Why Singapore’s digital banks target gig workers and micro businesses

May SME owners use personal bank accounts due to high fees of business accounts.

Singapore’s digital banks are scaling operations not by targeting specific segments but specific needs.

Senior executives from GXS Bank, MariBank, and Trust Bank told attendees of the ABF IA Summit 2025 in Singapore that whilst the country is well-banked, opportunities exist in spaces that are not well-served such as micro enterprises and gig works.

MariBank found that many business owners of small and micro enterprises do not have business banking accounts due to high costs.

“We found that 1 in 3 businesses are using their personal banking account for their business needs rather than a business banking account, because of the high fees and transaction costs associated with using a business banking account for overseas remittance, for example,” said Natalia Goh, CEO of MariBank.

This has pushed MariBank to roll-out a cross-border remittance limit for both small businesses and retail customers, with the promise of “very low cost, very competitive” FX rates, she said.

Small and micro enterprises make up 95% of the 350,000 small and medium enterprises (SMEs) in Singapore.

GXS Bank, meanwhile, sees the biggest opportunity in providing banking services to gig workers and agency workers who are not employed all the time, said Group CEO Pei Si Lai.

Like MariBank and Goh, Lai sees opportunity in businesses as well— but not necessarily the new players.

“The second big group are truly the businesses, and not necessarily only those who are startups, but also those who have that experience, or have actually long operating years of experience,” Lai said.

Trust Bank, meanwhile, believes that what enabled it to cross 1 million customers last February was rolling out technology that brings value while being mindful of the costs.

“The way I see it is that you have to be clear whether it is a cost or a value. What value are you getting?” Fredy Aga, Chief Financial Officer, Trust Bank, asked attendees.

Aga highlighted their adoption of artificial intelligence (AI), which they specifically used in evaluating clients’ credit quality.

“Most of us are using unsecured lending, so credit quality is equally important,” he said.

Apart from loans, the digital banks are also eyeing investing services as a means to grow operations further.

MariBank has rolled out an investment product that enables customers to invest for just S$1. The fund has already grown to S$1.4b already, Goh said.

Pei sees investments as another big area for GXS Bank after lending. “Whethere thety are low network or high level [investors], they are looking to enhance returns.”

Trust also rolled out its investment platform, TrustInvest, just in February 2025.