ANEXT Bank, a digital wholesale bank wholly owned by China’s Ant Group, announced its soft launch in Singapore. The bank was incorporated in Singapore, and received approval from MAS to commence business on June 2, 2022. The digital bank, based in Singapore, will emphasize on the provision of financial services to both local and regional micro, small and medium enterprises, with a focus on those engaging in cross-border operations for global expansion.
CEO of ANEXT Bank and a banking industry veteran, Ms. Toh Su Mei, said that it was time to offer next generation financial services which are accessible and seamless for growing businesses. She also said that with the rapid acceleration of the digital economy, businesses are evolving to develop a digital-first model. She added that financial services too have to evolve to keep up with businesses.
Commenting on the soft-launch of the bank, she said that ANEXT was well-positioned to match this vision by leveraging Ant Group’s extensive technology, along with a customer-centric local team committed to serving the local SME community. She further said that by adopting a collaborative approach, the bank will join hands with the public sector and industry leaders to provide simpler, safer and rewarding financial services to SMEs.
Chief Fintech Officer at the Monetary Authority of Singapore (MAS), Mr. Sopnendu Mohanty, who attended the launch, said that the launch marked a milestone in Singapore’s digital bank development, and was a strategic effort to ensure that the banking sector remained progressive, competitive and robust. He also said that innovative and new capabilities that digital banks offer will add growth to Singapore’s financial sector. He added that MAS expected digital banks to act in synergy with financial institutions and enable Singapore’s financial sector to support the growth of SMEs in the region.
Coinciding with the soft launch, ANEXT Bank signed a two-year Memorandum of Understanding (MoU) with Proxtera. Proxtera is an entity supported by MAS, Infocomm Media Development Authority (IMDA) and other private entities to enable efficient cross-border trade for SMEs by making marketplaces accessible and discoverable on a global scale. Proxtera also offers embedded financing, fulfilment services and empowerment to SMEs.
The MoU will enable both companies to create and establish an open framework for participating financial institutions to provide financing and risk mitigation services for SMEs and other platforms that trade globally. ANEXT Bank is Proxtera’s first participant digital wholesale bank which will lead the way in providing financial solutions to Proxtera’s customers.
Mr. Saurav Bhattacharya, CEO of Proxtera, commented on the collaboration, saying that the company is committed to simplify global trade for SMEs, and utilizes technology to enhance accessibility, availability and affordability of digital financial services. He said that by providing seamless access to trade financing solutions, the company will help to accelerate SME expansion. He added that Proxtera’s vision was in alignment with ANEXT Bank’s focus to serve SMEs that engage in cross-border trade. Bhattacharya further said that the MoU will enhance trade, by making it more efficient and seamless for SMEs.
About ANEXT Bank
ANEXT Bank, incorporate in Singapore, has received a digital wholesale banking license from the MAS, and will focus on providing secure and innovative digital financial services to SMEs in an effort to enhance their growth and global expansion.
Through the continued use of technology in innovation, the Bank is committed to accelerate fintech development and financial inclusion in Singapore. By adopting a collaborative and open approach, the Bank is firm in its endeavor to partner with industry leaders and public sector entities in its effort to provide simpler, more secure, and rewarding financial services to SMEs.
ANEXT Bank is wholly owned by China’s Ant Group and strives to provide consumers and businesses with equal access to digital financial services through the use of innovative technologies.