Startup’s Handbook to Business Banking in Singapore : Conventional or FinTech?

Businesses can strengthen their long-term growth and success by being proactive and having a strategic mindset when it comes to their corporate banking. This approach helps create a solid financial base for their ventures. However, with the diverse range of financial institutions to choose from, finding the ideal banking partner that fits your business needs can be tricky.

Looking for the best financial account setup service? This blog is made just for you, guiding you through the intricacies of corporate banking, ensuring a seamless experience.

• Exploring the Versatile Features of Business Accounts in SG
• Traditional Banks vs. FinTechs
• Top 3 Traditional Banks in SG
• Top 3 FinTechs in SG
• Optimise Your Business Finances with AsiaBC

Business bank accounts offer more than just a place to hold your earnings. Having a dedicated business account provides access to a range of valuable opportunities : 

• Manage your cash flow by carefully recording all your income, spending, payments, and bills in organised bookkeeping records.
• Paying bills and invoices under your business name helps strengthen your company’s legitimacy and trustworthiness, projecting a professional and credible image that earns the confidence of potential investors and suppliers.
• Maintaining transparent and up-to-date financial records enables auditors to create detailed accounting and tax reports that accurately capture your business’s income and expenditures.

Given the banking industry’s rapid progression, modern entrepreneurs have begun to favour digital alternatives such as FinTech. Here’s a brief rundown of what sets FinTech apart from conventional banks, and the potential pros and cons it presents for businesses : 

Traditional Banks – The long-standing financial institutions that provide an array of services, such as deposit accounts, loan options, bill payments, ATM access, and online and mobile banking. These banks strategically operate branches locally and internationally to cater their clients’ banking needs.

FinTech – Serves as a digital alternative to conventional banks. These technology-driven platforms enhance and automate services, products, and procedures while ensuring a secure financial environment by partnering with licensed custodian banks and supported by deposit protection schemes.

It can be challenging to navigate the complex landscape of corporate banking, particularly when searching for the ideal partner to help drive your business growth. If you’re having trouble figuring out where to start, we’ve compiled a list of the top 3 banks in Singapore that local and global entrepreneurs commonly choose for their business banking services : 

DBS Bank – Recognised for its proficiency in digital banking, offering business owners flexible banking services they can access on the go. They can seamlessly manage their finances and carry out transactions via their internet banking and mobile app.

Oversea-Chinese Banking Corporation (OCBC) – Provides a suite of corporate banking solutions tailored for businesses at all stages – from budding startups to well-established enterprises and global corporations. Their product portfolio includes digital banking, e-invoicing, cash flow management tools, and specialised services for handling bulk payment requirements.

United Overseas Bank (UOB) – Offers extensive financial assistance and customised business account solutions catered specifically to entrepreneurs. The bank’s products include multi-currency accounts, corporate ATM access, cheque books, and free internet banking services.

FinTech companies are reshaping how businesses manage their finances, providing flexibility, convenience, and cost-effectiveness compared to traditional banking. These are the most popular FinTech players in Singapore that are transforming the digital banking industry :

Aspire – Equip businesses to conduct cross-border transactions using multi-currency accounts with fast and low international payment fees, virtual corporate cards with cashback incentives, and easy-to-integrate accounting solutions.

Airwallex – Allows businesses to open local currency accounts worldwide and streamline bill payment processes. It enables seamless international money transfers to 150+ countries at interbank exchange rates, provides instant multi-currency corporate cards, and effortlessly syncs with their accounting systems.

Wise – Simplifies international payments to 70+ countries with transparent fees and market-driven exchange rates. Effortlessly manage multi-currency accounts, instantly receive payments in 9 currencies, and avoid high conversion fees with Wise Business.

Separating your business finances from your personal accounts is a savvy move that reinforces your company’s legitimacy and reliability. This step is essential for building a strong foundation to support your business’s long-term growth and development.

AsiaBC understands the tedious process of opening a business account, particularly for entrepreneurs launching their ventures. Equipped with extensive knowledge of KYC procedures and banks’ client appetite, team AsiaBC performs a thorough pre-evaluation and develops a customised application to find you the ideal banking partner that best aligns with your company’s profile. Freeing you up to focus on what truly matters – growing your business.

Elevate your business with the right banking partner by your side. Connect with our experts via WhatsApp at +852 6547 1314 or email us at business@asiabc.com.hk to get your tailor-made banking solutions.