ANEXT Bank, Singapore’s latest digital wholesale bank, officially starts

• In addition to fulfilling the financing needs of SMEs as Proxtera’s first participating digital wholesale bank in Singapore
• MoU has been signed with Proxtera to collaboratively design and establish an open framework for all participating financial institutions.

SINGAPORE: ANEXT Bank, a Singapore-based digital wholesale bank and wholly-owned subsidiary of Ant Group, announced its soft launch today. The soft launch followed the acceptance of MAS approval to begin operations on June 2, 2022. The Singapore-based digital bank will concentrate on delivering digital financial services to local and regional micro, small, and medium-sized businesses, particularly those engaged in cross-border operations for growth and worldwide expansion.

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Ms. Toh Su Mei, Chief Executive Officer of ANEXT Bank and a banking industry veteran of over 20 years, commented on the soft launch, saying, “We believe it’s time to offer the next generation of financial services that are accessible and effortless for growing businesses. 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.”

“We are well positioned to live up to this vision, leveraging Ant Group’s deep bench of technologies and know-how, along with our customer-obsessed local team dedicated to serving the SME community. Adopting an open and collaborative approach, we believe in joining hands with industry partners and the public sector to provide SMEs with financial services that are simpler, safer and more rewarding,” she added.

Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore (MAS), attended the soft launch of the bank. According to Mr. Mohanty: “This marks yet another milestone in Singapore’s digital bank development journey, a strategic effort to ensure the banking sector remains progressive, globally competitive and vibrant. Continuous innovation and new capabilities that digital banks are slated to bring will no doubt add more engines of growth to Singapore’s financial sector. MAS expects the digital banks to thrive and synergise with our dynamic financial institutions and raise the bar in delivering quality financial services, and to uplift Singapore’s financial sector to better support the growth of SMEs in Singapore, the region and in emerging markets.”

ANEXT Bank also signed a two-year Memorandum of Understanding (MOU) with Proxtera, an entity supported by MAS, the Infocomm Media Development Authority (IMDA), and private sector entities that aims to transform and enable holistic cross-border trade among SMEs and businesses by making marketplaces efficient and discoverable globally, with embedded financing, fulfilment services, and SME empowerment.

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Both organisations will collaborate to construct and establish an open framework for all participating financial institutions as they provide financing and risk mitigation support for SMEs and platforms in global trading under the terms of the MoU. ANEXT Bank will also be Proxtera’s first participating digital wholesale bank in Singapore, leading the way in offering financing solutions to Proxtera’s network buyers and sellers.

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