What’s in this article
If you didn’t know by now, digital banks have been a hot topic in Singapore as it seeks to position itself as a smart nation. The awarding of new digital banks such as the Grab-Singtel consortium and tech-giant Sea by the Monetary Authority of Singapore (MAS) is the first step towards achieving this goal.
The next step for you after setting up your company in Singapore is the open a corporate bank account. Now, you have the option of going for traditional or digital banks. Just to note, MAS regulates all bank licenses and ensures that the Banking Act is properly followed by banks operating in Singapore.
What Are the Traditional Banks in Singapore
When it comes to traditional banks in Singapore, there are 2 main types:
What are some of the Digital Banks in Singapore?
Similar to traditional banks, digital banks in Singapore provide the same services as such opening bank counts, deposits, and more. However, the main difference is that these digital banks will not have a physical presence and all these banking activities are conducted online.
The benefits of digital banks include:
These benefits, among others, make digital banks the preferred choice for most investors who come into Singapore.
Some of the digital banks in Singapore include:
How to choose the right bank for your business?
With the options available, choosing the right bank after incorporation is important as it affects all your company’s financial activities.
If you are looking for banks with lower fees, then digital banks are for you. However, this will be inconvenient if you would like to withdraw cash as there will not be any ATMs or offices around.
Service fees and rates are not the only important factor to decide on your banking needs, especially so for a corporate bank account. Working with a well-trained bank will ease the bookkeeping issues and is usually kept up to standard for your annual compliance needs.
FAQs
There is no doubt that security is one of the biggest challenges to the banking system. However, with the advancement in technology, you can rest assured that the Singapore bank system is working to ensure that your goods remain safe and your privacy is protected.
The banking system of Singapore is one of the safest globally. The regulatory authorities are taxed with the responsibility of ensuring the Singapore bank’s safety, management, and ability to meet unforeseen needs.
The largest bank in Singapore and Southeast Asia is the Development Bank of Singapore (DBS). It is serving over 4 million people.
The digital-only bank offers consumers’ checking accounts that do not have branches.
There is no doubt that security is one of the biggest challenges to the banking system. However, with the advancement in technology, you can rest assured that the Singapore bank system is working to ensure that your goods remain safe and your privacy is protected.
All the banking systems and other monetary institutions are regulated by the Monetary Authority of Singapore (MAS). As of 2019, MAS announced that it will provide digital banking licensing to digital retail banking services.
