An MoU is inked with Proxtera to jointly create and establish an open framework for all participating financial institutions, in addition to serving financing needs of SMEs as Proxtera’s first participating digital wholesale bank in Singapore.
ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant Group, announced its soft launch today. The soft launch follows its receipt of MAS’ approval to commence business on 2 June 2022. The Singapore-based 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.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220605005090/en/
ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant Group, commences business. (Photo: Business Wire)
Commenting on the soft launch, Ms. Toh Su Mei, the Chief Executive Officer of ANEXT Bank and a banking industry veteran of over 20 years, said: “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,”…