Best Bank For Merchant Services

Best Bank For Merchant Services – Digital banks are on the rise in Singapore since June 2019. After the Monetary Authority of Singapore (MAS) began issuing full and wholesale digital banking licenses to institutions, financial institutions.

The wholesale digital banking license enables new digital banks to serve small and medium enterprises (SMEs) and corporations. Meanwhile, a full digital banking license allows them to serve retail customers.

Best Bank For Merchant Services

The first four winners to receive licenses from the Monetary Authority of Singapore are C Group, Ant Group, Greenland Financial Holdings and Singtel & Grab.

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Digital banking is very convenient. They work completely online. They operate like traditional banks, only with the added perk of offering more competitive rates and no physical branches. It allows customers to access it from their smart devices and make mobile payments anywhere they have an internet connection.

As a result of the increasing popularity of the above four winners, scammers are introducing new new entrants. Fortunately, the following post highlights some of the best digital banks that are worth opening an account and making payments.

Also see: Compare and choose the best SME loans in Singapore and the best SME loan interest rate comparison guide

The table below lists some important details you should know about each of the above new digital banks:

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Founded in 2018 by Giovanni Casinelli (CTO) and Andrea Baronchelli (CEO), Aspire is a Singapore-based bank. It is one of the new entrants trying to provide quality banking services to SMEs with technology-led financial instruments.

1. Enter Director Information 2. Fill in your business details 3. Confirm your identity using MyInfo or Selfie

Note: You must provide Aspire with your mobile phone and email, your ID number and name, face-to-face selfie, ID or passport photo, your business name and website address or a description of what you are looking for. Your business.

Revolut is a user-friendly digital banking app similar to Greenland Financial Holdings. It was founded in 2015 and allows you to spend cash worldwide with minimal fees. It has three floors; Standard, Premium and Metal accounts, where Standard is the lowest.

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1. Go to the website. 2. Enter your phone number. 3. Download the app and provide the required information for account verification and activation.

Neteller is a digital wholesale bank founded in 1996. It is one of those mobile apps that makes buying products online safer by reducing the amount of personal information you provide.

1. Download the app on your smartphone. 2. Fill in the required information in the spaces provided. You will be asked to submit personal data such as utility bills and IC or passport. 3. Deposit funds into the account via payment processor, credit card or other bank transfer as soon as the account is activated. Activation takes a day or less. 4. Online Services Payment, Shopping, Money Transfer, Receiving Money, Shuttle.

InstaReM is a digital wholesale bank like Greenland Financial Holdings. It offers a complete set of banking services. It is one of the new entrants in Singapore and serves markets including Southeast Asia, America and Europe.

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1. Enter your phone number, email, registered country and registered business name in the available registration form. 2. Enter your source of income, name, employment status, address and phone number in the second form. Expect a verification code to confirm your number.

3. Upload your official documents in soft copy format using the form below. Make sure the file matches your specifications. 4. Wait for verification. It takes at least a day. 5. Success! You’re in!

1. Fill in your location and email address in the form provided. Choose a password that follows their guidelines. 2. Enter your source of income, name, employment status, date of birth and phone number in the form below. You will receive a verification code to verify your number. 3. Verify your identity by entering your recent bank statement, driver’s license or utility bill details. 4. Wait for confirmation. 5. If everything goes well, your registration will be successful.

Formerly known as Transferwise, Wise is a digital bank account launched in January 2011. This account helps you manage your finances across multiple countries and currencies.

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1. Go to the website and sign in with Apple, Google or Facebook. Or, provide your email address and tap ‘Next’. 2. Select your account type between Business and Personal. 3. Select the country you currently live in. This is very important as the digital banking application will need to confirm your address later. 4. Share your phone number and send verification code, they will send you soon. 5. Choose a strong password. You will be asked to scan a copy of your ID. The digital banking app takes about two days to confirm the details. 6. Once verified, place your debit card order and enter funds into your account first.

BigPay is a digital wholesale bank in Singapore. These include a physical Visa card and an e-wallet app, which lets you spend worldwide with minimal fees.

1. Download the app. 2. Fill your details (name, date of birth etc.) and take your NRIC photo and selfie. 3. Deposit S$20 after your account is verified. 4. Wait at least one day to receive your card.

YouTrip is Singapore’s first multi-currency wallet. It was founded in 2018 and is the result of a partnership between You Technologies Group, EZ-link and Mastercard.

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1. Click on ‘Sign up for free’ 2. Submit your documents – ID for expats living in Singapore and NRIC for Singaporean and permanent residents. 3. Take back and front photos of your NRIC (PR and Singaporeans) and present them. If you are a foreigner residing in Singapore, submit proof of address and a copy of your identity card. 4. Enter the name you want to appear on the card. 5. Fill in your residential address and personal information. 6. Wait for the card from 1-2 working days.

Sleek is a secure and regulated digital wholesale bank launched in 2017. It provides businesses with easy online receipts, unlimited deposits and transfers.

1. Download the app or visit your bank’s website. 2. Fill in your details and answer some questions. 3. Wait for the new digital bank to process your information. Once you have set up your account you can deposit and access funds.

Wirex is a new borderless digital payment platform founded in London in 2014. Standard is one of its tiers, as are Premium and Elite accounts.

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1. Download the Wirex app from the App Store or Google Play. 2. Open the platform and tap on ‘Sign Up’. 3. Fill in your email address and first and last name and create a strong password. 4. Receive the email with the activation link and click on it. 5. Return to the app and tap on ‘Continue’. 6. Verify your phone number. 7. Get the 7-digit code sent to you and enter it.

Canvas is a digital banking solution that offers a digital pocket and home finance app with prepaid Visa cards. It was started in 2014 by fintech entrepreneur Ravi Patel.

1. Sign up for an account and create your profile. 2. Select the number of digital cards you want and enter your cardholder information. 3. Save your payment details – you’ll need them if you want to continue after the free trial. 4. You will receive your digital card in less than two weeks. If you are ordering a pass for someone else, please make sure they have the app on their phone. 5. Complete the one-click activation in the digital app on receipt of the card.

Digital banking is the present and future of seamless banking services. However, please note that not all banks are trustworthy. You can trust our above options as they have some of the best security features and insurance products, most competitive pricing in the market and compliance with regulatory requirements. If you haven’t already, try this digital player and take financial services to a whole new level.

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With so many options, finding digital banking for you can be overwhelming. However, by looking at the services and benefits they offer, you will find something that suits your needs.

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