GXS Bank: a Singapore digital bank open to foreigners holding a residence permit

The account is held with GXS Bank Pte. Ltd., a Singapore company. In December 2020, the Monetary Authority of Singapore (MAS) selected, among the winners of the new full digital bank licences (digital full bank), "a consortium comprising Grab Holding Inc. and Singapore Telecommunications Ltd.": this is the origin of GXS. It is a banking licence in the full sense, not a payment institution status; GXS is therefore classified among the licensed banks (licensed-bank) in this directory.

The same group operates a separate bank in Malaysia, GXBank, covered in a separate entry because the brand, the entity, the licence and the customer base differ.

We were unable to open the institution's entry in the MAS Financial Institutions Directory from our research environment; the status is based on the MAS licence announcement and on the bank's legal notices.

GXS states that you must be at least figure being updated, live in Singapore, hold a valid residence permit and have a Singpass Myinfo account, with an up-to-date residential address in Singpass. Foreigners are therefore not excluded: the bank cites the Dependant's Pass (DP), the Employment Pass (EP) and the Work Permit as examples of accepted permits, a list presented as non-exhaustive.

Two consequences for an expatriate. First, the account can only be opened once you are settled, with an active residence permit and Singpass access: it cannot be arranged from abroad. Second, the person must not already hold a GXS Biz Account business account or a GXS FlexiLoan Biz financing facility, according to the same help page.

On the pages consulted, GXS does not publish what happens to the account when the holder leaves Singapore or loses their residence permit.

The retail offering is based on a Singapore dollar savings account opened from the app, supplemented by a debit card and local payment services; GXS also offers a business account and investment products, each with its own eligibility conditions.

We did not find a dated fee schedule, withdrawal limits or interest rates on an official page: these items are not reproduced here. The account is not presented as multi-currency.

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation (SDIC) up to up to SGD 100,000¹ in total per depositor per scheme member, according to GXS's page on the insurance scheme.

The MAS public financial education website specifies that foreign currency deposits are not covered, nor are investment products. The limit applies per institution: a customer with GXS and with another bank benefits from two separate limits, but not from two limits at GXS.

• The residence permit and its duration: the account assumes an ongoing stay in Singapore; check with GXS what the terms and conditions provide in the event the permit expires or you leave.
• Singpass access, which is required to open the account and probably for everyday use of the app.
• The fees and limits currently in force, in the app and in the terms and conditions, since we do not reproduce them.
• The single-currency nature of the account: to receive or hold euros, another institution will be needed.
• Reporting obligations linked to your tax residence: a French tax resident declares each year the accounts opened, held, used or closed outside France, including those with online banks and payment wallets; other countries impose comparable obligations.