A digital bank can be the operating system of a lean SME—if you configure it well. This playbook shows how to set up cards, payments, FX, and controls so finance stays tidy as you scale.
1. Card strategy (control beats perks)
- Virtual first: Issue one virtual card per vendor (ads, SaaS, cloud). Freeze and replace instantly if compromised.
- Team wallets: Create per-team budgets with monthly caps; use category blocks (e.g., no gambling, no gift cards).
- Receipt discipline: Require uploads within 48 hours; unmatched transactions are auto-flagged.
Suggested card policy snippet (copy & adapt):
Each department receives one virtual card with a monthly cap. Receipts must be uploaded within 48 hours. Transactions without receipts after 7 days are paused. Vendor-specific cards are preferred for ads/SaaS to isolate risk.
2. Payment rhythm that reduces errors
- Twice-weekly runs (e.g., Tue/Fri) to batch FAST/PayNow and eliminate ad-hoc pushes.
- Maker-checker above a threshold (e.g., SGD 5,000).
- Vendor pre-approval list—only whitelisted UENs/IBANs get paid.
3. Receivables that reconcile themselves
- Put UEN/QR and invoice number on every invoice.
- Offer PayNow and bank transfer; steer away from cheques.
- For USD/EUR clients, use named collection details to avoid pooled references.
4. FX strategy that matches predictability
| Pattern | Suggested Method | Why |
|---|---|---|
| Irregular, small flows | Spot as needed | Minimal admin; accept rate variance |
| Regular monthly flows | Scheduled weekly conversions | Smoother average rates; fewer clicks |
| High predictability (payroll, rent) | Forwards (1–6 months) | Lock rates to protect margins |
| Earn & spend in same currency | Natural hedge | Avoid needless conversions |
Control: Maintain an FX log with amounts, target rates, and conversions executed. Review every Monday.
5. One-page finance dashboard (build in Sheets/Notion)
- Balances by currency (SGD/USD/EUR)
- AR aging (0–30, 31–60, 60+)
- AP due this & next week
- FX pipeline (what to convert and when)
- Exceptions (failed payments, missing receipts)
Template columns:
| Widget | Source | Owner | Frequency |
|---|---|---|---|
| Balances (SGD/USD/EUR) | Bank export/API | Finance lead | Daily |
| AR aging | Accounting | AR clerk | Twice weekly |
| AP run sheet | Payables tracker | Ops | Twice weekly |
| FX plan | Treasury sheet | Director | Weekly |
| Exceptions log | Alerts inbox | Ops | Daily |
6. Security & reliability (non-negotiables)
- Device binding + biometric login.
- Payment approval on a second device.
- Transaction alerts for all credits > SGD 1,000.
- Monthly access review—remove ex-employees within 24 hours.
7. When to add a second bank
Add a secondary account if: (a) monthly FX > SGD 200k, (b) cross-border wires > 20/month, or (c) you want redundancy for payroll. Keep a playbook to switch payment runs within 24 hours.
SME digital banking, virtual corporate cards, spend controls, PayNow invoicing, FAST transfers, FX strategy, accounting integration, fintech stack
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About the Author
Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source.
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