10 Neobanks and Banking Fintech Firms and What They Offer

Besides traditional brick-and-mortar banks, you will find two main types of neobanking services in Singapore: fully licensed digital banks (such as Trust and GXS Bank) and MAS-exempt fintechs (e.g. Wise and Revolut).

Jump to a specific neobank or fintech firm:

• For credit and savings: Trust Bank

• For credit building: GXS Bank

• Investor-friendly: Revolut

• Traveler-friendly: Revolut || YouTrip

• Migrant-friendly: Wise || BigPay

• Business banking: ANEXT Bank (Ant Group) || Green Link Digital Bank || Aspire

• Emerging: MariBank (Sea Group)

Neobanks, also known as fintech firms, are shaking up traditional banking by providing account services through user-friendly mobile apps and desktop interfaces. Making use of appealing features like affordable credit options and cashback rewards to entice customers, neobanks also offer financial products that include high-yield savings accounts (HYSAs), loans, credit cards, and investment products.

As they operate without physical branches, neobanks in Singapore typically partner with banks and other trusted establishments to provide Singapore Deposit Insurance Scheme (SDIC) coverage. This ensures the security of your funds in the event of bank failure. Keep in mind that even if a neobank is SDIC insured, their investment-based products and other non-deposit accounts may not be.

>> MORE: Look out for these top fintech trends

Understanding how neobanks work, their benefits, and disadvantages

Singapore has seen a proliferation of neobanks in recent years. From Shopee’s MariBank to the big names in travel – Wiise and YouTrip – Singapore is no stranger to these fintech firms. As these neobanks primarily offer their services digitally, they are able to provide lower fees and faster access (customers can open an account within minutes) alongside a range of innovative financial products.

Despite their appeal, neobanks face notable hurdles. Did you know that only around 5% of neobanks worldwide have achieved profitability? Although this may speak more about the newness of the industry than anything else, these financial players face intense competition from one another. For instance, perks such as zero commissions for FX transactions and complimentary ATM cash withdrawal (up to a limit) overseas have become standard offerings among neobanks in Singapore, intensifying the competition to differentiate themselves.

On the flip side, because neobanks do not have physical branches customers can head down to, support services can be limited. This also applies to the product range neobanks are able to offer – for instance, they have fewer loan options than traditional banks.

>> MORE: How do multi-currency accounts work?

There are two types of licenses MAS issues to neobanks in Singapore: Digital Full Bank (DFB) and Digital Wholesale Bank (DWB) licenses. A DFB-licensed neobank can offer the full range of banking services to individual customers – this includes GXS Bank and MariBank. On the other hand, a DWB-licensed neobank mainly focuses on providing financial services to businesses and institutions.

For savings and loans

Some neobanks offer solutions that are similar to the ones found in traditional banking, such starting with savings accounts.

In partnership with FairPrice Group and Standard Chartered Bank, Trust Bank aims to appeal to local customers with a variety of financial products. From free savings accounts to NTUC LinkPoints integration, Trust Bank offers a range of services with relatively low barriers to entry. New eligible customers can make use of the Instant Loan promotion to get their loan application approved in as quickly as 60 seconds!

Not only is Trust Bank licensed by MAS, they also offer SDIC insurance up to $100,000.

For credit building

When it comes to loan approval, your credit score matters. Singaporeans who have never taken out a loan or owned a credit card may be looking for a credit building solution in anticipation of getting a future loan. Here is where neobanks can step in to offer microloans that act as entry points towards credit building.

A collaboration between Grab and Singtel, GXS Bank is catered towards Singaporeans who are new to banking or looking to build an early credit profile. Customers can easily sign up for HYSAs and flexible loan options thanks to the accessibility and ease of application offered by the app. 

Repayments on GXS loans are reported to CBS, making it an excellent choice for those looking to build a credit score!

>> MORE: The importance of building an early credit score

For travellers

There’s no secret about it: Singaporeans love to travel, whether that is within Southeast Asia or globally. It’s no wonder, then, that neobanks offering multi-currency accounts with no FX fees are becoming increasingly popular.

With its instant currency exchange and multi-currency wallets, Revolut is a popular option for frequent travellers. It’s able to provide value-added service by offering investment products within the same app – from stocks and commodities to cryptocurrency, customers can customise a portfolio that suits their needs. Its tiered plans start with a free Standard account and go up to a Metal account for $21.99 per month, allowing customers to pick and choose from the features that matter most to them.

While Revolut is regulated as a Major Payment Institution (MPI) by MAS, keep in mind that it’s not a licensed bank.

An increasing number of fintech firms are offering no FX fees on spending in foreign currencies, and YouTrip is one of them. YouTrip customers can top up their accounts in SGD for spending overseas, incurring no FX fees in more than 150 currencies. Whether you are going on a weekend shopping trip in JB or preparing for your student exchange programme, YouTrip is a good choice for avoiding those pesky fees.

A major limitation of YouTrip’s account is that it’s purely for spending, with no options for savings or investments.

>> MORE: Should I use a credit card or multi-currency card for overseas spending?

For foreign workers

As a metropolis, Singapore has a large network of migrant and expatriate workers. This community requires money transmittance services that’s not only quick and convenient, but supported in multiple currencies. The following fintech firms have stepped in to provide just that.

Gone are the days of waiting a few business days for your money to cross borders, and paying substantial fees on top of that. Wise offers Singaporeans and foreigners the option to open accounts in multiple currencies, making it particularly useful for those who live and work between two countries. As it’s free to send money between Wise accounts, foreign workers will find that the process of sending money home becomes a lot more simplified. 

Other perks Wise offers its customers include mid-market exchange rates, physical and digital debit card options, as well as support for freelancers receiving international payments.

This free app is specifically designed for those who live and work in between Singapore and Malaysia. Not only does it provide users with competitive FX rates, you can also earn AirAsia points with every dollar spent. Both local and international transfers are supported, with highly affordable remittance options to ASEAN countries. 

Take note that BigPay only functions as a spending wallet and does not provide a savings account option.

>> MORE: Becoming a financially prepared freelancer in Singapore

For businesses

Singapore has always been known as a business-friendly country, and this extends to the fintech services on offer here. SME banking innovation is encouraged through the MAS Digital Banking license. The following neobanks offer services catered towards businesses and SMEs  instead of individual customers.

Designed for small and growing businesses, the ANEXT Business Account features guaranteed daily interest, unlimited local transfers, and the ability to hold funds in four currencies (SGD, USD, EUR and CHN). As a plus, all fees for account-related services are exempted from GST, and application is made easy with CorpPass and MyInfo Business integration.

>> MORE: How SMEs can grow faster with ANEXT Bank

GLDB specialises in providing credit solutions for Singapore-based SMEs, particularly those in the supply chain industry. Their loans come with attractive interest rates and fees, with no collateral required, and their business-specific solutions include payables financing and receivables financing.

Aspire can provide value-added service to businesses that require an all-in-one tool to help them manage expenses, handle invoicing needs, and hold multi-currency accounts. From accounting automation to corporate credit cards, Aspire’s comprehensive range of offerings makes the fintech firm a popular one with tech-savvy business owners.

>> MORE: Different types of loans for businesses

Emerging players

The digital banking scene is constantly evolving, with new players starting to emerge.

Owned by the same parent company as Shopee – Sea Group – MariBank’s biggest selling point right now is its HYSA. With no minimum amount required and no lock-in period, its relatively low barrier to entry has made Mari Savings Account a popular one amongst Singaporeans, especially those who frequently make purchases on Shopee. Account holders also benefit from exclusive Shopee vouchers.

Although the rollout has been gradual, MariBank is slowly offering more products, including its Invest SavePlus account. Take note that funds held in Mari Savings Accounts are insured up to $75,000 with SDIC, whereas deposits in Invest SavePlus accounts are not.

>> MORE: Best savings accounts to park your money in Singapore