ANEXT Bank Soft Launches in Singapore

ANEXT Bank, a digital wholesale bank based in Singapore and a wholly owned subsidiary of Ant Group, has announced its soft launch.

The soft launch follows its receipt of MAS' approval to commence business. The new digital bank will focus on providing digital financial services to local and regional micro, small and medium enterprises, especially those engaging in cross-border operations for growth and global expansion.

ANEXT Bank also signed a 2-year MoU with Proxtera – the entity supported by MAS, the Infocomm Media Development Authority (IMDA) and private sector entities, to transform and allow for holistic cross-border trade among SMEs and businesses.

The MoU will see both organisations jointly create an open framework for all participating financial institutions as they provide financing and risk mitigation support for SMEs and platforms in global trades. ANEXT Bank will also be providing financing solutions to the buyers and sellers on Proxtera's network. 

As part of its soft launch, ANEXT Bank provided a preview of the ANEXT Business Account, a dual-currency deposit account with proprietary security measures including three-factor authentication verification as well as features such as remote onboarding and daily interest. The Bank is also calling on SMEs to share their thoughts on what they hope to see in financial services – it recognises in order to bring about what's next in financial services, it starts with the needs of SMEs.