Explore the rise of digital business banking solutions and how they compare to traditional banks in Singapore.
Digital business banks such as Aspire, Wise Business, and Airwallex are transforming how SMEs manage finances. These platforms offer quick onboarding, multi-currency wallets, virtual cards, and accounting integrations.
Key benefits:
- Fully online onboarding
- Zero monthly fees
- Competitive FX rates
- Integration with Xero, QuickBooks, Stripe
However, they may lack:
- Physical cheque handling
- In-person branch support
- Local banking licenses (some rely on MAS-regulated partners)
They are ideal for e-commerce, SaaS, freelance, and location-independent businesses. For brick-and-mortar or government tendering, traditional banks may still be necessary.
FAQ:
Q: Can I receive SGD payments via digital banks?
A: Yes, most provide local bank details via partner banks.
Q: Are these accounts legal for IRAS reporting?
A: Yes, as long as you declare your income properly and can show records.
User Comments:
- “Aspire gives me instant payment alerts and invoice tracking.”
- “Wise saved me a fortune on overseas client payments.”
Editor’s Note:
Digital banking is not a compromise—it’s a competitive edge when used correctly.
Tags: digital bank, fintech SME, online business account, Wise, Aspire