ANEXT Bank, a Digital Wholesale Bank  operates with a clientele of large corporations registered in Singapore and is a wholly-owned subsidiary of Ant Group. It officially launched today (Soft Launch) after receiving approval from the Monetary Authority of Singapore to commence operations starting June 2, 2022. This digital bank aims to provide digital financial services to businesses, including small and medium enterprises (SMEs), both locally and regionally, particularly those operating internationally, to promote business expansion in the global market.

Toh Su Mei, CEO of ANEXT Bank, who has over 20 years of experience in the banking industry, stated, “We believe it is time to offer modern financial services that are easily accessible for growing businesses. Amid the rapid changes in the digital economy, various business models need to adapt to more digital or hybrid formats. Financial services must evolve to meet the needs of SMEs operating in a digital environment.”

“We are ready to implement this vision, leveraging the technology and expertise of Ant Group, along with the commitment of our local team to serve SME clients to the best of our ability. We adopt an open approach to collaboration because we believe in the partnership between the business and public sectors to provide more convenient, secure, and cost-effective financial services for SMEs.” Toh Su Mei added.

The launch event was honored by Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS), who stated, “This launch marks another significant step in the development of Singapore's digital banking sector, which will stimulate progress in the banking industry and enhance global competitiveness. Continuous innovation and new capabilities of digital banks will drive growth in Singapore's financial sector. The central bank expects digital banks to collaborate with other financial institutions to elevate the standards of quality financial services and strengthen the financial sector's capacity to support the growth of SMEs in Singapore, as well as in this region and new markets.”

Additionally, ANEXT Bank has signed a two-year Memorandum of Understanding (MOU) with Proxtera, an entity established by the Monetary Authority of Singapore and the Infocomm Media Development Authority (IMDA), to transform international trade and facilitate seamless commerce between SMEs and various business entities through an efficient global marketplace with comprehensive financial services and support for strengthening SMEs.

Under this MOU, both organizations will collaboratively create an open framework for all participating financial institutions and provide financial support and risk mitigation for SMEs and platforms in global trade. ANEXT Bank will be the first Wholesale Digital Bank to join Proxtera in offering financial solutions to buyers and sellers on the Proxtera network.

Soraf Bhattacharya, CEO of Proxtera stated, “Proxtera is committed to facilitating SMEs in conducting international trade while enhancing their capabilities through a wide network and utilizing advanced technology to improve new digital service offerings that are easily accessible, highly available, and cost-effective. Seamless access and availability of financial solutions for trade will help expand business growth and accelerate the expansion of SMEs. This mission aligns with our focus on providing services to SMEs for international trade, in collaboration with ANEXT Bank, a fully digital bank primarily focused on digital services. We believe we can enhance the trading system to be more convenient, seamless, and efficient for SMEs.”

 

Along with this launch, ANEXT Bank has unveiled the ANEXT Business Account, a dual-currency deposit account featuring high-level security measures such as three-factor authentication (3FA), along with various features like remote online account opening and daily interest calculations. Furthermore, ANEXT Bank is also seeking feedback from SMEs regarding their financial service needs, as the bank recognizes that good financial services must genuinely meet the needs of SMEs. Interested customers can open an account with the bank today at the website ANEXT.com.sg  The ANEXT Business Account will start being available to SME customers in the third quarter of this year.

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About ANEXT Bank

ANEXT Bank, registered in Singapore, is one of two banks that have received a digital wholesale banking license from the Monetary Authority of Singapore, focusing on providing innovative and secure digital financial services to small businesses and SMEs domestically to help them expand into global markets.

Through continuous innovation driven by technology, ANEXT Bank is committed to promoting fintech development and comprehensive financial services in Singapore and regionally. ANEXT Bank adopts an open approach to collaboration, believing in partnerships with the business and public sectors to provide more convenient, secure, and cost-effective financial services for SMEs.

ANEXT Bank is a wholly-owned subsidiary of Ant Group, which is committed to enabling consumers and small businesses to access financial services and other services equitably and inclusively through various technologies such as blockchain, artificial intelligence (AI), security, Internet of Things, and cloud computing.

For more information about ANEXT Bank, please visit the website ANEXT.com.sg

 

 

 

About Proxtera

Proxtera is a Neutral Hub that connects B2B marketplaces, service providers, and trade associations digitally to simplify and expand trade for SMEs. Proxtera was launched in 2020 as a commercial application of the Business sans Borders concept by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) to develop an inclusive digital and financial system for SMEs worldwide. Today, Proxtera has 18 platforms across the Asia and Africa regions and has over 400,000 SMEs in its network.

For more information, visit https://proxtera.com/ or email us at [email protected].