Second digital bank starts operations in Singapore

A new digital bank has started operations in Singapore after receiving approval from the Monetary Authority of Singapore (MAS) to commence business on June 2.

The new online lender is called ANEXT Bank and backed by China’s Ant Group, a financial technology giant controlled by Alibaba Group founder and billionaire Jack Ma, the company announced on June 6.

ANEXT will focus on wholesale banking with a target on micro, small and mid-sized enterprises, particularly those with cross-border operations. The neobank said it would offer technology-leveraged financial solutions especially for trade companies, beginning with dual-currency business accounts and related digital financial services.

Collaboration with online platform Proxtera

The bank will also develop an open framework for financial institutions in collaboration with Proxtera, a Singapore-based local entity jointly initiated by MAS and Singapore’s Infocomm Media Development Authority as an online platform to connect business-to-business marketplaces for small and medium companies, service providers and trade associations.

ANEXT’s client focus is pretty much the same as Green Link Digital Bank, which became the first to announce its launch in Singapore just recently. However, Green Link is more involved into supply-chain financing and technology services.

Ant Group in oversea expansion

The move to establish ANEXT Bank marks one of Ant Group’s biggest overseas pushes since its planned $37-billion initial public offering was derailed by Chinese regulators in late 2020. Ant Group obtained one of Singapore’s first digital wholesale banking licenses at the end of 2020.

“[ANEXT Bank’s launch] 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,” MAS chief fintech officer Sopnendu Mohanty commented.

The next digital bank to launch in Singapore is expected to be GXS Bank, operated by a consortium of e-commerce firm Grab and telecom company Singapore Telecommunications and targeting a launch in the second half of this year.



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A new digital bank has started operations in Singapore after receiving approval from the Monetary Authority of Singapore (MAS) to commence business on June 2. The new online lender is called ANEXT Bank and backed by China's Ant Group, a financial technology giant controlled by Alibaba Group founder and billionaire Jack Ma, the company announced on June 6. ANEXT will focus on wholesale banking with a target on micro, small and mid-sized enterprises, particularly those with cross-border operations. The neobank said it would offer technology-leveraged financial solutions especially for trade companies, beginning with dual-currency business accounts and related digital financial...

A new digital bank has started operations in Singapore after receiving approval from the Monetary Authority of Singapore (MAS) to commence business on June 2.

The new online lender is called ANEXT Bank and backed by China’s Ant Group, a financial technology giant controlled by Alibaba Group founder and billionaire Jack Ma, the company announced on June 6.

ANEXT will focus on wholesale banking with a target on micro, small and mid-sized enterprises, particularly those with cross-border operations. The neobank said it would offer technology-leveraged financial solutions especially for trade companies, beginning with dual-currency business accounts and related digital financial services.

Collaboration with online platform Proxtera

The bank will also develop an open framework for financial institutions in collaboration with Proxtera, a Singapore-based local entity jointly initiated by MAS and Singapore’s Infocomm Media Development Authority as an online platform to connect business-to-business marketplaces for small and medium companies, service providers and trade associations.

ANEXT’s client focus is pretty much the same as Green Link Digital Bank, which became the first to announce its launch in Singapore just recently. However, Green Link is more involved into supply-chain financing and technology services.

Ant Group in oversea expansion

The move to establish ANEXT Bank marks one of Ant Group’s biggest overseas pushes since its planned $37-billion initial public offering was derailed by Chinese regulators in late 2020. Ant Group obtained one of Singapore’s first digital wholesale banking licenses at the end of 2020.

“[ANEXT Bank’s launch] 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,” MAS chief fintech officer Sopnendu Mohanty commented.

The next digital bank to launch in Singapore is expected to be GXS Bank, operated by a consortium of e-commerce firm Grab and telecom company Singapore Telecommunications and targeting a launch in the second half of this year.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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