ANEXT Bank has reported a notable increase in regional and global presence among its micro, small and medium enterprises customers. This is on the back of more than doubling in its total customer base over the past 12 months.
Facilitating MSMEs’ business expansion regionally and beyond
The bank notes a 6-fold year-on-year increase in the total amount of cross-border transactions facilitated for its increasing customer base. The highest growth in the bank’s cross-border transactions was seen among MSMEs in the wholesale and retail trade, professional services, and information, communication, and technology sectors. This aligns with Singapore’s status as a global trade and financial hub. Furthermore, ANEXT Bank customers exhibited an expanding regional and global presence. Operations extend into key markets such as the Chinese mainland, Hong Kong SAR, the US and other Southeast Asian countries.
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In addition, ANEXT Bank saw a notable increase in the number of foreign business owners with businesses incorporated in Singapore. As of 31 May 2024, nearly 31% of the bank’s customers are FBO from 78 nationalities. Through its embedded finance partners, ANEXT Bank is also serving an increasing number of foreign-incorporated businesses.
“It is heartening to witness how MSMEs are growing beyond their markets, especially micro and small businesses. Internationalisation is no longer a growth strategy limited to large corporations. Through technology and innovation, MSMEs can now easily access global markets. As a digital bank headquartered in Singapore, we are well positioned to support when they are open to doing business with the world.” said Toh Su Mei, CEO of ANEXT Bank.
Serving underserved MSMEs
As of 31 May 2024, 69% of ANEXT Bank’s customers are micro businesses. Breaking down by product categories, 56% of loan customers and 80% of deposit customers are micro businesses. Over the past two years, 31% of ANEXT Bank’s customers started banking with the bank during their start-up stage.
In the financial year ending 31 December 2023, ANEXT Bank loans to customers surged by 434%, reaching S$222m. Deposits increased by approximately 368% to S$295m.
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