Singapore’s retail digital banking market in 2026 is split between three different models: GXS Bank from the Grab-Singtel ecosystem, Trust Bank from Standard Chartered and FairPrice Group, and MariBank from Sea. All three are app-first banks, but they do not serve the same type of customer. Trust is the most retail-rewards focused, GXS leans toward flexible savings, cards, personal loans and smaller business users, while MariBank places more weight on simple savings, Shopee-linked use cases, SME banking and overseas transfer promotions.
Singapore Digital Banks
2026 Update
SDIC Deposit Rules Apply
GXS Bank, Trust Bank, MariBank
Retail users, app-first savers, selected SMEs and sole proprietors
Digital-first, no normal public branch network for day-to-day banking
Monetary Authority of Singapore
Digital Bank Positioning in Singapore
GXS and MariBank are listed by MAS among Singapore local banks, while Trust Bank is listed by MAS as a full bank and operates as a digitally native bank backed by Standard Chartered Bank and FairPrice Group. The practical difference for customers is not just the licence label. It is the product mix, reward ecosystem, business-account availability, transfer coverage, card features and how each bank handles current promotions.
For wider context on Singapore’s banking structure, the local market still includes large branch-based banks such as DBS, OCBC and UOB. Digital banks are better read as app-first alternatives rather than full substitutes for every branch, cash, cheque, mortgage or complex business banking need. Customers who still need face-to-face banking may want to compare this page with online account opening and branch-based options.
GXS, Trust Bank and MariBank Snapshot
GXS Bank
Best matched to app-first savings, flexible pockets, selected SME users and Grab/Singtel ecosystem access.
- Owned by Grab and Singtel.
- Retail products include GXS Savings Account, debit card, FlexiCard, FlexiLoan and GXS Invest.
- Business banking is available through GXS Business Banking, subject to eligibility.
- Rate changes and account notices should be checked on the official GXS notices page before applying.
Trust Bank
Best matched to retail users who want savings, debit or credit card use, Linkpoints and FairPrice Group rewards.
- Backed by Standard Chartered Bank and FairPrice Group.
- Public products include savings account, credit cards, debit-linked card use, Instant Loan, insurance and TrustInvest.
- MAS lists Trust Bank Singapore Limited as a full bank.
- Retail rewards are a central part of the product design.
MariBank
Best matched to simple app-based savings, Shopee-linked users, SMEs and customers checking overseas transfer promotions.
- Part of the Sea ecosystem.
- Retail products include Mari Savings Account, fixed deposits, cards, loans, overseas transfers and Mari Invest.
- Business products include Mari Business Account and Mari Business Loan.
- Published rates and fee waivers can change, so the fees and rates page should be checked.
Side-by-Side Digital Bank Comparison
This comparison uses public bank pages, MAS directory records and deposit-insurance disclosures. It is not a ranking. Product terms, rates, card rewards, transfer fee waivers and loan eligibility may change without matching every third-party comparison site.
| Comparison Point | GXS Bank | Trust Bank | MariBank | What to Verify |
|---|---|---|---|---|
| Regulatory status | Listed by MAS as a local bank; digital full bank model. | Listed by MAS as a full bank; digitally native retail model. | Listed by MAS as a local bank; digital full bank model. | Check the MAS Financial Institutions Directory for the latest licence record. |
| Ownership ecosystem | Grab and Singtel. | Standard Chartered Bank and FairPrice Group. | Sea ecosystem, including Shopee-linked positioning. | Use each bank’s official about or corporate governance page. |
| Main retail account | GXS Savings Account with Main Account, Saving Pockets and Boost Pockets. | Trust savings account with plan-based interest and card-linked retail benefits. | Mari Savings Account with published base rate and fee table. | Current interest rate, cap, bonus rules and account limits. |
| Retail card use | Debit card and FlexiCard products are promoted by GXS. | Credit card and debit-linked card experience are central to Trust’s retail offer. | Debit card and credit card products are listed by MariBank. | Annual income rules, cashback caps, FX fees and card eligibility. |
| Retail rewards angle | Grab, Singtel and campaign-led benefits may matter for some users. | FairPrice Group savings, Linkpoints and grocery-related benefits are a major draw. | Shopee ecosystem and selected campaigns may matter for users and sellers. | Promotion end date, spend category and reward cap. |
| Business account availability | GXS Biz Account is available to eligible sole proprietors and selected companies. | Public website positioning is mainly retail rather than SME current account banking. | Mari Business Account is promoted for Singapore-based businesses and SMEs. | ACRA, Singpass, director, shareholder and entity-type requirements. |
| Loans | GXS FlexiLoan and business financing products are public product areas. | Instant Loan and card-linked borrowing products are public product areas. | Instant Loan, credit card-linked borrowing and business loan pages are public product areas. | Effective interest rate, processing fee, tenure and approval criteria. |
| Investment products | GXS Invest is available as a digital investment suite. | TrustInvest includes stocks, ETFs and mutual funds. | Mari Invest includes fund-based products such as income, equity and gold-linked options. | Investment products are not bank deposits and are not SDIC-insured. |
| Local transfers | Business and retail transfer features should be checked in the app and terms. | Local payment features should be checked by account type. | MariBank publishes local transfer fee information and overseas transfer fee-waiver notices. | FAST, PayNow, transfer limits, cut-off timing and fee waivers. |
| Branch and cash access | No normal public branch network for day-to-day counter banking. | App-first model; not a branch directory bank for ordinary counter services. | App-first model; not a branch directory bank for ordinary counter services. | Cash withdrawal, cash deposit, cheque and branch support needs. |
| Deposit insurance | Eligible Singapore-dollar deposits are covered under SDIC rules up to the legal limit. | Eligible Singapore-dollar deposits are covered under SDIC rules up to the legal limit. | Eligible Singapore-dollar deposits are covered under SDIC rules up to the legal limit. | Only insured deposits qualify; investment products and foreign currency deposits are not covered. |
| Best fit signal | Flexible savings pockets, Grab/Singtel users, selected SMEs and loan access. | Retail spenders who value FairPrice Group rewards and card-linked savings. | Simple savings, Shopee-linked customers, SMEs and overseas transfer checks. | Use your own salary, spending, balance, cash and transfer needs. |
No matching rows found.
Savings Rates and Fee Checks
Digital bank rates in Singapore can change through notices, campaign pages or app-only terms. Treat published rates as a verification point, not a fixed long-term promise. Check the official bank page on the same day you apply, especially for promotional interest, cashback, overseas transfer waivers and card rewards.
| Bank | Published Rate Area | Fee Area to Check | Official Rate or Notice Page |
|---|---|---|---|
| GXS Bank | Main Account, Saving Pockets and Boost Pockets can each have different mechanics. | Account limits, campaign dates, card fees, loan fees and rate-change notices. | GXS notices |
| Trust Bank | Trust savings plans can depend on salary crediting, balance, spend or selected plan rules. | Card reward caps, plan criteria, investment fees and instant loan terms. | Trust savings account |
| MariBank | Mari Savings Account and Mari Business Account rates are published on the fees and rates page. | Overseas transfer waivers, business account fees, card charges and loan terms. | MariBank fees and rates |
For a broader comparison of savings products beyond these three app-first banks, compare account mechanics with everyday savings accounts. The highest advertised rate is not always the most useful rate if it depends on salary crediting, card spend, balance tiers, campaign caps or lock-in conditions.
Which Digital Bank Fits Which User?
Choose GXS Bank If Your Main Need Is Flexible App Banking
GXS is a stronger match for users who like pocket-style saving, app-based money movement and ecosystem links with Grab or Singtel. It is also relevant for sole proprietors and selected small businesses checking a digital business account or business financing product.
- Good fit for users who want savings pockets and app-only banking.
- Useful to compare if you use Grab, Singtel or related payment flows often.
- Worth checking for micro-business or small-company eligibility.
Choose Trust Bank If Retail Rewards Matter More
Trust is the clearest retail-spend play among the three. Its public product pages put savings, credit cards, debit-card switching, Linkpoints, FairPrice Group savings and TrustInvest in the foreground.
- Good fit for customers who spend regularly at FairPrice Group brands.
- Useful for users comparing savings plus card rewards in one app.
- Less suited if the main need is a public SME current account.
Choose MariBank If You Want Simple Rates and SME Options
MariBank is easy to compare because it publishes a clear fees and rates page across personal and business products. It is also relevant for Shopee-linked users, SMEs and customers checking overseas transfer promotions.
- Good fit for users who want a simple savings rate table.
- Useful for SMEs comparing local transfers, business account fees and app onboarding.
- Worth checking for overseas transfer fee-waiver dates.
Use a Branch Bank If Cash and Counter Services Matter
App-first banks may not replace every branch service. If you need frequent cash deposits, cashier’s orders, cheques, complex remittances, branch appointments or a broad ATM network, compare the digital banks with traditional branch banks and ATM deposit networks.
- Better fit for cash-heavy users.
- Better fit for customers who need in-person document checks.
- Better fit for complex business banking or trade documents.
Deposit Insurance and Product Safety Checks
Singapore-dollar deposits of non-bank depositors held with a Deposit Insurance Scheme member are insured by the Singapore Deposit Insurance Corporation up to S$100,000 in aggregate per depositor per Scheme member. This applies to insured deposit accounts, not to every product sold through a bank app.
Foreign currency deposits, dual currency investments, structured deposits and investment products are not covered by the ordinary SDIC deposit insurance rule. Investment products shown inside a banking app can still carry market risk, even when the bank itself is MAS-regulated.
| Product Type | Usually Bank Deposit? | SDIC Treatment to Check |
|---|---|---|
| Savings account | Yes, if it is an eligible Singapore-dollar deposit account. | Covered up to the legal limit per depositor per Scheme member. |
| Fixed deposit | Yes, if it is an eligible Singapore-dollar fixed deposit. | Covered up to the legal limit, aggregated with other insured deposits at the same Scheme member. |
| Credit card | No. | Not a deposit product. |
| Personal loan | No. | Not a deposit product; check repayment cost and effective interest rate. |
| Stocks, ETFs, mutual funds or gold-linked funds | No. | Investment products are not insured deposits and returns are not guaranteed. |
For transfer safety, customers should also understand how FAST transfers, PayNow setup and recipient verification work before moving large sums between banks.
Business Banking Differences
GXS and MariBank are more relevant than Trust for users specifically searching for a digital business account in Singapore. GXS promotes the GXS Biz Account and business loans, while MariBank promotes the Mari Business Account, Mari Business Loan and business transfer features. Trust’s public site is mainly positioned around personal savings, cards, loans, insurance and investments.
| Business Need | GXS Bank | Trust Bank | MariBank |
|---|---|---|---|
| Sole proprietor account | Public help pages say GXS Biz Account is available to sole proprietors, subject to eligibility. | Not the main public positioning. | Mari Business Account is positioned for Singapore-based businesses. |
| Private limited company | Available for selected Private Limited companies, subject to onboarding checks. | Not the main public positioning. | Business account and business loan pages target SMEs and companies. |
| Local supplier payments | Check account limits, FAST and PayNow availability in the GXS app and terms. | Check account type and transfer limits. | Published fee pages cover local transfer fees and business account charges. |
| Overseas supplier payments | Check supported countries, currencies and transfer fees. | Check whether the product supports the business payment route needed. | Overseas transfer fee waivers and end dates should be checked on the official fees page. |
Before opening a business account, compare eligibility documents against account opening documents and the bank’s own onboarding flow. App approval is still subject to bank review.
Foreigners, PRs and Work Pass Holders
Digital banks can make onboarding faster, but eligibility is still controlled by each bank’s account rules, identity checks and product criteria. Singapore citizens, PRs, Employment Pass holders, S Pass holders, Work Permit holders and students may face different document requirements depending on account type.
Personal Account Checks
- Singpass availability
- NRIC, FIN or passport status
- Mobile number and local address requirements
- Minimum age and product eligibility
Card and Loan Checks
- Annual income rules
- Credit bureau and affordability checks
- Foreign applicant documentation
- Effective interest rate and fees
Business Account Checks
- ACRA business record
- Director and shareholder structure
- Business activity review
- Extra documents when requested by the bank
Work pass holders can compare digital onboarding with the dedicated EP, S Pass and WP account guide. Foreign students should also check student-specific requirements before relying on a digital-only process.
Transfer, FX and Overseas Payment Checks
Digital banks can be convenient for local SGD transfers, but overseas transfers and foreign-currency spending need separate checks. A low transfer fee does not always mean the lowest total cost, because FX markup, supported currencies, receiving-bank fees and transfer route can matter more than the headline fee.
Personal savings, business account, credit card and investment cash accounts can have different limits.
FAST, PayNow, GIRO, card networks, SWIFT or overseas transfer partners may be used for different payment types.
Look at the transfer fee, FX rate, receiving-bank cost and promotion end date.
Confirm recipient name, bank name, account number, bank code and branch code before sending.
For bank routing details, compare digital bank transfer screens with the Singapore bank code list and international transfer fee notes before sending a large payment.
Verification Notes
Verification checks for this page use the Monetary Authority of Singapore Financial Institutions Directory, official bank product pages, official bank deposit insurance notices and SDIC public deposit insurance information. Product rates, fee waivers, rewards, investment offers and loan pricing can change, so the bank’s official page should be treated as the current control point.
FAQ
Are GXS, Trust Bank and MariBank real banks in Singapore?
Yes. They are bank entities operating in Singapore under MAS supervision, but their licence route and business model differ. GXS and MariBank are digital full bank model entrants, while Trust is a digitally native full bank backed by Standard Chartered Bank and FairPrice Group.
Which digital bank is best for savings in Singapore?
There is no single answer for every saver. Trust may suit users who can meet plan or reward conditions, GXS may suit users who like savings pockets, and MariBank may suit users who prefer a simpler published rate table. Check the official rate page before applying.
Are deposits with digital banks insured by SDIC?
Eligible Singapore-dollar deposits are insured up to S$100,000 in aggregate per depositor per Scheme member by SDIC. Foreign currency deposits, structured deposits and investment products are not covered by the ordinary deposit insurance rule.
Which digital bank is better for business users?
GXS and MariBank are the more relevant choices among these three for public business-account comparison. GXS promotes GXS Biz Account, while MariBank promotes Mari Business Account and SME-related products. Eligibility depends on entity type and bank review.
Do digital banks in Singapore have branches?
These banks are app-first and should not be treated as normal branch-directory banks. If you need regular counter service, cash deposits, cashier’s orders or cheque support, compare them with branch-based banks before opening an account.
Can foreigners open accounts with GXS, Trust Bank or MariBank?
Foreign applicant eligibility depends on the bank, product, identification method and document checks. Work pass holders, PRs, students and other foreigners should confirm the official application page before relying on a digital-only onboarding route.
