Ant Group launches digital banking service in Singapore to serve small firms doing international trades
- The wholesale banking service will be provided by Ant’s wholly-owned unit ANEXT Bank, in collaboration with online marketplace Proxtera
- The launch follows the issuance of a digital wholesale banking license to ANEXT Bank by the Monetary Authority of Singapore
Chinese fintech giant Ant Group has launched a digital banking service in Singapore to serve the needs of small businesses doing cross-border trades.
The wholesale banking service will be provided by Ant’s wholly-owned unit ANEXT Bank, in collaboration with Proxtera, which runs an online marketplace connecting small businesses.
Ant has signed a two-year memorandum of understanding with Proxtera, the Infocomm Media Development Authority, as well as some private sector entities.
“Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model,” ANEXT Bank chief executive Toh Su Mei said in a statement on Monday. “Financial services have to evolve and be where small-and-medium sized businesses are doing their businesses digitally.”
ANEXT Bank will leverage Ant Group’s technologies and know-how, and cooperate with partners to provide “simpler, safer and more rewarding” financial services to SMEs, she added.
The launch follows the issuance of a digital wholesale banking license to ANEXT Bank by the Monetary Authority of Singapore.
