Ant’s ANEXT Bank Launches Embedded Finance Platform for SMEsby Fintech News Singapore November 3, 2022
ANEXT Bank, Singapore’s digital wholesale bank and a wholly-owned subsidiary of Ant Group, will collaborate with industry specialists to expand the breadth of service offerings for SMEs on their platforms to include the bank’s digital financial services.
The ANEXT Programme for Industry Specialists aims to improve and scale embedded finance for SMEs, making it easier for businesses to access financing, as well as to monitor and manage it on platforms where they run their business.
It is open to the participation of all e-commerce marketplaces, fintech companies and digital solutions providers who support SMEs’ cross-border operations through digital-based services or platforms.
This will allow SMEs to have a one-stop access to a more comprehensive suite of services, and to gain a consolidated view on their business such as wallet balance, loan amount and repayment status, etc.
Fintech company IN Financial Technologies and business process management provider Bizmann System were among the first to take part in the programme. Both partners serve close to 15,000 SMEs.
As part of the programme launch, the bank also provided a preview of the ANEXT Business Loan to complement its existing ANEXT Business Account.
The ANEXT Business Loan is a flexible unsecured financing solution with two repayment options – “pay-per-use” and “pay monthly” – where the minimum loan amount available starts at S$5,000.
SMEs keen to get a preview of the ANEXT Business Loan can register their interests here.
Toh Su Mei, Chief Executive Officer of ANEXT Bank said,
“With our secure banking capabilities and first-hand knowledge on what it takes to do business digitally, ANEXT Bank is well positioned to help partners unlock more growth opportunities by enabling access to financing to SMEs on their platforms.
At the same time, industry specialists are domain experts in their respective fields and they can provide deep insights on the challenges and needs of SMEs. Together, we can create unique use cases and solve financing pain points for SMEs at scale.”
Featured image credit: Edited from Unsplash