Aspire vs Airwallex vs Anext Bank: Singapore Business Account Guide 2026

Understanding the Regulatory Framework in Singapore

To make an informed decision, it is helpful to understand how the Monetary Authority of Singapore (MAS) categorizes these financial institutions:

• Major Payment Institutions (MPIs): Providers like Aspire and Airwallex hold MPI licenses under the Payment Services Act. They provide payment and e-money services. MAS requires MPIs to safeguard customer funds by holding them in segregated trust accounts with licensed banks or in highly liquid assets.
• Digital Wholesale Banks: Anext Bank holds a wholesale banking license, designed to support SMEs and non-retail segments. Under the SDIC Act, wholesale banks are not members of the Singapore Deposit Insurance Scheme.
• Full Banks: Traditional banks (e.g., DBS, OCBC, UOB) and Digital Full Banks (e.g., GXS, MariBank, Trust Bank) hold full banking licenses and are covered by SDIC for up to S$100,000 per depositor.

Aspire Review for Singapore Businesses

Regulatory Status: Aspire is a MAS-licensed Major Payment Institution (License No. PS20200548).

Strengths: Aspire functions as a comprehensive financial operations system. It supports payroll workflows, including CPF contribution payment processes, virtual card issuance, and real-time expense tracking. It integrates seamlessly with major accounting software, making it easy to enable InvoiceNow e-invoicing and streamline your accounting workflows. Their FX rates start from 0.22%.

Best For: E-commerce aggregators, professional services firms, and tech startups with 5–50 employees who need to manage operational expenses efficiently.

Features: Hold and receive payments in 30+ currencies. Issue up to 200 virtual or physical cards. Integrates with Xero, QuickBooks, Oracle NetSuite, Deskera, and SAP.

Airwallex Review for Singapore Businesses

Regulatory Status: Airwallex is a MAS-licensed Major Payment Institution (License No. PS20200541).

Strengths: Airwallex is built for cross-border scale. It offers a multi-currency wallet holding 50+ currencies with local receiving details in key markets like the US, UK, and Europe. This allows businesses to receive USD via ACH (avoiding SWIFT fees) and pay suppliers via local rails. International transfer fees start from approximately 0.4%.

Best For: Cross-border SaaS, digital agencies with international clients, and import/export businesses where currency volatility and transfer fees are a key consideration.

Features: Global payments network, multi-currency corporate cards, and API-first accounting integrations. Note that it does not currently offer native local payroll processing for Singapore's CPF requirements.

Anext Bank Review for Singapore Businesses

Regulatory Status: Anext Bank is a MAS-licensed Digital Wholesale Bank, launched in June 2022 as a subsidiary of Ant International.

Strengths: Anext is optimized for regional trade flows. It offers multi-currency business banking with support for holding and managing balances in SGD, USD, EUR, and CNH (Offshore Yuan). It provides streamlined connectivity for businesses sourcing from or dealing with Chinese counterparts.

Best For: China-facing businesses, import/export companies, and SMEs seeking a digital wholesale banking experience.

Features: Multi-currency accounts and regional trade support. Please note that it does not currently offer corporate cards or direct API sync with Xero/QuickBooks.

Side-by-Side Comparison

Which Business Account Fits Different Business Models?

Singapore SME with Payroll

Aspire is a strong choice here. Its direct integration with the CPF Board and automated payroll runs simplify the process of calculating and disbursing employee contributions.

Cross-border Consultancy

If you invoice clients in USD and GBP but pay local staff in SGD, Airwallex offers local receiving details, allowing clients to pay you as a domestic entity and saving on international wire fees.

E-commerce Business

Airwallex is highly effective here due to its payment gateway integration, shopper checkout plugins, and ability to settle payouts to suppliers in their local currency.

Import/Export or China-facing Business

Airwallex or Anext Bank. Airwallex offers strong volume pricing and local payment rails to China and Europe. Anext Bank is attractive for CNH (Offshore Yuan) flows, though it does not currently offer corporate cards.

Can Foreign-Owned Singapore Companies Open These Accounts?

Yes, all three providers support foreign-owned entities with remote onboarding. However, they adhere to strict MAS guidelines, so you can expect thorough KYC and source of wealth checks.

• Aspire & Airwallex: Generally supportive of foreign directors. They conduct remote video verification and typically request detailed business invoices and director address proof.
• Anext Bank: Supports foreign-owned entities but maintains a rigorous compliance standard appropriate for its wholesale banking license.

To open these accounts, your entity must be formally registered. If you are still structuring, review our guides on foreign ownership rules, nominee director services, and requirements for a registered filing agent.

How Soon Can You Open a Business Account After Incorporation?

Immediately. Once ACRA issues your UEN and you have your company documents (Certificate of Incorporation, Constitution, and Register of Directors), you can apply. Digital providers excel in this area; verification for Aspire or Airwallex can often clear within 24 to 48 hours. Ensure your post-incorporation compliance is in order first.

Need Help Setting Up Your Singapore Company First?

A registered entity is the foundational requirement for opening any business account. If you are in the planning phase, Terra Advisory Services streamlines the entire incorporation process to ensure your company is bank-ready and InvoiceNow-ready from day one.

We provide expert support in incorporation, nominee director placement, corporate secretarial, compliance, accounting, and tax.

Frequently Asked Questions