2021 Best Business Banking Account - OCBC vs UOB vs DBS

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Aspire is no newcomer to the tech and banking scene. Its founders were part of the Lazada founding team, and it works in collaboration with a tier-1 bank, where deposits are guaranteed under the Singapore Deposit Insurance Scheme (SDIC). Funds are kept strictly segregated in a trust account, as prescribed by the Monetary Authority of Singapore on the Payment Services Act.

Here are a few features you can expect from Aspire.

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Suite of user-friendly features

SME owners will appreciate Aspire’s range of services for sure. Its easily navigable website offers business owners help in four areas – Pay, Manage, Save and Grow – all of which are pertinent concerns for any entrepreneur.

The best thing: You just need five minutes to sign up for a free Aspire Business Account. Once you are all set up, all you need is the Aspire corporate card to run your business.

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Multi-user access

The Aspire corporate card can be issued to every one of your team members for improved efficiency. The card has no sign-up, monthly, annual or hidden fees.

You won’t need to worry about overspending either – not when you can set card budgets and spend limits, and match receipts.

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Effortless tracking and syncing

Not only does the card allow you to manage corporate expenses easily, you can also track your team’s spending with real-time notifications.

Even better, all transactions are synced automatically with your accounting and software workflows.

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Quicker, more affordable payments

With the Aspire card, you can enjoy free local transfers anytime, anywhere. It can also help make international payments five times more affordable, allowing you to spend at the visa rate with a low transparent fee.

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Unique perks and rewards

Once you open an Aspire account, you get to enjoy over S$50,000 worth of exclusive benefits from platform partners.

These exclusive perks fall under various categories such as legal, e-commerce, marketing, finance and accounting, and much more.

All you need to do is just log in, redeem your reward and enjoy it.

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Help to grow and scale your business

If that’s not enough, Aspire also offers SMEs a range of credit solutions. Take your pick from revenue-based financing, credit lines, term loans, reverse factoring, and even custom solutions that can be designed to fit your needs.

All in all, Aspire’s Business Account is a good alternative to traditional business banking accounts, and provides great value for new entrepreneurs, businesses, and start-ups that prefer to manage their business finances online.

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Wait, so which bank do I choose?

As much as we would like to be quick on our feet to recommend only the best solution, our findings have shown that there is no clear winner after all. Each account stands out in different areas.

Having said that, we feel that DBS provides the most clarity on its website, even though its Business Banking account might not necessarily be better.

We want to emphasize that at the end of the day, the accounts are structured in a way that occupies different segments of the market and caters to each SME’s personal preferences.

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Disclaimer: All information is believed to be accurate; however, no claims, promises or guarantees about the accuracy, completeness or adequacy of the information are made. All information, commentary, recommendations or statements of opinion provided in this article are for general information purposes only. This article is based on information found exclusively on the respective websites. We believe our information is representative. However, if there are any errors in our reporting, please contact ask@lendingpot.sg for rectification. We do not claim to be authoritative.

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