Digital Bank Singapore: GXS, MariBank, Trust and What They Offer in 2026

A digital bank in Singapore is a fully licensed bank that operates without physical branches, delivering all services through a mobile app. MAS granted four digital banking licences in 2020 — two Digital Full Bank (DFB) licences and two Digital Wholesale Bank (DWB) licences. As at 2026, three digital banks serve retail consumers: GXS Bank (Grab-Singtel), MariBank (Sea Group), and Trust Bank (Standard Chartered-FairPrice). All deposits are SDIC-insured up to S$100,000.

Not financial advice. All figures for educational reference only. Data as at June 2026.

Key Takeaways

• Singapore has three retail digital banks in 2026: GXS Bank, MariBank, and Trust Bank — all offering savings accounts with competitive interest rates and no physical branches.
• All three are licensed by MAS and covered by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000 per depositor.
• Digital banks typically offer higher savings interest rates (1.5–3.5% p.a. as at mid-2026) than traditional bank base rates by reducing branch overhead costs.
• Trust Bank is a partnership between Standard Chartered and FairPrice Group — it integrates with FairPrice membership and offers a Visa debit card with cashback on groceries and FairPrice spending.
• Digital banks may have limitations vs traditional banks: no physical cash deposits, limited loan products, no foreign currency accounts, and ecosystem lock-in (e.g., GXS rewards Grab users).

What Is a Digital Bank?

A digital bank — also called a neobank or virtual bank — is a bank with no physical branches that delivers all services digitally through a smartphone app. Unlike incumbent banks (DBS, OCBC, UOB) which have branch networks as a legacy infrastructure, digital banks are built entirely on cloud and mobile-first architecture, enabling faster product iteration and lower operating costs.

In December 2020, MAS awarded four digital banking licences after receiving 21 applications. The licence categories are: Digital Full Bank (DFB) — allowed to take deposits from retail customers and provide a full suite of financial services; and Digital Wholesale Bank (DWB) — focused on SMEs and non-retail customers. Both DFBs have launched for retail customers. The DWBs (GreenLink Digital Bank and ANEXT Bank) serve businesses.

The entry of digital banks intensifies competition in Singapore’s traditionally incumbent-dominated banking market, particularly for savings rates, debit cards, and money transfers.

How Do Digital Banks Work in Singapore?

Opening an account is entirely app-based: download the app, verify your SingPass (MyInfo), and fund your account via PayNow or bank transfer. There are no queues, no physical documents, and no minimum deposit requirements for most accounts.

Singapore Digital Banks Comparison 2026

Source: GXS Bank, MariBank, Trust Bank published rates. June 2026. Rates subject to change.

Digital Bank Example

Sarah keeps S$10,000 in a traditional savings account earning 0.05% p.a. (S$5/year). She moves it to a digital bank savings account offering 2.7% p.a. — earning S$270/year with no lock-in or minimum balance. She also links her Grab account to GXS for ride-hailing cashback. Over 3 years, the interest alone adds S$810 vs S$15 from the traditional account — a S$795 difference on S$10,000 saved.

Advantages of Digital Banks in Singapore

• Higher savings rates: No branch overhead allows digital banks to pass savings to customers — rates typically 2–5x higher than traditional bank base savings rates.
• Zero fees and minimum balance: No fall-below fees, no monthly service charges, no minimum deposit requirement.
• Instant account opening: SingPass-verified accounts open in minutes via app.
• SDIC-protected: All three are fully licensed banks with SDIC deposit insurance — your money is as safe as in a traditional bank up to S$100,000.
• Ecosystem integration: GXS integrates with Grab, MariBank with Shopee, Trust with FairPrice — providing cashback and rewards for existing ecosystem users.

Risks and Limitations

• No physical branches: For complex transactions, foreign currency, safe deposit boxes, or cashier’s cheques, you still need a traditional bank.
• Limited product range: Digital banks in Singapore currently offer basic savings, debit cards, and personal loans — no investment accounts, no mortgage, no FX accounts (as at 2026).
• Rate changes: Savings rates are variable and can be reduced anytime — not a fixed deposit equivalent.
• Ecosystem dependency: Some perks are only meaningful if you are an active user of the parent ecosystem (Grab, Shopee, FairPrice).
• Customer service: App-only support may be frustrating for complex issues compared to walking into a branch.

Digital Banks vs Traditional Banks Singapore

Source: MAS, bank published rates. June 2026.

The Bottom Line

For Singapore savers, digital banks offer a compelling combination of higher interest rates, zero fees, and instant setup — making them an excellent home for emergency funds and short-term savings that you want accessible but working harder than a traditional savings account. However, they are a complement to, not a replacement for, a traditional bank — you still need DBS, OCBC, or UOB for mortgages, investments, foreign currency, and complex financial services. The smartest approach in 2026 is to use both.

Frequently Asked Questions

Related Terms

• Fixed Deposit Singapore — A traditional high-yield savings alternative to digital bank accounts.
• Singapore Savings Bonds (SSB) — Government-backed savings product compared to digital bank rates.
• Robo Advisor Singapore — Digital investing platforms that complement digital banks for investment.
• Multi-Currency Account Singapore — For managing travel and overseas spending alongside digital banking.