OCTIS vs Aspire vs DBS, OCBC and UOB for Singapore businesses
A payment platform against the three local banks. The trade is balance rules and deposit insurance against flexibility and cashback.
Last checked · 8 sources
Otty's short answer
The three banks give you a licensed bank account with SDIC cover, but charge balance-linked fees: DBS S$40 per month below S$10,000 on its standard account, UOB S$15 below S$5,000, OCBC a fee below S$1,000. Fast online opening mostly needs Singapore citizen or PR owners. Aspire has no minimum balance and a S$0 plan, but is not a bank and is not covered by SDIC. Many firms hold both.
Side by side
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| What matters | OCTISHong Kong company + OCTIS global plan | Aspire | DBS | OCBC | UOB |
|---|---|---|---|---|---|
| Type | OCTIS is not a bank; licensed partners provide the services | Payment institution, not a bank | Bank | Bank | Bank |
| Account fee | 10–30% below your current bill | S$0 Basic; S$15 Premium | S$10 per month (under 3 years); S$50 per year after | S$10 per month, first 2 free | S$35 per year (eBusiness) |
| Minimum balance | Set by our licensed partner; quoted before you commit | None | None under 3 years; S$10,000 after | S$1,000 average | S$5,000 average |
| Balance-linked fee | Set by our licensed partner; quoted before you commit | None | S$40 per month below S$10,000 | Fee below S$1,000; amount not stated | S$15 per month; waived 12 months |
| Online opening | Set up through licensed partners alongside your incorporation | As fast as 1 day | Online if owners are citizens or PRs | Instant with Singpass | Instant if owners are citizens or PRs |
| Foreign-owned company | 100% foreign ownership of a Hong Kong company | Rules not published | Separate application page | Not stated | Not instant online |
| Local transfers | Collecting and sending payments via licensed partners | Free, no cap stated | Unlimited free (under 3 years) | 80 free FAST and GIRO (reported by Aspire) | S$0.50 rebate on up to 60 FAST |
| International transfer out | Sending payments via licensed partners | Not on pricing page | Not published on page read | S$30 or 1/8%, max S$150 (reported by Aspire) | S$15 online promo to 2027 |
| Currencies | International multi-currency account via licensed partners | 8 account currencies | 13 | Multi-currency account separate | USD BizGlobal separate |
| FX rate | Foreign exchange via licensed partners | From 0.46%, published | Not published; SecureFX | Not publicly disclosed | Not published |
| Card rewards | Corporate card via licensed partners | 1% to 1.2% cashback | 0% FX on debit card; promos | Not stated | Up to 0.9% cash bonus, capped |
| SDIC deposit insurance | Not offered; OCTIS is not a bank | No | Up to S$100,000 | Up to S$100,000 | Up to S$100,000 |
If you have staff, premises or local sales in this country, its own registration and tax rules still apply. OCTIS can help you arrange them.
Data sources & disclaimer: Comparison data was compiled from publicly available sources — including the competitors' own published pricing and feature pages — captured on 9 November 2026. Figures reflect the typical or advertised pricing at that time and may have changed since; plans, inclusions and prices vary by provider, region and promotion. OCTIS is independent and not affiliated with the named companies; all trademarks belong to their respective owners. This comparison is provided in good faith for general information only and is not professional, legal or financial advice — please verify current details with each provider before deciding.
Which one fits you
OCTIS · Hong Kong company + OCTIS global plan
Choose OCTIS if you sell to customers in several countries and want your Hong Kong company, multi-currency banking via licensed partners and CRM in one place.
Aspire
Choose Aspire if your balance swings, you want no fall-below fees, cashback cards and many currencies.
DBS
Choose DBS if you want the largest local bank, FX tools like SecureFX and a company younger than 3 years on the Starter Bundle.
OCBC
Choose OCBC if you want instant Singpass opening and a bank-covered account with a low balance floor.
UOB
Choose UOB if you want the cheapest published online SWIFT fee and your owners are Singapore citizens or PRs.
What the table does not show
Fees that depend on your balance
Banks price accounts by balance. DBS charges S$40 per month on its standard business account when the average daily balance is under S$10,000, and its Starter Bundle for companies under 3 years has a S$10 monthly fee and no service charge. UOB eBusiness charges S$35 a year and a S$15 monthly fall-below fee under S$5,000, waived for the opening month and the next 11. OCBC Business Growth asks for S$1,000 to open and a S$1,000 average balance. Aspire has no minimum balance.
Getting opened
OCBC says you can open Business Growth online with Singpass and get your account number on the spot. UOB says online opening is instant between 8:30am and 9pm, but only for sole proprietorships, partnerships and private companies fully owned by Singapore citizens or PRs. DBS limits its online form to companies incorporated in Singapore and fully owned by citizens or PRs. Foreign-owned companies usually go through a longer bank process. Aspire says approval can take as little as 1 day.
Deposit insurance
SDIC insures deposits up to S$100,000 per depositor at each member bank. OCBC states its Business Growth Account is insured up to S$100,000 by SDIC, DBS lists SDIC protection up to S$100,000 on its Starter Bundle page, and UOB says SGD deposits of non-bank depositors are insured up to S$100,000. Aspire is not a bank and says deposit insurance is not provided. If your balance sits well above S$100,000, spread it or ask each provider how funds are safeguarded.
Where OCTIS fits
Whichever account you open, the books still need doing. OCTIS sells in Malaysia and Hong Kong only, so it does not keep books or file tax for a Singapore company. If your Malaysian or Hong Kong company sells into Singapore or runs a Singapore subsidiary, OCTIS bookkeeping can reconcile the home accounts and consolidate the foreign statements. OCTIS is not a bank and has no partnership with any provider here. Ask about 10–30% off your current bill.
Frequently asked questions
Is Aspire better than DBS, OCBC or UOB?
It depends on balance and ownership. Aspire has no minimum balance and cashback cards, which suits variable cash. The banks give SDIC cover, branch access and loans. Banks also add fall-below fees when your balance dips. Many companies keep a bank account and an Aspire account together.
Which Singapore bank has the lowest business account fees?
On published figures, UOB eBusiness has the lowest annual fee at S$35, with the S$15 fall-below fee waived for 12 months. OCBC is S$10 per month after 2 free months. DBS Starter is S$10 per month for companies under 3 years. Compare after waivers end.
Can a foreign-owned Singapore company open a DBS, OCBC or UOB account online?
DBS and UOB state that fast online forms are for companies fully owned by Singapore citizens or PRs. DBS sends foreign-owned companies to a separate application page. UOB lists a setup fee of at least S$500 for foreign incorporated companies. OCBC lists a foreign-owned business account but gives no detail on the page we read.
Are Aspire deposits covered by SDIC?
No. Aspire says it is not a bank and deposit insurance is not provided. It says funds are safeguarded with a Tier 1 bank such as DBS. SDIC covers deposits at member banks up to S$100,000 per depositor, per institution.
Do I need a bank account to use Aspire?
No. Aspire gives you a Singapore account number and works as a separate account. Most companies keep an existing bank account for lending and cheque needs and use Aspire for payments and cards.
Sources
Checked on the date above. Links open the provider's or regulator's own page.