Neobank Singapore Over Traditional Banks
Singaporeans are tech maniacs and technology has now stepped in their financial sector. Neobank Singapore is a digital-only bank, that executes all banking operations virtually, and doesn't have a physical existence. Customers can control their transactions and all financial activities from their smartphones or computers.
A Few Popular Neobanks
Singapore Neobank has stepped in the fintech industry of Singapore recently, but is quite popular among European and American countries. Some of them have integrated with Aspire and you can transact money via Aspire accounts. They are:
Transferwise: It is one among the World's leading Neobanks that conduct international money transfers.
Youtrip: It offers a special feature of multi-currency travel wallet.
Revolut: It has a lower exchange rate, allows multiple currency transactions with no fees, and international money transfer features.
How is Neobank different from Traditional banks?
Neobank Singapore is often referred to as "Challenger Bank" as it challenges traditional banks.
These Neobanks have been established in the last five years, and have no bank licence, or are partially licensed, and a very few are fully licenced. Whereas, traditional banks have been set up over decades and do have a full banking license.
While traditional banks have institutional setup for years and have physical branches at different locations, Neobanks are completely digital platform.
Neobanks have a flexible, virtual, and no long contract customer relationship. They use different algorithms and cloud-based tools to provide financial services with accuracy and efficiency, via mobile application. While there is a long term customer relationship with traditional banks.
But, to work with Neobanks, customers need to be literate and have good knowledge of the latest technologies. This makes them operate hard for the illiterates or tech-ignorant group especially the elder generations.
Is Neobanks similar to Digital Banks?
People often seem to confuse between a Neobank and a Singapore digital bank. They offer similar types of services including withdraw, deposit, transfer, money lending, and other bank-related operations. But, Neobanks are independent banking platforms, and digital banks act as a branch of a traditional bank.
Neobanks over traditional banks for SMEs
Neobanks, unlike traditional banks, have a specified audience. They offer financial solutions to SMEs and streamline the workflow. Also, using these banks start-up business owners can out down on their financial expenses like high processing fees, transactional charges, etc.
Neobank Singapore is yet a new fintech concept for Singaporeans. If SMEs are looking to open digital business accounts and get facilities from Neobanks, Aspire can help them in the entire process. There is no minimum deposit required, neither any monthly fees. Our user-friendly mobile app allows customers to create accounts at their convenience. What else we provide is, a working capital to the startups to conduct business and execute operations smoothly. The approval period needs just 48 hours and is not lengthy as traditional banks.
With us, you can save time, money, and help you grow. When all banking services are available at your fingertips, you can invest time and money in conducting business operations.
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