ANEXT Bank vs Wise: What’s Best for Your SME in Singapore?

As more Singaporean businesses shift towards digital finance, options like ANEXT Bank and Wise Business have gained traction — especially for SMEs looking for speed, simplicity, and better cross-border capabilities.

But these two platforms serve very different roles in your financial operations. If you’re trying to decide which one to use — or whether to use both — here’s what you need to know.

Quick Overview: ANEXT Bank and Wise

ANEXT Bank: SME Banking with MAS Oversight

ANEXT is one of Singapore’s licensed digital wholesale banks, aimed at serving small and medium enterprises with:

• Multi-currency business accounts
  
• SGD and FX payments
  
• Integration with e-commerce platforms
  
• Credit and financing products in early rollout
  
• Corporate cards and expense tools (limited access in beta)

As a fully MAS-regulated bank, ANEXT offers account protections and business-focused features under Singapore’s banking framework — though it currently doesn’t offer full retail banking or high-volume lending.

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Best suited for:

• Local businesses needing a MAS-regulated business account
  
• SMEs doing domestic and regional payments
  
• Companies needing integrated accounts for local operations and regulatory alignment
  

Wise Business: A Global Payments Platform

Wise isn’t a bank — but it’s widely used for international business transactions due to its:

• Real-time FX rates
  
• Multi-currency balances
  
• Borderless payment capabilities
  
• Batch payments for payroll or supplier settlement
  
• Simple UI and integrations with accounting tools
  

Licensed under the Payment Services Act (PS Act) in Singapore, Wise is trusted for payments but doesn’t provide traditional banking services like loans, current accounts, or MAS deposit coverage.

Best suited for:

• Freelancers, startups, or SMEs with international vendors or customers
  
• Businesses that need to hold or convert multiple currencies
  
• Teams sending frequent global transfers

Key Differences at a Glance

Can You Use Both?

Yes — and many businesses do.
A common approach in 2025:

• Use ANEXT for local business operations and SGD billing
  
• Use Wise for holding multiple currencies and sending overseas payments
  

The two aren’t direct substitutes — they’re complementary, depending on your cash flow, compliance, and customer base.

What to Consider as a Business Owner

Before choosing either platform:

• Think about your regulatory needs — do you need a MAS-regulated bank account?
  
• Consider your payment flows — local vs. international
  
• Evaluate your accounting needs — does the platform integrate with your books?
  
• Review transaction volume and currencies you deal with most
  
• Ensure you can access clear, downloadable records for tax filing and IRAS audits
  

Summary

Both ANEXT Bank and Wise offer digital finance tools for businesses in Singapore, but they serve different purposes. ANEXT is a MAS-licensed wholesale bank built for SME banking, while Wise excels at low-cost cross-border payments and multi-currency accounts. This 2025 guide breaks down the differences in features, regulatory standing, and real-world use cases — so you can decide what’s best for your business.

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Here are some articles you might find helpful:

Year-End Payroll Adjustments in Singapore: A 2025 Guide for Small Business Owners

Amending IR8A Forms in Singapore: What Employers Need to Know

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