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.

Anext Bank announces 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.