By The Ledger desk · Last verified 7 October 2026
Singapore’s digital banks run entirely through an app, without branches. In December 2020, MAS awarded two digital full bank licences, which allow banking for individuals, to a Grab–Singtel consortium (now GXS Bank) and to an entity owned by Sea Ltd (now MariBank), and two digital wholesale bank licences, for serving businesses, to an Ant Group entity (ANEXT Bank) and a consortium led by Greenland Financial (Green Link Digital Bank). Trust Bank, backed by Standard Chartered and FairPrice Group, is the other app-only bank many people use. Your Singapore-dollar deposits at these banks are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per scheme member, the same protection as at a traditional bank.
Digital banks brought cheerful apps, no-frills accounts and keen savings rates. Your money is regulated and insured in the same way, so the choice comes down to features, rates and convenience.
Quick facts
- MAS announced the four digital bank licence winners on 4 December 2020.
- GXS Bank and MariBank hold digital full bank licences and serve individuals.
- ANEXT Bank and Green Link Digital Bank hold digital wholesale licences and serve businesses.
- Trust Bank is backed by Standard Chartered and FairPrice Group.
- SDIC insures Singapore-dollar deposits up to S$100,000 per depositor per scheme member, principal and interest together.
- Foreign currency deposits, structured deposits and investments are not insured.
Who are Singapore’s digital banks?
| Bank | Backed by | Licence type | Who it serves |
|---|---|---|---|
| GXS Bank | Grab and Singtel | Digital full bank | Individuals and small businesses |
| MariBank | Sea Ltd | Digital full bank | Individuals and small businesses |
| Trust Bank | Standard Chartered and FairPrice Group | MAS-regulated bank (not one of the 2020 digital licences) | Individuals |
| ANEXT Bank | Ant Group | Digital wholesale bank | Businesses |
| Green Link Digital Bank | Greenland Financial, Linklogis and Beijing Co-operative Equity Investment Fund Management | Digital wholesale bank | Businesses |
Some digital banks set a maximum balance for their savings accounts. GXS, for example, says you can deposit up to the maximum shown in its app, so check the current limit before moving a large sum.
How are your deposits protected?
Two layers protect you. First, every bank is licensed and supervised by MAS. Second, deposit insurance from SDIC pays insured depositors up to S$100,000 if a member bank fails.
| What you hold | Insured by SDIC? |
|---|---|
| Singapore-dollar savings and current accounts | Yes, up to S$100,000 in total per depositor per scheme member |
| Singapore-dollar fixed deposits | Yes, counted within the same S$100,000 |
| Interest earned | Yes, counted together with principal |
| Foreign currency deposits | No |
| Structured deposits, dual currency investments, funds | No |
A worked example: spreading savings
Say you have S$150,000 in Singapore dollars. Keep all of it in one bank and S$100,000 is insured, leaving S$50,000 uninsured. Split it into S$90,000 at one bank and S$60,000 at another separate scheme member, and every dollar is within the limit at each bank. The limit applies per scheme member, not per brand or per app, so check that two names are not the same bank before you rely on two limits.
Before you open an account: a checklist
- Confirm the bank on the MAS Financial Institutions Directory, and download the app only from the official app store listing.
- Read how the savings rate works: base rate, bonus conditions and any cap on the balance that earns it.
- Check the maximum balance, if any.
- Note which products are insured; foreign currency and investment products are not.
- Set up the bank’s anti-scam features, such as transaction limits and notifications.
The WahLiao Verdict
A digital bank is a perfectly sound home for everyday savings: it is licensed by MAS, and its Singapore-dollar deposits carry the same S$100,000 SDIC protection as at a traditional bank. Choose on the savings rate you can realistically earn, the app experience and any balance cap, and keep each bank’s Singapore-dollar total within the insured limit if you have more than S$100,000 to place. Keeping a traditional account alongside is handy for branch services and anything an app cannot do.
Questions people ask
Is my money safe in a digital bank?
Digital banks are licensed and supervised by MAS, and their Singapore-dollar deposits are insured by SDIC up to S$100,000 per depositor per scheme member.
Are foreign currency balances in a digital bank insured?
No. SDIC covers Singapore-dollar deposits only. MariBank, for example, states that its USD deposits are not insured.
Can I open an account at ANEXT or Green Link?
They hold digital wholesale licences aimed at businesses, so they are not designed for ordinary personal savings accounts.
What happens to deposits above S$100,000?
They can stay in the account, but the amount above S$100,000 is not covered by deposit insurance if the bank fails. MariBank, for instance, notifies customers whose deposits reach S$100,000.
Sources: Monetary Authority of Singapore, digital bank licence results (2020); MariBank, licence and deposit insurance; GXS Bank, savings account and deposit insurance; Trust Bank, backing and deposit insurance. The Ledger explains; it does not advise.
Read next: Deposit Insurance in Singapore: What SDIC Covers, Up to S$100,000 · Money Lock and Anti-Scam Features: How to Lock Your Savings at Your Bank · Back to The Ledger
For what’s worth it this week, with the bill shown, read The WahLiao Week.
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