Singapore’s Anext launches as digital wholesale bank
Singapore-based Anext Bank, a digital wholesale bank and a wholly owned subsidiary of Ant Group, has announced its soft launch.
The firm received approval from the Monetary Authority of Singapore (MAS) to commence business on 2 June.
The new digital bank says it will offer digital financial services to local and regional micro, small and medium-sized enterprises (SMEs), especially those engaging in cross-border operations for growth and global expansion.
As part of its soft launch, Anext Bank provided a preview of its business account and a dual-currency deposit account with security measures including three-factor authentication verification.
Anext Bank says its business account will be made available to SMEs in Q3 2022.
Toh Su Mei, CEO of Anext Bank, says: “Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model. Financial services have to evolve and be where SMEs are doing their businesses digitally.”
The company has also signed a two-year memorandum of understanding (MoU) with Proxtera – a neutral hub connecting B2B marketplaces, trade associations and service providers – supported by MAS, to enable cross-border trade among SMEs and businesses.