Identify the actual provider and product
“Digital” describes how you access a service, not the account’s legal status. Ask who contracts with your company and whether the product is a bank deposit account or a payment-provider account. Read the product terms before moving operating funds.
Check the provider’s regulatory status and scope through the MAS Financial Institutions Directory. A licence or registration should be checked for the actual entity offering the product; do not rely on a similar group name or an app’s appearance.
Check how your money is protected
SDIC covers eligible Singapore-dollar deposits with Deposit Insurance Scheme members up to SGD 100,000 in aggregate per depositor per member. Companies can be covered. Foreign-currency deposits and investment products are excluded. Confirm the particular product using the disclosure and SDIC guidance.
Do not assume that every account using bank details gives your company the same deposit protection. Ask a payment provider to explain its safeguarding arrangements and the legal treatment of your balance. Compare that explanation with your need to hold money, rather than treating all online accounts as interchangeable.
Compare the facilities you will use
| Question | Why it matters |
|---|---|
| Can customers pay in the company’s name? | Check the beneficiary name and incoming payment instructions. |
| Which currencies and countries are supported? | Match the account to actual customers and suppliers. |
| What are the transfer and conversion charges? | Compare a typical month of payments, not only the advertised account fee. |
| Can the account handle local collections and payroll? | Confirm the particular payment facilities required. |
| How are access rights and approvals managed? | Check who can create, approve and release payments. |
| What happens if a transaction is reviewed? | Understand the document request and support process. |
Make the comparison using an actual payment example: the sender’s country, currency, amount, frequency and recipient. A product that suits international receipts may not meet every local payment requirement.
Prepare the company information
Providers assess ownership, directors, business activity and expected transactions. Foreign ownership can affect the application route. DBS, for example, publishes a foreign-owned company account route; that is not a promise that every application is accepted.
Our foreign-owned company banking guide covers application preparation. Gather company and ownership records, relevant contracts and a factual description of funds and transactions. Follow the chosen provider’s current checklist.
Choose for your operating needs
A business may use more than one account for different functions. Before choosing, document which receipts, payments and balances each account would handle. Confirm limits and eligibility with the provider; avoid assuming a faster application means guaranteed acceptance.
Tell us your ownership, payment countries and currencies through our corporate banking enquiry if you need help comparing options and preparing records. The provider makes the account approval decision.
Compare the legal provider and the transactions you need
Identify the entity providing the account and its regulatory status. A payment account should not automatically be described as a bank deposit, and a safeguarding arrangement is not the same as deposit insurance. Check the current provider terms and the applicable protection for the specific product.
| Business need | Question to compare |
|---|---|
| Customer receipts | Which currencies and local or international payment methods are supported? |
| Supplier payments | What are transfer fees, exchange costs and transaction limits? |
| Business finance | Are lending, overdrafts or other banking services available? |
| Account administration | Who can approve payments and what records can be exported? |
Use realistic monthly payment volumes when comparing fees. Confirm whether customers, marketplaces or counterparties accept the account details. A provider’s fast onboarding claim does not remove its eligibility and compliance checks. The foreign-owned company account guide covers ownership and business evidence needed for onboarding.
Frequently asked questions
Is every digital business account protected like a bank deposit?
No. Check the specific provider, account type and applicable protection.
Official sources
Related guides
Enquire about a corporate bank account
Tell us whether the company is registered, any previous account applications, and the countries and currencies you will use.