Ant Group Soft Launches Its SME-Focused Digital Wholesale Bank ANEXTby Fintech News Singapore June 6, 2022
ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant Group, announced its soft launch today.
The bank said in a statement that the soft launch follows its receipt of MAS’ approval to commence business on 2 June 2022.
The Singapore-based digital bank will focus on providing digital financial services to local and regional micro, small and medium enterprises (MSMEs), especially those engaging in cross-border operations for growth and global expansion.
ANEXT Bank also signed a 2-year MoU with Proxtera – the entity supported by MAS, the Infocomm Media Development Authority (IMDA) and private sector entities, for cross-border trade among SMEs and businesses through making marketplaces efficient and discoverable globally, with embedded financing and fulfillment services.
The MoU will see both organisations jointly create and establish an open framework for all participating financial institutions as they provide financing and risk mitigation support for SMEs and platforms in global trades.
ANEXT Bank will also be Proxtera’s first participating digital wholesale bank in Singapore to provide financing solutions for the buyers and sellers on the latter’s network.
As part of its soft launch, ANEXT Bank provided a preview of the ANEXT Business Account, a dual-currency deposit account with proprietary security measures including three-factor authentication verification as well as features such as remote onboarding and daily interest.
Entries as well as registrations of interest to open an account is available from today via its website.
The ANEXT Business Account will be made available to the general SME community from Q32022.
Toh Su Mei, the Chief Executive Officer of ANEXT Bank said,
“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.”
Saurav Bhattacharyya, the Chief Executive Officer of Proxtera said,
“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.
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.”