Sleek, an online business services provider, is looking to expand its presence in Singapore’s dynamic small and medium-sized enterprise (SME) digital banking space, announcing on June 13, 2022 the launch of a range of new products designed to complement its existing Enterprise Account Product offering in the city-state.
The new services are intended to facilitate accounting, expense management, and payments and collections processes for entrepreneurs and small business owners.
They include virtual corporate cards directly linked to its existing corporate account product; free and unlimited access to transaction history and bank statements; and seamless domestic and international transfers with competitive exchange rates and cheaper fees.
The Sleek Business account and business cards are free for Sleek customers, the company said, with no monthly fees or minimum balances. Several cards are available for company directors and administrators, available at the rate of one card per company director and director. This means that different cards can be assigned to multiple people, simplifying the process for everyone.
These virtual cards are managed through the Sleek Business Account, which includes accounting features and easy tracking and management of business expenses.

Sleek Business Account Dashboard, Source: Sleek
Sleek’s foray into fintech
Julien Labruyère, CEO and co-founder of Sleek, said in a statement that the new banking updates aim to expand Sleek’s offerings and improve its versatility and user experience as the company strives to become “the leading service to help entrepreneurs start and run a business”. easily.”
The exit follows the launch of Sleek’s business account in October 2021, marking the startup’s first dive into the fintech sector. The Sleek Business Account is an SGD deposit account that allows small and medium-sized enterprises (SMEs) to collect and process payments, while managing the accounting in an automated way.
More products are expected to hit the market as soon as the startup received a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) earlier this month, said Pauline Sim, head of fintech and partnerships at Sleek, in a separate statement. statement. New fintech products being developed include multi-currency accounts, a better cross-border transfer experience, and greater debit card activation.
Sleek, which serves a total of four markets, is looking to launch similar fintech products in the other countries where it currently operates, starting with the UK and Australia due later this year.
Founded in 2017 and based in Singapore, Sleek specializes in online business services to facilitate the corporate governance process for entrepreneurs. The company’s services include managing everything from incorporation, government, accounting and tax, to visas and regulatory compliance, enabling clients to run their business 100% digitally.
The startup, which has raised a total of $35 million in funding as estimated by Techcrunch, claims to have helped more than 450,000 entrepreneurs register their businesses with the relevant companies registry and tax authorities.
The new SME banking players in Singapore
Sleek’s foray into investment banking comes at a time when Singapore is seeing a slew of new tech players entering the space. These companies are leveraging advanced technologies and digital platforms to provide SMEs and small business owners across the country with convenient and affordable financial services.
On June 03, 2022, Green Link Digital Bank (GLDB) became the first digital bank to launch in Singapore. Owned by a consortium including Greenland Financial and Linklogis Hong Kong, GLBD provides micro, small and medium-sized enterprises (MSMEs) with banking and financial services, and aims to expand its service coverage and create more chain finance products. supply.
Around the same time, Chinese fintech giant Ant Group soft launched its digital wholesale bank in Singapore. Called ANEXT Bank, the digital bank will initially provide a dual-currency deposit account with features like remote onboarding and daily interest. ANEXT Bank will focus on serving regional MSMEs, especially those with cross-border operations.
GLDB and ANEXT Bank were granted digital wholesale banking licenses by MAS in December 2020, allowing them to serve non-retail customers only. The Grab-Singtel consortium, known as GXS Bank, and Sea Group, meanwhile, have been granted full digital banking licenses, allowing them to serve both individuals and businesses.
These developments follow a push for banking liberalization by the Singapore government in hopes of increased competition, greater innovation and better service to SMEs and consumers.
Featured image credit: edited from Unsplash