Singapore’s newest digital wholesale bank launches

Singaporean digital wholesale bank and subsidiary of Chinese conglomerate Ant Group, ANEXT Bank, has softly launched after it received the relevant licensing and approval from the Monetary Authority of Singapore (MAS) to commence business.

The bank will provide digital financial services to local and regional micro, small and medium enterprises (MSMEs), with a particular focus on businesses with transnational operations and those positioned for global expansion.

“We believe it’s time to offer the next generation of financial services that are accessible and effortless for growing businesses,” ANEXT Bank chief executive, Toh Su Mei, said.

“Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model. Financial services have to evolve and be where SMEs are doing their businesses digitally.”

“We are well positioned to live up to this vision, leveraging Ant Group’s deep bench of technologies and know-how, along with our customer-obsessed local team dedicated to serving the SME community.

“Adopting an open and collaborative approach, we believe in joining hands with industry partners and the public sector to provide SMEs with financial services that are simpler, safer and more rewarding.”

ANEXT Bank also confirmed a two-year memorandum of understanding (MoU) with Singapore-based digital financial services platform provider, Proxtera, to enable the bank’s cross-border services for SMEs.

“Proxtera’s commitment is to simplify global trade for SMEs and uplift them with the power of networks, leveraging on modern technology to improve discoverability, accessibility, availability and affordability of innovative digital services,” Proxtera chief executive, Saurav Bhattacharyya, said.

“Seamless access and availability of trade financing solutions will help amplify business growth and accelerate expansion for SMEs. This mission is closely aligned with ANEXT Bank’s focus to serve SMEs engaging in cross-border operations.

“Together with ANEXT Bank’s digital-born identity and digital-first capabilities and services, I’m confident that we can make trade easier, more seamless and efficient for SMEs.”

ANEXT Bank also previewed its ‘Business Account’ as part of its launch. Available to SMEs from later this year, the product is a dual-currency deposit account that features remote onboarding and daily interest, offering security measures like three-factor authentication.