MAS Admits Four Digital Banks Under Singapore's License Regime: GXS, MariBank, Trust Bank, and ANEXT
These banks hold a mix of digital full bank, digital wholesale, and full bank licenses, serving individuals and businesses.
By Wei Chen·March 12, 2026·5 min readOrionmano Industries
These banks hold a mix of digital full bank, digital wholesale, and full bank licenses, serving individuals and businesses.
Singapore's digital banking landscape features four licensed players—GXS Bank, MariBank, Trust Bank, and ANEXT Bank—each operating under distinct MAS license types, reflecting a deliberate regulatory approach to foster competition while managing risk. The Monetary Authority of Singapore (MAS) awarded two Digital Full Bank (DFB) licenses in 2020 to a consortium comprising Grab Holding Inc. and Singapore Telecommunications Ltd. (which launched GXS Bank) and an entity wholly owned by Sea Ltd. (which launched MariBank). Two Digital Wholesale Bank (DWB) licenses were issued to Ant Group (ANEXT Bank) and a consortium of Greenland Financial Holdings, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management (Green Link Digital Bank). Trust Bank, a joint venture between Standard Chartered Bank (Singapore) and FairPrice Group, operates under a Full Bank license held by Standard Chartered rather than a dedicated digital bank license, though it functions as a fully digital bank. All four entities are authorized by MAS to offer banking services digitally.
The Four Digital Banks and Their Licenses
The four digital banks operating in Singapore fall into three distinct license categories, each with specific regulatory permissions. GXS Bank and MariBank hold Digital Full Bank (DFB) licenses, permitting them to serve both retail customers and businesses with services such as opening accounts, deposits, and issuing debit and credit cards. ANEXT Bank holds a Digital Wholesale Bank (DWB) license, restricting it to serving corporates and small and medium-sized enterprises only. Trust Bank operates under a Full Bank license via Standard Chartered Bank, which allows it to run ATMs, cash deposit machines, and a full suite of banking services similar to traditional banks.
MAS received 14 eligible applications from a total of 21 submissions but awarded only four digital bank licenses in its initial pilot—two DFBs and two DWBs—after evaluating applicants on business model, use of technology, sustainability of digital banking management, growth prospects, and contribution to Singapore's financial center. DWBs were introduced on a trial basis, and MAS has stated it will review their operation before deciding whether to issue more.
{
"type": "pie",
"title": "License Type Distribution Among Singapore's Four Digital Banks",
"subtitle": "Based on MAS classifications as of 2025",
"x_label": "",
"y_label": "",
"y_unit": "",
"series": [
{
"name": "Digital Full Bank",
"data": [
{
"x": "Digital Full Bank",
"y": 2
}
]
},
{
"name": "Digital Wholesale Bank",
"data": [
{
"x": "Digital Wholesale Bank",
"y": 1
}
]
},
{
"name": "Full Bank",
"data": [
{
"x": "Full Bank",
"y": 1
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]
}
],
"source": "Airwallex blog 'Top 5 MAS-Approved Digital Banks in Singapore (2025)'"
}
Customer Segments and Services
Each digital bank targets distinct customer segments based on its license type and business model. GXS Bank and MariBank, operating under Digital Full Bank licenses, serve both individuals and businesses. GXS Bank offers savings accounts with rates up to 1.3% p.a. (variable) and an interest base rate of 1.08% p.a., though specific product details continue to evolve since its launch. MariBank provides a savings rate of up to 3.04% p.a. via its Mari Invest product, with a base rate of 0.88% p.a.
ANEXT Bank, restricted by its Digital Wholesale Bank license, serves only businesses. It offers fixed-deposit products with variable rates—SGD 0.80% p.a. and USD 1.00% p.a. as of January 2026—targeting corporates and SMEs that have historically been underserved by traditional banks.
Trust Bank, under its Full Bank license, offers services to individuals including savings accounts and credit cards. It advertises savings rates of up to 2.50% p.a., with a base rate up to 0.50% p.a. As a joint venture with FairPrice Group, Trust Bank benefits from integration with Singapore's largest retailer, enabling it to offer cashback and rewards tied to everyday spending.
Exhibit
Savings and Investment Product Interest Rates at Singapore's Digital Banks
All four digital banks are covered under the Singapore Deposit Insurance Corporation (SDIC) Deposit Insurance Scheme, which insures deposits up to S$100,000 per depositor per bank in the event of a bank failure. This protection applies uniformly to all licensed banks in Singapore, including digital banks operating under DFB, DWB, and Full Bank licenses, as confirmed by MAS and SDIC.
Digital banks are subject to the same prudential and conduct requirements as traditional banks under MAS regulation. These include capital adequacy standards, anti-money laundering rules, and measures to provide monthly statements of account to customers. If a digital bank intends to carry out regulated activities or financial advisory services, it must also meet requirements under the Securities and Futures Act and the Financial Advisers Act, including conducting suitability assessments for target customers and depositing customer assets into separate custody accounts. Unlike traditional banks, digital banks are limited to one physical place of business and cannot operate branches, ATMs, or cash deposit machines, though Trust Bank's Full Bank license exempts it from this restriction.
Market Context and Future Outlook
The current four-player digital banking landscape results from MAS's selective approach. The authority announced in 2020 that it would award licenses for up to two DFBs and up to three DWBs, but after receiving 14 eligible applications, decided to award only two DWBs. The digital banks are expected to raise the industry's bar in delivering quality financial services, particularly for currently underserved businesses and individuals, and strengthen Singapore's financial sector for the digital economy.
MAS has stated it will continue to monitor market developments and review the need to issue more digital bank licenses in the future. As the pilot program matures, analysts anticipate that additional licenses may be granted, potentially expanding the competitive landscape beyond the current four players. Factors influencing this decision will include the operational performance of existing digital banks, their contribution to financial inclusion, and the evolution of customer adoption patterns. For professional observers, the key metrics to track will be deposit growth, SME lending volumes, and the pace of technology-driven cost reductions relative to incumbent banks.
