- Osome Blog SG
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Online Banking in Singapore: Best Platforms for Small Businesses
- Published: 13 October 2025
- 8 min read
- Better Business
Rodney Wong
Author
Rodney helps customers in Singapore navigate their way through the details and benefits of our products and services, and to see how the application of technology to their needs could be a game changer for their business. A big believer in the power of the written word, he makes tech topics accessible, applicable, but most of all, useful, to encourage entrepreneurs to chase that big idea.
Online banking is now the default way SMEs in Singapore manage money – from opening an account to paying suppliers and reconciling cash flow – all through secure web and mobile platforms. If you’re wondering what is online banking and whether it’s safe, the short answer is yes: regulated providers use encryption, multi-factor authentication, and real-time monitoring to protect your business.
Key Takeaways
- Online banking in Singapore helps SMEs save time by reducing paperwork and allowing them to manage accounts and payments without visiting a branch.
- The best providers give business owners smarter tools, including account management features, multi-currency support, and integration with accounting software.
- For 2025, Airwallex, Aspire, DBS, OCBC, and UOB are among the top online banking options for small businesses.
What Is Online Banking
Online banking, also called internet banking, allows businesses to manage their finances through a secure digital platform instead of visiting a branch. With an online banking account, you can check balances, make payments, transfer funds, and monitor transactions at any time. This digital approach reduces paperwork and gives SMEs greater control over their cash flow.
Online banking is different from mobile banking, which is primarily app-based for quick access. While mobile banking offers convenience, online banking typically provides a more comprehensive set of tools for businesses, including multi-user access and integration with accounting software.
How Does Online Banking Work in Singapore
Once a business account is opened, you receive login credentials to access the bank’s platform via a web browser or mobile app. The online banking procedure allows you to schedule payments, approve transactions, and download statements digitally.
Many platforms in Singapore also offer features like real-time transaction monitoring and approval workflows, helping business owners manage finances efficiently. Compared with branch-based banking, the online banking process is faster, more flexible, and provides SMEs with full visibility and control over their accounts.
SMEs in Singapore save time by choosing digital-first providers like Airwallex or Aspire. Osome helps you set up the right business account during incorporation, so you can manage finances smoothly from day one.
Benefits of Online Banking for Small Businesse
For small businesses in Singapore, managing finances efficiently is crucial for growth and stability. Online banking moves traditional banking services to a secure digital platform, allowing business owners to save time, reduce paperwork, and focus on running their company. With features designed specifically for SMEs, online banking helps streamline everyday operations while giving owners greater control over their finances.
Online banking offers several clear advantages for SMEs in Singapore:
- Save time by handling payments, transfers, and approvals online without visiting a branch.
- Improve account management with real-time balance updates, transaction alerts, and multi-user access for your team.
- Integrate with accounting software, reducing manual data entry and speeding up reconciliation.
- Gain better cash flow visibility through instant reporting, multi-currency accounts, and detailed transaction histories.
- Strengthen financial control by keeping all business transactions in one secure and accessible platform.
In summary, online banking provides small businesses with a powerful combination of efficiency, visibility, and control. By taking advantage of these benefits, SMEs in Singapore can simplify financial management, make informed decisions faster, and focus on growing their business with confidence.
A more recent Airwallex and Edgar, Dunn & Company survey found that over 80% of SMEs are actively seeking alternatives to traditional banks for payment solutions. Common pain points include delays in cross-border payments (45% experience long processing times) and high FX fees due to forced conversions (41%) (Fintech News).
Best Online Banking Providers in Singapore
Choosing the right online banking provider can make a significant difference for small businesses in Singapore. The best platforms offer not only secure account management but also features tailored to SME needs, such as integration with accounting software, multi-currency support, and tools for easy cash flow tracking. Below, we highlight some of the top providers for 2025, including Osome partners Airwallex and Aspire, along with leading local banks that are popular among business owners.
1 Airwallex
Airwallex is a digital-first platform designed for SMEs handling local and international transactions. It provides a seamless online bank account experience with fast account setup and secure online banking procedures.
Key Features
- Multi-currency accounts and low-cost international payments
- Integration with accounting software for streamlined bookkeeping
- Real-time transaction monitoring and approval workflows
Best For: Businesses expanding globally or needing easy integration with accounting platforms.
2 Aspire
Aspire offers a fully digital business banking solution for small businesses and startups in Singapore. Its online banking platform is user-friendly, with a focus on spend management and easy account access.
Key Features
- Fast online bank account opening in Singapore 2025
- Expense management tools and team card controls
- Accounting software integration for SMEs
Best For: Entrepreneurs and SMEs looking for a digital-first solution with strong business account management features.
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3 DBS
DBS is one of Singapore’s largest banks, offering a robust online banking platform for businesses. Its online banking interface is widely regarded as one of the best in Singapore for ease of use and comprehensive functionality.
Key Features
- Advanced SME account management tools
- Integration with accounting software
- Multi-user access and detailed reporting
Best For: SMEs that need a reliable, full-featured platform with strong local support.
4 OCBC
OCBC’s Velocity platform provides online banking services tailored for small businesses in Singapore. It combines convenience with advanced features for account management and payments.
Key Features
- User-friendly interface for business banking
- Real-time transaction monitoring and approval workflows
- Accounting software integration for streamlined bookkeeping
Best For: Businesses seeking a balance between digital convenience and comprehensive account management.
5 UOB
UOB Infinity is designed to simplify business banking with a focus on usability and efficient online account management. Its platform supports multi-user access and provides detailed transaction tracking for SMEs.
Key Features
- Easy-to-use online banking interface
- Integration with accounting software
- Multi-currency support and financial reporting tools
Best For: SMEs looking for a user-friendly platform with strong reporting and multi-currency capabilities.
When choosing an online banking platform, look beyond costs. Features like accounting software integration, approval workflows, and multi-currency accounts often save SMEs more time and money in the long run.
How To Set Up an Online Bank Account
Opening a business online banking account in Singapore is simple, fast, and secure. Compared with traditional branch setup, the process is fully digital and designed for SMEs.
Step 1: Choose a provider
Select a bank or platform that fits your business needs, such as Airwallex, Aspire, DBS, OCBC, or UOB.
Step 2: Submit required documents
Provide company details, director identification, and incorporation documents. Many providers allow verification via video call or secure upload.
Step 3: Complete account activation
Once approved, activate your online banking access to start managing payments, transfers, and approvals.
Setting up an account online gives small businesses full control over finances, easy integration with accounting software, and faster access to cash flow compared with branch-based accounts.
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Is Online Banking Safe in Singapore?
Online banking in Singapore is safe when you use regulated providers. Banks and fintech platforms implement strong security measures to protect business accounts and sensitive data.
Two-factor authentication (2FA) is commonly required, adding an extra layer of protection when logging in or authorising payments. All transactions are encrypted, preventing unauthorised access. Many providers also use real-time fraud detection systems to monitor unusual activity and alert account holders immediately.
While occasional online banking problems such as downtime or login issues may occur, these are usually resolved quickly by the bank. Businesses can stay secure by using private networks, updating passwords regularly, and monitoring accounts for suspicious activity.
Following these guidelines ensures that SMEs in Singapore can safely take full advantage of the convenience and features offered by online banking platforms.
Summary
Online banking has become an essential tool for small businesses in Singapore. It saves time, improves cash flow visibility, and provides advanced account management tools. Platforms like Airwallex and Aspire, along with DBS, OCBC, and UOB, offer secure, user-friendly solutions with features such as multi-currency accounts, integration with accounting software, and real-time transaction monitoring. By choosing the right provider, SMEs can streamline financial operations, reduce paperwork, and focus on growing their business.