(10 June 2022 – Singapore) The wholly owned subsidiary of Chinese financial technology giant Ant Group, ANEXT Bank has received approval from the Monetary Authority of Singapore (MAS) to commence business.
After being first awarded a licence in 4Q 2022 as part of four digital bank licences issued by the MAS in a move to liberalise the financial industry, ANEXT Bank’s focus is on serving local and regional Microbusinesses and SMEs, in particular “those engaging in cross-border operations for growth and global expansion”.
“Financial services have to evolve alongside business models that are changing to become digital-first or adopting a hybrid model. We will provide SMEs with financial services that are simpler and safer using the ability to leverage Ant Group’s deep bench of technologies and know-how” stated ANEXT Bank’s CEO Toh Su Mei.
“I think the key is that we are unlearning what we have learned. We will deliver innovative products aimed at cracking the needs of SMEs, which have been underserved” Ms Toh added.