Jack Ma’s Ant Group unveils Singapore digital bank – ANEXT – in overseas expansion push

ANEXT Bank will provide digital financial services to micro, small and medium-sized enterprises that have cross-border operations, it said in a statement on Monday

Ant’s wholesale license allows it to serve small and mid-sized firms and other non-retail segments, and requires a capital commitment of US$73 million

Reading Time:2 minutes

Published: 10:45am, 6 Jun 2022

Billionaire Jack Ma’s Ant Group Co. launched its digital bank in Singapore, as China’s largest online financial platform branches out of its home market amid regulatory headwinds.

ANEXT Bank will provide digital financial services to micro, small and medium-sized enterprises that have cross-border operations, it said in a statement on Monday. Ant will allow these businesses to open an account from the third quarter of this year.

The fintech giant is entering an arena dominated by traditional incumbents including DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. Using Singapore as a base for its business in Southeast Asia may offset slower growth prospects at home after government-ordered regulatory overhauls.

“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,” Monetary Authority of Singapore Chief Fintech Officer Sopnendu Mohanty said in the statement.

Ant, part-owned by Alibaba Group Holding Ltd., which also owns the Post, can also benefit from the e-commerce operator’s unit in Southeast Asia, Lazada.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x