ANEXT Bank secures USD 148 million from Ant Group

With its operations launched in June 2022, ANEXT Bank was developed by Ant Group following a digital wholesale bank licence from the Monetary Authority of Singapore. The digital bank provides its services to local and regional small and medium-sized businesses (SMEs), especially to those who offer cross-border transactions. ANEXT Bank is committed to accelerating fintech advancement and financial inclusion in Singapore, as well as across the region. Additionally, the digital bank aims to deliver improved solutions that are customer-centric and assist the expansion of businesses.

Prior to the current news, ANEXT Bank announced its intentions to strengthen financial inclusion by launching the ANEXT Programme and welcoming three additional platform partners. The digital bank aimed to support financial inclusion for SMEs with the introduction of the ANEXT Programme for Industry Specialists repository. At that time, the bank also welcomed three platform partners that onboarded the programme, including DeliveryChinatown, Hong Xin Da, and Shopmatic. By joining forces with these partners, ANEXT Bank planned to increase accessibility to financing for more than one million regional SMEs.

Furthermore, during the same period in November 2023, ANEXT Bank launched its initiative to drive further industry collaboration as part of its mission to allow efficient and inclusive financing for SMEs. The initiative was set to enhance and scale Embedded Finance for SMEs, simplifying access to financing, as well as monitoring and managing platforms when running a business. The ANEXT Programme for Industry Specialists was made available for all ecommerce marketplaces, fintech companies, and digital solutions providers who support SMEs’ cross-border operations via digital-based services or platforms. The digital bank was set to collaborate with these industry specialists to expand the offering for SMEs on their platforms to include digital financial services provided by ANEXT Bank.