Digital banks – the new frontier in corporate banking
Last updated on 23 August 2022
The world is changing quickly, none more so than in the financial services sector. Previously, entrepreneurs starting a business in Singapore only had the option of going to a traditional bank for their banking needs. Today, more companies are turning to digital banks and virtual corporate bank accounts for their financial services needs.
What is a digital bank?
The main difference between a digital and a traditional bank is that the former does not have a physical presence anywhere. All transactions and interactions are done exclusively online when opening virtual bank accounts with digital banks.
As digital banks conduct all their businesses online, less paperwork is needed. All transaction records, know-your-client information, application forms and other such documentation are submitted online.
Digital banks allow customers to open their bank accounts from almost anywhere in the world with internet access. Moreover, unlike traditional banks, digital banks are not confined to standard banking hours and do not require company directors to be physically present in Singapore to open their accounts.
With all transactions done online, digital banks offer the convenience and ease of integrating customers’ accounts with cloud accounting services such as Xero. They are also often connected to other international payment systems, contract management systems and digital signatures providers. Such seamless integration cuts down the resources needed for reconciling all data and reduces costs for business owners.
Like website hosting services, digital banks often offer 24/7 online support via its “Live Chat” function or phone calls where available. This customer-focused orientation makes it more convenient for customers to resolve issues with their accounts more timely and from the comfort of their home or office or even if they are on the road.
Whether you are an existing business or just setting up company in Singapore, MetroCorp’s digital bank partners (Wallex and Aspire) can assist you in establishing a virtual corporate bank account in Singapore. You will have an account manager that will guide you through the process. Furthermore, with MetroCorp’s suite of incorporation and corporate secretarial services, we will be able to help you with your business services needs.