Singapore Digital Bank & Expat Account Guide 2026

Complete guide to digital bank accounts and expat banking in Singapore. Explains retail digital banks (Trust, MariBank) & wholesale business banks (ANEXT, GLDB).

Statutory Overview & Legal Framework

Digital banking in Singapore is regulated by the Monetary Authority of Singapore (MAS) under Full Digital Bank (FDB) and Digital Wholesale Bank (DWB) licensing frameworks. Expats, business owners, and local residents can open digital accounts with licensed digital banks (such as Trust Bank, MariBank, ANEXT Bank, and Green Link Digital Bank). Digital accounts offer Singpass onboarding, multi-currency features, competitive interest rates, and PayNow integration. Features and verification rules depend on individual bank policies. Use this guide to compare digital banking options in Singapore.

Core Statutory Criteria & Regulations

MAS Digital Bank Licensing FrameworkMAS Digital License

Regulated under MAS licensing for Full Digital Banks (DFBs serving retail/SME) and Digital Wholesale Banks (DWBs serving SMEs).

Singpass Myinfo Instant Onboarding WorkflowSingpass Verification

Singapore Citizens, PRs, and FIN pass holders can complete digital account opening using Singpass Myinfo.

PayNow & FAST Funds Transfer IntegrationPayNow Integration

Supports PayNow transfers linked to NRIC, FIN, UEN, or mobile numbers for instant SGD funds transfers.

SDIC Deposit Insurance Coverage (For Qualifying Accounts)SDIC Protection

Qualifying SGD bank deposits at licensed full digital banks are insured by SDIC up to statutory limits per depositor.

Qualification & Compliance Requirements

Applies to Singapore Citizens, PRs, employment pass holders (FIN), and registered Singapore business entities.

Requires Singpass account or valid passport/FIN documentation for identity verification.

Business digital accounts require active ACRA business registration and UBO documentation.

Deposit insurance and account features depend on the specific licensed bank and account product.

Statutory Document & Application Checklist

Singpass Myinfo Authentication / Valid Passport & FIN Card

Proof of Residential Address in Singapore

ACRA Business Profile & UEN (for business digital accounts)

UBO & Director Identification Documentation

Digital Bank Mobile Application Download

Step-by-Step Filing & Compliance Process

Select Digital Banking App / Provider

Choose digital bank app based on account type (personal retail vs SME business banking).

Authenticate via Singpass Myinfo

Retrieve personal or corporate details automatically using Singpass Myinfo integration.

Complete Liveness Check & Facial Verification

Perform digital liveness check and biometrics within the mobile app.

Receive Digital Verification & Account Details

Receive account number and digital banking access following successful verification and bank approval.

Link PayNow & Fund Account

Link PayNow to your NRIC/FIN/UEN and make an initial FAST transfer to start using the account.

Frequently Asked Questions (FAQ)

MAS-licensed digital banks include retail digital banks like Trust Bank and MariBank, as well as digital wholesale banks like ANEXT Bank and Green Link Digital Bank (GLDB).

Yes. Expats holding a valid Employment Pass, S Pass, or Student Pass with a FIN and Singpass can open digital bank accounts.

Qualifying SGD deposits held at licensed Full Digital Banks (such as Trust Bank and MariBank) are protected by the Singapore Deposit Insurance Corporation (SDIC) up to statutory deposit insurance limits per depositor per scheme member.

PayNow is a peer-to-peer funds transfer service enabling instant SGD money transfers using an NRIC, FIN, mobile number, or UEN without sharing bank account numbers.

Yes. Digital Wholesale Banks like ANEXT Bank provide digital onboarding for SMEs registered in Singapore, including foreign-owned companies.