners, ANEXT says it may request further documents, such as registration documents of related companies, tax filings, recent three months' bank statements to evidence source of funds, and information on key counterparties.

None of these rules is a regulatory requirement; each bank sets them under its own risk policy. Foreign-owned companies, companies with layered ownership and overseas-incorporated entities are usually directed to traditional banks. See corporate accounts.

Deposit insurance

The Singapore Deposit Insurance Corporation (SDIC) insures eligible Singapore-dollar deposits of individuals and non-bank depositors, including companies, up to a per-depositor limit at each Scheme member; foreign-currency deposits and investment products are excluded (SDIC Deposit Insurance Scheme FAQ, checked October 2026). The limit, aggregation rules and examples for companies are set out on business fees and deposit insurance.

Two consequences follow for digital bank customers. First, the limit applies per bank, so deposits at a digital bank are counted separately from those at another Scheme member, but only if the digital bank is itself a Scheme member; check SDIC's list rather than assuming. Second, coverage depends on currency and product, not on whether the bank is digital. Foreign-currency balances in a multi-currency wallet are not insured. GXS and Trust publish SDIC statements on their websites; for other banks, confirm on the bank's site and SDIC's member list.

When a traditional bank is still needed

Digital banks fill a specific gap: low-cost, app-based accounts for Singapore residents and locally owned small businesses. Several common situations fall outside their published eligibility:

Many businesses hold accounts at more than one bank, chosen on eligibility first and then on costs and features.