5 Popular Neobanks in Singapore
7 minute read
Before Covid, Artificial Intelligence (AI) adoption in the banking industry was somewhat slow. But when the pandemic struck, financial institutions and partners world-wide were forced to make banking services more customer-centric by automating them.
Neobanks are financial technology companies that provide specialized software and banking services that traditional brick-and-mortar banks don’t offer.
These include eliminating monthly or overdraft fees, introducing freelancer-specific reward programs, adding the opportunity to get paychecks early, bringing in credit-building tools, and even providing instructional elements.
If you’re thinking about opening a bank account, what would be your go-to choice when it comes to digital banks in Singapore? This guide contains a list of neobanks in Singapore and explains each one in detail.
The state of neobanks in Singapore
Neobanks frequently associate with a regular bank that is a member of the Singapore Deposit Insurance Corporation (SDIC) to ensure that your funds are safe.
Although the name of such a deposit insurance business varies by location, this system is essentially universal.
In Singapore, all digital banks work alongside traditional ones to retain customer funds in a bank account. Money held in a digital bank account is just as safe as money held in a standard bank account precisely because the underlying account is provided by a traditional bank.
Neobanks usually provide financial services through a website or mobile app, with phone support available. They use algorithms and cloud-based tools to deliver quick and accurate financial services on a single platform. With just a click, you can bypass many formalities required for account opening.
The popularity of digital banks is on the rise. Here’s why you might be considering starting a bank account with a modern neo-banking solution.
Here are five Singapore neobanks that are worth your attention.
Aspire is a digital bank located in Singapore that focuses on accounts for small and medium-sized businesses (SMEs).
Aspire is a finance platform where a company can pay, manage, and earn money easily. This is something a bank or a bookkeeper cannot do on their own.
The main feature of Aspire is that its business account. Aspire’s business account allows borderless payments that are easy, fast, and transparent. You can also send money locally and internationally.
Here are its other services:
- Corporate card
- Bill payments
- Multi-user access
- Expense management feature
- Numerous integration
With banking services like corporate cards and rapid credit lines, Aspire is definitely an SME’s friend. This digital bank provides services for small enterprises, including a bank account, credit card, invoicing, and expense management software.
Wise, founded by two friends in 2010, allows you to send money internationally quickly, and cheaply.
They are one of the largest international money transfer companies in the world, thanks to a combination of their branding and some of the lowest currency exchange rates.
Many businesses and individuals use Wise to make international transfers. They can keep balances in over 50 currencies in their Wise account and also shop and spend using their debit card when traveling.
Wise takes pride in their international business account that can be set up easily. They provide digital banking without the high rates, hidden costs, or monthly expenses that come with business banking.
With Wise, you can easily:
- Pay employees
- Receive payments
- Manage your international financial flow all in one place
The platform also allows users to receive money smoothly, create invoices quickly and easily, and it even offers numerous integrations with other platforms.
Wise is best for people who plan to transfer small amounts frequently. Since fees are calculated as a percentage of your transfer, the more money you send, the higher your fees will be.
Wise also charges various amounts for each currency, so it’s best to double-check the total fees before paying. In some cases, it may be preferable to use another platform for users wanting to transfer bigger amounts.
YouTrip is Singapore’s first multi-currency mobile wallet with a prepaid Mastercard that lets users pay in over 150 currencies without incurring any fees.
It also allows 10-currency in-app exchanges, allowing you to lock in favorable prices at any time and from anywhere.
YouTrip is a multi-currency mobile wallet that includes a free Mastercard prepaid card. This card may be used to make contactless payments at POS (point-of-sale) terminals across the world, as well as offline transactions via EZ-Link readers on Singapore public transportation.
The software also includes a number of useful payment tools such as:
- Currency conversion and storage for ten different currencies
- 24-hour in-app exchange rate monitor
- Ability to lock in preferred rates
It’s free to use since there are no card fees and no minimum balance required to keep the account. Overseas payments are made with a few clicks and there are no currency conversion fees.
YouTrip Mastercard is a pre-paid card that anybody may use, from students to individuals without a fixed income. Unlike credit cards or multi-currency accounts, this card doesn’t require a basic income or minimum balance/spend.
Revolut is a fast-growing fintech business that specializes in banking and payment services. It was established in 2015. Revolut Trading Ltd, a subsidiary of the business, introduced a commission-free stock trading service in 2019.
While Revolut is not yet a full-fledged bank, in certain ways it functions similarly to a traditional bank:
- With Revolut, you can see a breakdown of your expenditures by transaction type.
- You can set monthly budgets and spending targets.
- Moreover, you can set categories both for overall and specific expenditures.
Revolut customers can send money to each other instantaneously and for free. You can also send users a money request on the platform.
Smart savings are also a possibility. Here, Revolut will round up your real spending and save the difference.
Revolut is a fantastic tool for people who are constantly on the road and need to keep track of their finances in real-time. It is simple to use, with responsive customer service.
You can register for an account online. If you travel frequently, Revolut is ideal because it allows you to spend anywhere in the world with low foreign exchange fees.
Sleek Business Account
Finally, the Sleek Business Account is an all-in-one virtual account that allows businesses like yours to start receiving and transferring payments right away. With a Sleek Business Account, you are only a few clicks away from seamless and smooth digital banking.
Clients that use any of Sleek’s services are eligible for a free Sleek Business Account. There are no setup costs or minimum balance requirements. Onboarding is simply one extra step, making it simple and quick for busy business owners like you.
Once you are done with the setup, you can start sending and receiving money right away. You don’t even have to think about bookkeeping because Sleek will have your back.
The best of all is that there are no monthly fees and no initial deposit required. All these features clearly make this option stand out from the rest on the list.
- 100% online application.
- Quicker processing time than competitors.
- Send and receive money immediately once you set up the account.
- No monthly fees and no initial deposit required.
- Fully integrated with bookkeeping and accounting services.
- Automated and seamless accounts.
In other words, SBA is your accountant, your bookkeeper, and your tax manager. And you can access all this in a single package.
If you choose this option, you can instantly apply for your account, without any fees, and without a minimum balance required, with 24/7 support of its expert team by your side.
Sleek Business Account is secure and compliant, transparent, convenient, with responsive customer support.
If you have other accounting services, you will easily integrate them with the SBA, which is a Xero Platinum Partner. You will also enjoy the fact that the SBA allows for multiple cards for your teams to be able to work faster with their processes. You can also make both local and international (with local and overseas transfers) with your business account.
For SMEs and start-ups, business accounts are crucial, but opening an account takes time away from your business.
The Sleek Business Account was created with this in mind . With us, you can send and receive money immediately and never have to worry about bookkeeping again. Find out more about Sleek Business Account.
Whether you choose a neobank or a regular bank for your banking services, both will give you financial tools to help you manage your business processes and daily activities.
If you own a traditional business, a traditional bank may be able to provide you with financial solutions that are better suited to your needs. Neobanks and digital banks, on the other hand, might have your ideal product under their sleeve if you’re a company owner trying to automate and streamline your financial procedures.
Have any questions or want to open your business account? Speak to us today and our experts are here to help you.