ANEXT Bank Launches API Repository to Help SMEs Access Financial Servicesby Fintech News Singapore November 14, 2023
ANEXT Bank, a digital wholesale bank in Singapore, is taking steps to make financial services more accessible to small and medium-sized businesses (SMEs).
The bank launched the ANEXT Programme for Industry Specialists (APIs) and partnered with three new platforms; food delivery service DeliveryChinatown, Hong Xin Da, and e-commerce service Shopmatic. This move aims to provide financing opportunities for over a million regional SMEs within a year.
In addition to financial services, the APIs repository also provides secure solutions for customer onboarding and authentication. This initiative is a significant step toward helping SMEs access the financial support they need.
ANEXT Bank had previously introduced the ANEXT Programme for Industry Specialists in 2022 to improve financing options for SMEs.
This programme now goes beyond financing and includes interest-bearing services. For instance, partners can offer their customers the opportunity to earn interest on their wallet balances or invest in fixed deposits.
Toh Su Mei, Chief Executive Officer, ANEXT Bank said,
“We recognise the diverse needs of SMEs and believe that the way to alleviate the various stress and spillover effect from the macro environment is to work very closely with industry partners who have a first-hand view of their customers’ pain points.
Having run the ANEXT Programme for Industry Specialists for a year, we’ve been able to apply the learnings and deliver new embedded financial services solutions via our new partners. The goal is to anticipate and deliver precise support to as many SMEs across the region as possible.”
Qiu Kai, Chief Technology Officer, ANEXT Bank said,
“As more industry specialists reach out to understand what our tried and tested API solutions can do for their business and their SME customers, we decided it was time to launch the APIs repository.
As we work with different partners, most of whom are SMEs themselves, it was important to make it easier and quicker to offer ANEXT Bank’s financial services.”