OCTIS vs Aspire vs OCBC Business Growth Account for Singapore startups
A bank account built for new companies against a payment platform built for spend. Fees, balances and cover side by side.
Last checked · 4 sources
Otty's short answer
OCBC Business Growth is a bank account with SDIC cover, instant Singpass opening and 80 free FAST and GIRO transfers a month, for S$10 per month after two free months and a S$1,000 balance. Aspire is not a bank but has a S$0 plan, no minimum balance, cashback cards and 30+ currencies. Pick OCBC for bank status. Pick Aspire for cards and foreign currency.
Side by side
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| What matters | OCTISHong Kong company + OCTIS global plan | Aspire | OCBC Business Growth Account |
|---|---|---|---|
| Type | OCTIS is not a bank; licensed partners provide the services | Payment institution, not a bank | Bank |
| Monthly fee | 10–30% below your current bill | S$0 Basic; S$15 Premium | S$10, first 2 months free |
| Initial deposit | Set by our licensed partner; quoted before you commit | None | S$1,000 |
| Minimum balance | Set by our licensed partner; quoted before you commit | None | S$1,000 average monthly |
| Opening | Set up through licensed partners alongside your incorporation | As fast as 1 day | Instant with Singpass |
| Local transfers | Collecting and sending payments via licensed partners | Free, no cap stated | 80 free FAST and GIRO (reported by Aspire) |
| PayNow | Set by our licensed partner; quoted before you commit | Free | Free to 31 Dec 2028 (reported by Aspire) |
| SWIFT transfer out | Sending payments via licensed partners | Not on pricing page | S$30 or 1/8%, max S$150 (reported by Aspire) |
| SWIFT payment in | Collecting payments via licensed partners | Not on pricing page | Free, agent fees may apply (reported by Aspire) |
| FX markup | Foreign exchange via licensed partners | From 0.46%, published | Not publicly disclosed |
| Corporate card | Corporate card via licensed partners | 1% to 1.2% cashback | Not stated on page |
| SDIC deposit insurance | Not offered; OCTIS is not a bank | No | 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 you pay overseas suppliers, want cashback cards, or cannot keep a S$1,000 average balance.
OCBC Business Growth Account
Choose OCBC if you want bank status, SDIC cover and a Singpass opening in minutes.
What the table does not show
What OCBC publishes
OCBC's startup guide lists Business Growth at S$10 per month, waived for the first two months, with a S$1,000 initial deposit and a S$1,000 average monthly balance. Falling below may trigger a service fee, but the page gives no amount. The same page says you can apply online with Singpass at any hour and get the account number straight away. It also states the account is insured up to S$100,000 by SDIC. The page labels the account both with a fee and as no account fee, so confirm at sign-up.
Where Aspire differs
Aspire's Basic plan has no monthly fee, no setup fee and no minimum balance. Premium is S$15 per month with 1.2% cashback and 0% FX on the first S$13,000. Aspire publishes its FX markup, from 0.46% on its pricing page, while OCBC does not disclose its markup on the comparison we read. Aspire's comparison page, which is Aspire's own marketing, says OCBC lists incoming SWIFT as free, though intermediary fees may apply. Aspire's pricing page does not list a receiving fee, so ask both.
Free transfer limits
Aspire's comparison page says OCBC gives free FAST and GIRO for the first 80 transactions, and its FAQ says 80 per month, so the two do not match. It also reports OCBC PayNow as free until 31 December 2028. OCBC's own startup guide does not state these, so confirm with OCBC. Aspire lists PayNow, FAST, recurring transfers and local TT as free with no cap stated. If you send hundreds of local payments a month, check the post-80 price with OCBC.
Where OCTIS fits
Bank or platform, you still need clean books. OCTIS sells in Malaysia and Hong Kong only, so it does not file tax or keep books for a Singapore company. If your Malaysian or Hong Kong company has a Singapore subsidiary on OCBC or Aspire, 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 OCBC for a startup?
Aspire suits startups that spend on ads, SaaS and cards and deal in foreign currency, because it has no minimum balance and offers cashback. OCBC suits startups that want a bank account, SDIC cover and instant opening. They are not exclusive, and many startups open both.
How much does the OCBC Business Growth Account cost?
OCBC's guide lists S$10 per month, waived for the first two months, with a S$1,000 initial deposit and S$1,000 average balance. Falling below the balance may bring a service fee, and OCBC's page does not state the amount.
Can I open an OCBC business account online?
OCBC says eligible customers can apply online with Singpass, 24 hours a day, with no branch visit, and receive the account number on the spot. It does not list the eligibility rules on that page, so confirm that your ownership structure qualifies.
Is Aspire safe compared with OCBC?
They are different. OCBC is a bank, and its account is SDIC insured up to S$100,000. Aspire is a payment platform regulated under the Payment Services Act and safeguards funds with a Tier 1 bank, but offers no deposit insurance.
Sources
Checked on the date above. Links open the provider's or regulator's own page.