Ant Group Unveils ANEXT Bank, a Digital Bank for SMEs – Finovate

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  • Ant Group unveiled a digital bank called ANEXT Bank focused on serving SMEs.
  • ANEXT Bank is soft launching today and will be widely available in the third quarter of this year.
  • ANEXT Bank is collaborating with Proxtera, a Singapore company that broadens access to global trade.

China tech giant Ant Group announced the launch of its own digital bank, ANEXT Bank, in Singapore.

ANEXT Bank is a digital wholesale bank focused on serving micro businesses and small and medium enterprises (SMEs). Specifically, ANEXT will focus on facilitating cross-border operations for growth and global expansion.

The ANEXT business account, which will be available to SMEs in the third quarter of this year, will offer a dual-currency deposit account with remote onboarding, daily interest, and other features. The bank is soliciting ideas for other features from the public. “We believe in building solutions around your needs,” the company said on its website. “So tell us what you want from financial services. Because it’s time to bring about what’s next.”

ANEXT Bank CEO Toh Su Mei described that SMEs are doing business via digital channels and financial services organizations must meet them where they are. She added that ANEXT’s “open and collaborative” approach is key to providing SMEs with financial services that are simpler, safer, and more rewarding.

“Continuous innovation and new capabilities that digital banks are slated to bring will no doubt add more engines of growth to Singapore’s financial sector,” said Monetary Authority of Singapore (MAS) Chief Fintech Officer Sopnendu Mohanty. “MAS expects the digital banks to thrive and synergize with our dynamic financial institutions and raise the bar in delivering quality financial services, and to uplift Singapore’s financial sector to better support the growth of SMEs in Singapore, the region and in emerging markets.”

Along with its collaboration with MAS, ANEXT also signed a two-year collaboration agreement with Proxtera, a Singapore company that broadens access to global trade. The two plan to facilitate cross-border trade among SMEs by leveraging embedded financing and fulfillment services to make marketplaces efficient and more discoverable globally.

“Seamless access and availability of trade financing solutions will help amplify business growth and accelerate expansion for SMEs,” said Proxtera CEO Saurav Bhattacharyya. “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.”

Go to Publisher: Finovate
Author: Julie Muhn (@julieschicktanz)