How does Singapore digital bank make banking easier for small businesses?

Small businesses are fairly resilient to economic blows and business cycles. Though they contribute a lot to the economy of a country, yet they have limited access to financial assistance from banks and other financial institutions. With the advent of the digital age, Singapore digital bank came into the frame to finance small to medium-sized businesses.

Five new digital bank licenses are to be issued by the Monetary Authority of Singapore. A report of Oracle global survey states 69% customers are entirely dependent on digital channels while 30% customers are stepping to challenger banks. 

What is a digital bank?

A digital bank, like traditional banks, will provide banking services like creating accounts, making deposits, offering loans and card facilities, etc, to the customers. Except for, it won’t have a physical existence and no ATMs. All your banking operations will be performed digitally.

This has made the banking system easier and convenient. But the hurdles are, being a tech maniac and a literate. Traditional banks often provide a few services on their digital platform via application or the internet. But this is different from digital banking Singapore.

How efficient are digital business accounts?

Digital business accounts have made borderless payments easy, fast and transparent. It is integrated with your workflow and is designed to give you control over your financial activities. Small business owners have greater responsibilities, and these banks streamline their workflow and offer credit cards and loans for the smooth running of the business. At Aspire, we help you create business accounts in 5 minutes, and also offer credit cards for small businesses.

The two major advantages of digital banks over traditional banks for SMEs are the higher interest rate and lower fees. What's more is, the cashback and rewards offered on digital payments. These banks don't pay the overhead for physical branches or hiring manpower, and pass down the savings to customers in the form of high-interest rates, and by lowering down the processing and other fees.

Other benefits of digital banks for small businesses are:

Convenience

Singapore Digital bank has made global money handling methods easier by letting consumers make payments from anywhere in the world and at any time. Small business owners are usually busy making strategies, running businesses, and lots more. This banking facility makes payments easier and convenient. International payments over 50 currencies are allowed with low and transparent fees.

Monitoring and tracking transactions

It is difficult for small-sized businesses to install complex financial management systems. Therefore, they rely on online banking platforms to monitor their finances. The owners have a clear picture of all the expenses made in business and facilitate sound financial decision-making. 

Lower costs

Digital marketing is a cost-effective method of managing finances at your convenience. Aspire allows accounting integrations, team access, and scheduled payments. Also, the sign-up fee is free, with no minimum deposit, and no annual or fall below fees. Therefore, you can save up to five times more than other banks.

Additional features from Aspire

We offer you smart features and integrations with the business account. This is made closing books faster with our accounting integrations. Also, you can save time with our auto spend categorizations, scheduled and bulk payments, and a lot more financing features. 

Besides these, you can onboard your team in a few minutes and have the right level of security access. To help to budget in business you can issue cards or use transaction approval flows. These track down your business expenses and speed up your team. 

Singapore Digital Bank is a new innovation for Singaporeans but is expected to challenge traditional banks in a few years.
Location: Singapore

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