Banking in Singapore
Asia’s treasury hub — open to foreign-owned companies, world-class for trade
Singapore is a leading wealth, trade and treasury hub. Banking is dominated by the three local banks — DBS, OCBC and UOB — with deep multi-currency, trade-finance and ASEAN reach. A strong fintech layer (Aspire) and MAS-licensed digital banks (ANEXT) serve startups and cross-border SMEs faster and at lower FX cost. Singapore is relatively open to foreign-owned, Singapore-incorporated companies, subject to KYC.
Find my Singapore account →Top business accounts — Singapore
| Bank | |||||
|---|---|---|---|---|---|
| Free · 64% | None · 64% | 3 days · 58% | 81/100 · A | ||
| Free · 62% | None · 62% | 3 days · 56% | 74/100 · B | ||
| SGD 10 | SGD 3,000 | 4 days | 68/100 · B | ||
| SGD 18 | SGD 10,000 | 7 days | 67/100 · B | ||
| SGD 10 | SGD 5,000 | 7 days | 66/100 · B |
Who regulates banking in Singapore
SG residents & companies
Widest access across DBS, OCBC, UOB plus fintechs; locally-incorporated companies onboard digitally, typically a few days to ~two weeks depending on structure and KYC.
Non-residents / foreign-owned Pte Ltd
Relatively open by global standards — a Singapore-incorporated company (often with a local resident director) is the practical route. Expect enhanced KYC on ownership; always verify current eligibility with the provider.
Entity types (Pte Ltd, Sole Proprietorship, LLP)
Private limited companies (Pte Ltd), sole proprietorships and LLPs are all bankable. An ACRA BizFile profile and director ID are core requirements.
Best business accounts — Singapore
See all →- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~72%).
- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~68%).
- ✓Directly serves your need: business acct.
- ✓Strong approval odds for your profile (~65%).
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Best for trade & treasury
See all →- ✓Directly serves your need: treasury.
- ✓Matches: treasury, multi-currency, fx.
- ✓Directly serves your need: fx.
- ✓Matches: multi-currency, fx.
- ✓Directly serves your need: fx.
- ✓Matches: multi-currency, fx.
- ✓Directly serves your need: trade finance.
- ✓Matches: trade-finance.
- ✓Matches: multi-currency, trade-finance, treasury.
- ✓Strong approval odds for your profile (~73%).
- ✓Matches: multi-currency, trade-finance.
- ✓Strong approval odds for your profile (~74%).
Best for startups
See all →- ✓Directly serves your need: business acct.
- ✓Matches: startup, digital.
- ✓Directly serves your need: business acct.
- ✓Matches: digital.
- ✓Directly serves your need: business acct.
- ✓Matches: digital.
- ✓Directly serves your need: business acct.
- ✓Directly serves your need: business acct.
Singapore banking — frequently asked
Can a foreign-owned company open a business account in Singapore?
Yes — Singapore is relatively open compared with many jurisdictions. The practical route is to incorporate a Singapore private limited company (Pte Ltd) with ACRA first, then apply at a local bank (DBS, OCBC, UOB) or a fintech (e.g. Aspire) or digital bank (ANEXT). Expect enhanced KYC on beneficial ownership, and note a local resident director is commonly expected. Always verify current eligibility with the provider before applying.
What is ACRA / BizFile and why do banks ask for it?
ACRA (Accounting and Corporate Regulatory Authority) is Singapore’s national company registrar. When you incorporate, ACRA issues a BizFile business profile that evidences your entity, directors and shareholders. Banks require the ACRA BizFile alongside director ID and proof of address when opening a business account.
Is Singapore good for trade finance and treasury?
Yes — Singapore is one of the world’s top trade and treasury hubs. The local banks (DBS, OCBC, UOB) offer letters of credit, supply-chain finance, multi-currency accounts and strong FX, with deep ASEAN and Greater China corridors. Digital banks like ANEXT and fintechs like Aspire add fast, lower-cost multi-currency options for cross-border SMEs. Verify indicative pricing and eligibility with each provider.