Anext Bank in Singapore reportedly receives another $148m investment from parent company Ant Group
Anext Bank, a digital wholesale bank based in Singapore, has reportedly received another SDG 200 million ($148.5 million) investment from its parent company, Ant Group.
Anext Bank reportedly receives $148m investment from Ant Group
This is according to filings made with the Accounting and Corporate Regulatory Authority (ACRA) in Singapore, which were first reported on by DealStreetAsia.
The investment follows a previous $188 million commitment made by Ant Group in March 2023, with DealStreetAsia reporting that the firm has now invested over $500 million in total in its wholly-owned subsidiary.
At the time of publication, the bank has not responded to FinTech Futures‘ enquiry into what it plans to do with its latest capital raise.
Launched in June 2022 after landing regulatory approval with the Monetary Authority of Singapore (MAS), Anext Bank specialises in providing business and dual-currency deposit accounts to local and regional micro, small and medium-sized enterprises (MSMEs), with a strong focus on supporting the growth of clients’ cross-border operations.
The bank forms part of Ant Group’s wider push to spur fintech innovation in Singapore and throughout the wider Asia region, and has previously spearheaded a number of its own initiatives to achieve this goal.
These include the launch of its embedded finance platform and the inception of the Anext Programme for Industry Specialists, which seeks to expand the scope and availability of its services within third-party offerings, in November 2022.
