Digital Bank is building up to lead banking into next era of technology based economy. What exactly is digital bank and how different it can be?
While we were looking at how to keep our business abreast with new technology, we chance upon Aspire, DBS’s new born digital bank. And we decided to look deeper to see how we can benefit as an SME.
In the digital world, we rely on social media, customer reviews and digital advertisements. We knew about this bank when we ask around for a bank that can easily onboard a new start up company. Someone send us a referral link:
Here is the effect of referral scheme. You sign up through the link or referral code, you get $150 cash and the person or company who refer gets something. So it is beneficial both for someone to help them market and at the same time the recipient benefit.
Here are some benefits to get customers to sign up:
- They pay $150 cash to new sign up. Of course there are simple criteria including making you spend at least $5 before giving you the $150. But before you can spend $5, you need to bank in at least $5 to spend the $5 with your virtual debit card.
- With Singpass, they claim that you only need to spend 10min of your time. Most banks will have lots of forms to fill up which none of us are willing to spend time on. Not including going down personally with all directors to the bank. This is game changer! To make it easy to come onboard and this is digital economy!
- No minimum deposit is another perk. Which bank do not require us to put in minimum deposit?
- No fall below fees
- No monthly fees
- No transfer bank fees
- Perks for spending
- Link to cloud accounting software
- Read up more here: https://aspireapp.com/comparison/business-account-singapore
What is the limitation of such digital banks:
- No physical cheques
- Not ready for PayNOW (in their development pipeline though)
- Not ready for GIRO deduction arrangement (so cannot be used for CPF, GST and other GIRO payment)
So with these limitation, it may be good as a second bank as it cuts down your internet banking fees and earn some cashback for your expenditure. Here is the referral link if you are keen to open as a second bank to experience digital banking for now:
We are not representing the bank, neither we are into any partnership with Aspire. We are just sharing what we know so far. The link may be removed once their referral promotion is over.
You can call us for automation and digitisation ideas instead! We will be glad to be your partner in going digital!