Alipay Business Account in Singapore: Features, Fees, and Setup

Singapore has long been one of the most business-friendly countries worldwide. The city’s entrepreneurs are also going global faster than ever, with more and more businesses in Singapore now selling to customers internationally. With this growth in cross-border trade, the need for smarter and faster ways to move money internationally has never been greater. Traditional banks haven’t always kept up, so new business finance solutions are stepping in to fill the gap.

Providers like Alipay Business, are making it easier for companies to collect payments, pay suppliers, and manage funds across currencies. Alipay Business is a popular option for Singapore merchants who want to accept payments from Chinese consumers.

But while Alipay Business works well for businesses serving Chinese customers, does it work as well for customers in other parts of the world? In this guide, we’ve broken down everything you need to know about Alipay Business in Singapore: how it works, its fees, and requirements. You’ll also see how Wise Business can help Singapore companies expand internationally with a faster, more transparent, multi-currency business account that lets you hold, send, spend, and convert between several currencies always at the mid-market rate.

Table of contents
What is Alipay Business Account and how does it work? How Alipay works Alipay Business Account pricing Why Wise fits Singapore’s global-oriented SMEs What types of business in Singapore stands to benefit most from Alipay Business? Opening an Alipay Business Account: Step-by-Step Guide Wise Business: A great alternative to Alipay Business Account

What is Alipay Business Account and how does it work?

Alipay Business is a digital payment solution from Alibaba’s Ant Group that allows merchants outside China to accept payments from Alipay’s 1.7 billion users¹ — one of the largest consumer bases in the world.

In China, consumers use Alipay to handle all sorts of everyday transactions, including paying for government services, healthcare services, carrying out peer-to-peer payments, and paying for groceries. In fact, an estimated nine in 10 shoppers use it regularly².

In Singapore, merchants use Alipay Business through Alipay+, a global network that connects Alipay to payment providers like Stripe, Adyen, and NETS. When a customer pays in RMB, the transaction is processed through Alipay+ and settled to the merchant in SGD or USD. Alipay+ now supports 36 partner e-wallets, giving businesses access to over 100 million merchants across 70+ markets³.

How Alipay works

Similar to other payment gateways, you can think of Alipay as a middleman that processes payments between a customer and your business. When a customer pays using Alipay, the payment is processed through the Alipay+ network, which handles the exchange and settlement behind the scenes.

For Singapore businesses, this means you can accept payments in RMB from Chinese customers and get credited locally in SGD or USD. Here’s what that looks like in practice:

1. The Chinese customer pays in RMB using the Alipay app.
2. The payment is processed through the Alipay+ network.
3. A licensed Singapore payment service provider (like Stripe or NETS) receives the payment and converts it to SGD or USD.
4. The merchant receives the payout, minus any transaction fees in your merchant account.

Some key features that stand out are:

• Accepts QR code and online checkout payments seamlessly.
• Integrates with major eCommerce platforms and POS systems.
• Get settlements through trusted, MAS-regulated payment partners.

Alipay’s major advantage is its reach and familiarity among Chinese consumers. Whether they’re tourists shopping in Marina Bay or online buyers in Beijing, they already trust Alipay. But for Singapore businesses that deal with customers, suppliers, or teams outside China, Alipay’s focus on RMB payments and limited currency flexibility may not always fit.

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Alipay Business Account pricing

Alipay Business doesn’t publish a standard public fee list for Singapore merchants. Pricing depends on which Alipay+ partner (like Stripe, Adyen, or NETS) you use and your specific business agreement.

Still, here’s an overview of common fees drawn from Alipay’s merchant documentation and verified partner terms alongside context where relevant:

Account feature	Fee/detail	Notes/source
Account opening deposit	None	No mandatory deposit for merchant access.
Minimum balance/maintenance	None	No public requirement for maintaining a balance.
Transaction (merchant) fee	~0.55%	For Chinese domestic merchants, overseas rates vary by PSP (Payment Service Provider).
Transaction fee (P2P)	Free	Peer-to-peer transfers are free.
Transfer to bank account	0.1%	Applies after free quota is exceeded.
International credit card processing	3%⁴	When customers use Visa, Mastercard, or JCB cards.
Currency conversion / foreign exchange markup	Varies by PSP	Each PSP sets its own foreign exchange rates, often with limited transparency.
Settlement currency	SGD or USD	Based on PSP and contract terms.
Settlement time	1–5 business days	Depends on the PSP processing speed.

*Details accurate as of 4 October 2025 (Actual rates depend on your payment service provider and Alipay+ partner agreement.)

Unlike Alipay, Wise Business keeps things fully transparent. When you make use of Wise tosend money, you are given the mid-market exchange rate, i.e, the same rate you see on Google. Wise never adds a markup, meaning you get to keep more of your profit. Instead, you will only be charged a small, transparent conversion fee (starting from 0.26%).

You may visit the Wise Business pricing page to understand more of Wise's pricing structure.

Why Wise fits Singapore’s global-oriented SMEs

Wise is already helping several Singapore businesses streamline their global operations
For example, Axpara, a Singapore-based software company operating in 8 countries, uses Wise Business to manage multi-currency payments and streamline reconciliation. The results? 50% reduction in finance operations tasks and cost savings of over of SGD 50,000 yearly. ➡️Learn how Axpara uses Wise Business to simplify borderless hiring and payments.

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What types of business in Singapore stands to benefit most from Alipay Business?

Alipay Business works best for Singapore merchants who cater mainly to Chinese customers. It’s familiar, fast, and trusted, so checkout feels easy and natural for the buyer as well as frictionless for you.

If your store or site already attracts Chinese tourists or shoppers, Alipay can boost your conversions. It’s especially useful for those who run retail shops or cafés around Orchard or Marina Bay, anyone who manages a hotel or travel agency that primarily serves Chinese visitors, or eCommerce sellers that ship products directly to China.

According to the reports, Chinese travellers remain one of the city’s top-spending visitor groups, making Alipay an important option for local merchants⁵.

While Alipay Business is excellent for connecting with China, it may not necessarily be the best option for merchants in Singapore operating globally. For companies with global customers or supply chains, Alipay may feel limiting. Here’s why:

• It mainly supports RMB payments, settled only in SGD or USD.
• Foreign exchange rates and conversion fees vary by PSP and often lack full transparency.
• There’s no built-in multi-currency account or way to send money internationally.
• Account setup can involve multiple verification steps and PSP integrations.
• Settlements can take up to 5 business days, depending on the provider.

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Opening an Alipay Business Account: Step-by-Step Guide

You can’t apply directly through Alipay China if you’re based in Singapore. Instead, you’ll need to apply through an Alipay+ partner. Here’s how that process works:

Step 1. Choose a payment partner

Select a licensed Alipay+ partner such as Stripe, Adyen, LiquidPay, or NETS. Each partner offers different pricing and integration options. For instance, Stripe charges 2.2% + SGD 0.35 per transaction for Singapore businesses⁶.

Step 2. Prepare your documents

You’ll need:

• ACRA business registration (UEN)
• Business bank account proof
• NRIC or passport of the business owner
• Proof of address and business licence

Step 3. Submit your application

Fill in your partner’s online application form and upload your documents. Most verification processes take 3–5 business days.

Step 4. Integrate your payment solution

Once your application is approved, you’ll get access to Alipay’s merchant tools, including APIs or QR-based checkout options for online and in-person payments.

Step 5. Start accepting payments

Your customers can now pay via Alipay, and payouts will arrive in your account according to your PSP’s schedule.

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Wise Business: A great alternative to Alipay Business Account

If you operate outside of China or work with suppliers, clients, or employees across borders, Wise Business can help you manage global finances more simply, and often with lower fees.

💡Need to pay or get paid in foreign currencies? Wise Business could be a better alternative business account as you can hold, send, receive and exchange 40+ currencies all in one place. You’ll always get the mid-market rate with low, transparent fees. Even better, you can connect Wise Business cards to your account to control team spending in real time and reduce admin.

• Hold and manage 40+ currencies for all your international transactions.
• Pay foreign currency bills and ad-hoc business travel expenses using the Wise Business card without hefty foreign transaction fees.
• Get your first Wise Business card for free when you open a Wise Business account.
• Always get the mid-market rate with transparent conversion fees starting from 0.26%.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

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Conclusion

The Alipay Business account is a strong choice for Singapore businesses with Chinese customers. It’s easy to use, widely trusted by millions of Chinese customers, and convenient for both online and in-store payments.

However, because of its limited currency scope and partner-dependent fees, it’s not the most ideal for businesses with international clients or suppliers. If you need to handle money in multiple currencies, Wise Business is the better choice. You can hold, send, receive, and convert funds globally — all in one account, with full fee transparency and no hidden exchange rate markups.

Setting up a Wise Business account is quick, and you can do it entirely online. It can even serve as your main business account in Singapore for receiving payments, paying invoices, or managing payroll.

➡️Set up your Wise Business account to manage your global finances the smarter way.

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Sources

1. Alipay+ Global Merchant Overview
2. China's Most Popular Digital Payment Services — Statista
3. Alipay+ Official Website – Alipay+ partners and network
4. KOMOJU - Alipay
5. Singapore Tourism Board – Chinese Visitor Arrivals Data
6. Stripe Singapore Pricing Page

Sources checked on 4 October 2025