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Singapore Digital Banking & Expat Account Guide 2026

2026 guide to Singapore digital banking for expats and businesses, covering retail accounts, digital-bank licences, eligibility, Singpass, PayNow and deposit insurance.

Statutory Overview & Legal Framework

Singapore has both digital-bank licensees and locally licensed banks that offer app-based or digitally opened accounts. The regulatory framework distinguishes Full Banks and Wholesale Banks, and not every bank marketed as a digital bank holds a separate Digital Full Bank licence. Current MAS records include Trust Bank as a Full Bank, MariBank as a Local Bank, ANEXT Bank and Green Link Digital Bank (GLDB) as Wholesale Banks, and GXS Bank as a Local Bank. For expats, eligibility is provider-specific: MariBank currently allows Singapore citizens, permanent residents and foreigners with a valid pass to apply for a Mari Savings Account, provided the Singapore residential address is updated on Singpass. Business-account eligibility is also product-specific. PayNow is available through participating institutions and supports identifiers such as Singapore mobile numbers, NRIC/FIN and UEN depending on the service. Deposit insurance is likewise product and institution specific: qualifying Singapore-dollar deposits with Deposit Insurance Scheme members are protected up to S$100,000 per depositor per member; being described as a digital or wholesale bank does not by itself establish SDIC coverage.

Singapore Digital Banking Landscape in 2026

Trust Bank Singapore

Full Bank

MariBank Singapore

Local Bank

GXS Bank

Local Bank

ANEXT Bank

Wholesale Bank

Green Link Digital Bank

Wholesale Bank

important: The phrase 'digital bank' is often used commercially to describe app-led banking, but the institution's legal banking licence and the account product determine what it can offer.

Can Expats Open Digital Bank Accounts?

general Rule: Possibly. There is no single Singapore-wide expat eligibility rule for every digital or app-based bank account.

mari Bank: MariBank currently states that its Mari Savings Account is available to Singapore citizens, permanent residents and foreigners with a valid pass. Applicants must ensure their Singapore residential address is updated on Singpass.

trust Bank: Trust account eligibility is governed by Trust's current product terms and onboarding criteria. A foreigner should check the latest Trust eligibility requirements rather than assuming that every FIN or pass-holder is automatically eligible.

documents:

Passport or Singapore-issued identity document, depending on provider

Valid Singapore pass or other immigration-status evidence where required

Singpass where the account's onboarding process requires it

Singapore residential address where required

Additional tax-residency or compliance information requested by the bank

Holding an Employment Pass, S Pass or Student Pass does not automatically create eligibility for every digital bank or account.

Digital Business Banking

Business-account eligibility is determined by the individual bank and account product.

mari Bank

eligibility: MariBank currently allows certain Singapore-registered sole proprietorships, private limited companies without corporate shareholders, partnerships without corporate partners and LLPs without corporate partners.

owner Requirement: For the listed Mari Business Account criteria, all owners/directors/partners and major shareholders with at least 25% shareholding must be Singapore citizens, permanent residents or foreigners with Singpass access.

application: The principal applicant must have a valid Singpass account to start the application.

wholesale Banks: ANEXT Bank and Green Link Digital Bank are MAS-listed Wholesale Banks. Their business-account products should be evaluated according to their current eligibility, onboarding, customer type and documentation rules rather than treated as general retail accounts.

documents:

ACRA registration and UEN information

Company ownership and control information

Director and authorised-person identification

Beneficial-owner information where requested

Business activity and expected transaction information

Tax-residency and compliance declarations where applicable

Typical Digital Account Opening Process

Choose the Account

Check whether the product is personal, SME or wholesale business banking and confirm its eligibility rules.

Check Identity and Residency Requirements

Confirm whether the provider requires Singpass, a Singapore address, a valid pass, passport verification or other identity documents.

Submit the Application

Complete the bank's app or online application and provide the requested personal or corporate information.

Complete Verification

Complete Singpass/MyInfo retrieval, identity checks, liveness or other verification steps where required by the provider.

Complete Compliance Checks

Provide additional tax-residency, source-of-funds, ownership or business information if the bank requests it.

Activate and Fund the Account

After approval, receive the account details and fund the account using the transfer methods available for the selected product.

timing: Account-opening speed varies by institution and applicant. A simple digital application can be quick, while additional compliance checks can extend processing.

PayNow and Fast Transfers

pay Now: PayNow is a Singapore instant-funds-transfer service available through participating banks and other participating financial institutions.

identifiers:

Singapore mobile number

NRIC or FIN where supported

UEN for business payments

VPA or other supported proxy identifiers for applicable participating services

important: Not every account or institution supports every PayNow proxy. The exact identifiers available depend on the participating institution and account type.

fast: FAST provides near-instant SGD bank transfers between participating institutions. Availability and transfer limits depend on the bank and account.

SDIC Deposit Insurance

Qualifying Singapore-dollar deposits placed with a Deposit Insurance Scheme member are automatically insured by SDIC up to an aggregate S$100,000 per depositor per member.

covered Deposits:

Eligible Singapore-dollar savings deposits

Eligible current deposits

Eligible fixed deposits

Other deposit categories covered under the Deposit Insurance Scheme

not Covered:

Foreign-currency deposits

Structured deposits

Investment products

Other products excluded by the Deposit Insurance Scheme

business Depositors: Companies and other non-bank depositors can receive deposit insurance protection where their deposits are eligible.

digital Bank Warning: Do not assume that an institution is SDIC-insured merely because it is app-based or described as a digital bank. Check whether the specific institution is a Deposit Insurance Scheme member and whether the product is an insured deposit.

Features to Compare

SGD transfers

FAST and PayNow availability

Interest

Base rate, bonus conditions and balance caps

Foreign currency

Supported currencies and FX spreads

Debit card

Eligibility, fees and overseas usage

Business banking

Corporate ownership and director requirements

Deposit insurance

SDIC membership and eligible deposit type

Frequently Asked Questions (FAQ)

The current landscape includes MAS-listed banks such as Trust Bank, MariBank and GXS for local banking services, while ANEXT Bank and Green Link Digital Bank are MAS-listed Wholesale Banks focused on business and non-retail banking. Their licence classifications and account eligibility differ.

Possibly. Eligibility depends on the provider and account. MariBank currently accepts Singapore citizens, permanent residents and foreigners with a valid pass for its Mari Savings Account, with the Singapore residential address updated on Singpass. Other providers can have different requirements.

Yes in some cases, but eligibility is bank-specific. For example, MariBank currently has specific ownership and Singpass requirements for its Mari Business Account, while wholesale-bank products such as ANEXT and GLDB have their own customer and onboarding criteria.

Eligible Singapore-dollar deposits with Deposit Insurance Scheme members are insured up to S$100,000 in aggregate per depositor per member. Do not assume every app-based or wholesale-bank product is insured; verify the institution's scheme membership and the exact product.

PayNow is available through participating institutions, but the exact proxies and features depend on the provider and account. Supported identifiers can include a Singapore mobile number, NRIC/FIN or UEN.

Depending on the provider, an expat may need a passport or other identification, a valid Singapore pass, Singpass, Singapore residential-address information and tax or compliance information. Business applicants may also need company registration, ownership, director and beneficial-owner information.

Legal Disclaimer: This page is general informational content, not banking, financial or immigration advice. Account eligibility, fees, onboarding, interest rates, transaction limits and deposit-insurance treatment depend on the individual bank and product. Check the current provider terms, MAS records and SDIC requirements before opening an account.

Verification Standard: Official MAS, SDIC and bank sources checked in August 2026. No bank, government or regulatory endorsement, approval, accreditation or official verification of this website is claimed.

Primary Statutory References & Government Portals

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ACRA Compliance at a Glance

MAS-regulated examplesTrust, MariBank, GXS, ANEXT, GLDB

Expat eligibilityDepends on bank and account

Common onboardingSingpass or identity-document verification

PayNowAvailable through participating institutions

SDIC limitUp to S$100,000 per depositor/member

Key Pitfalls to Avoid

✕ Calling Trust Bank and MariBank both 'Digital Full Banks'.

✓ MAS currently lists Trust as a Full Bank and MariBank and GXS as Local Banks. ANEXT and GLDB are listed as Wholesale Banks.

✕ Assuming all FIN holders can open any digital account.

✓ Eligibility is product-specific. MariBank explicitly accepts foreigners with a valid pass for Mari Savings, while other providers may have different criteria.

✕ Treating PayNow as a feature every digital account automatically has.

✓ PayNow is offered by participating institutions and the available proxy identifiers depend on the account and provider.

✕ Applying SDIC protection to every digital or wholesale banking product.

✓ Check the institution's Deposit Insurance Scheme membership and whether the specific deposit is an eligible insured SGD deposit.

✕ Treating ANEXT and GLDB as ordinary retail expat banks.

✓ Both are MAS-listed Wholesale Banks, so their primary customer and product scope differs from retail personal banking.

✕ Assuming digital onboarding means no compliance checks.

✓ Digital onboarding can still require identity, ownership, tax-residency, source-of-funds or other regulatory checks.