Chinese fintech giant Ant Group, owned by billionaire Jack Ma, has announced that it has launched a digital wholesale banking service in Singapore, called ANEXT Bank.
ANEXT Bank received approval from the Monetary Authority of Singapore to start operating on June 2, and the move is one of Ant’s biggest outward moves since it was derailed by its $37 billion initial public offering due to Chinese regulators in late 2020. Read more [Alibaba Shares Soar After ‘Jack Ma’ Debuts In Europe].
The company took out its first wholesale digital banking licenses in Singapore at the end of 2020, which allowed it to work with large clients, such as financial institutions and corporations. Also ANEXT will be required for start-ups and small and medium-sized companies, especially those that operate their services internationally.
Technology company Sea and fintech company Grab acquired digital bank licenses in 2020, allowing Singaporean companies to receive deposits and provide services locally to individual and corporate clients. Read more [Shopee Owner Sea’s Revenue Beats Expectations].
ANEXT, with the support of banking expert Toh Su Mei, will develop an open framework for financial institutions in collaboration with Proxtera, which is a local company set up by the Monetary Authority of Singapore (MAS) and the Information Information Development Authority of Singapore (IMDA). The two companies announced that ANEXT Business Bank will be available to small and medium-sized businesses starting in the third quarter of this year. To read more [Ant Group Will Close Its Medicaid Services].