A new digital bank started operations on June 2 after receiving approval from the Monetary Authority of Singapore (MAS). The new online lender, called ANEXT Bank, is backed by Alibaba-controlled fintech giant China’s Ant Group Group founder and billionaire Jack Ma announced on June 6. ANEXT will focus on wholesale banking, targeting MSMEs, especially those with cross-border business. The lender said it will provide technology-leveraged financial solutions for trading companies in particular, ranging from dual-currency business accounts and related digital financial…
A new digital bank has started operations in Singapore on June 2, following approval from the Monetary Authority of Singapore (MAS).
The new online lender, called ANEXT Bank, is backed by China’s Ant Group, the fintech giant controlled by Alibaba Group founder and billionaire Jack Ma, the company announced on June 6.
ANEXT will focus on wholesale banking, targeting MSMEs, especially those with cross-border business. The lender said it will provide technology-leveraged financial solutions in particular for trading companies, starting with dual-currency business accounts and related digital financial services.
Partnership with the online platform Proxtera
The bank will also develop an open framework for financial institutions in partnership with Proxtera, a local Singapore entity co-sponsored by MAS and the Infocomm Media Development Authority of Singapore, as an online platform connecting SMEs to the business-to-business market, providing services business and industry associations.
ANEXT’s customer focus is almost the same as Green Link digital bank, which became the first Announce It was recently launched in Singapore. However, Green Link is more about supply chain financing and technical services.
Ant Group expands overseas
The move to set up ANEXT Bank marks one of Ant’s biggest overseas moves since Chinese regulators scrapped its $37 billion initial public offering in late 2020. Ant Group received one of Singapore’s first digital wholesale banking licenses in late 2020.
“[ANEXT Bank’s launch] MAS Chief FinTech Officer Sopnendu Mohanty commented that this marks another milestone in Singapore’s digital banking journey, a strategic effort to ensure the banking industry remains progressive, globally competitive and dynamic.
The next digital bank expected to launch in Singapore will be GXS Bank, run by a consortium of e-commerce firm Grab and telecommunications firm Singapore Telecommunications, aiming to launch in the second half of this year.
