ANEXT Bank, a digital lender incorporated in Singapore and a wholly-owned subsidiary of Ant Group, has announced its soft launch.

The announcement follows the Monetary Authority of Singapore’s (MAS) approval to begin operations.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The digital bank will offer financial services to local and regional micro, small and medium enterprises, with a focus on those engaged in cross-border business.

Concurrently, ANEXT Bank signed an MoU with Proxtera to support cross-border trade among SMEs by making the marketplace more efficient and discoverable.

ANEXT Bank CEO Toh Su Mei said: “We believe it is time to offer the next generation of financial services that are accessible and effortless for growing businesses.

“Financial services have to evolve and be where SMEs are doing their businesses digitally.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

MAS chief fintech officer Sopnendu Mohanty said: “This marks yet another milestone in Singapore’s digital bank development journey, a strategic effort to ensure the banking sector remains progressive, globally competitive and vibrant.

“MAS expects the digital banks to thrive and synergise with our dynamic financial institutions and raise the bar in delivering quality financial services, and to uplift Singapore’s financial sector to better support the growth of SMEs in Singapore, the region and in emerging markets.”

Last week, Green Link Digital Bank (GLDB) opened its doors to customers in Singapore.

GLDB is backed by a Chinese developer and government-backed firm Greenland Holdings and Linklogis Hong Kong, which is a supply chain financing platform.

Like ANEXT Bank, GLDB also seeks to serve MSMEs through its banking and financial services.

GLDB chairman Geng Jing said: “The commencement of Green Link Digital Bank’s operations in Singapore symbolises a major milestone. It drives to strengthen the core pillars in digitalisation, technological empowerment and green finance.

“We aspire to be one of the key contributors towards digital economy advancements in Singapore and hope to play a significant role in cultivating an open digital finance ecosystem in Singapore.”