ANEXT Bank Soft launches today as Singapore’s new digital wholesale bank

SINGAPORE–(BUSINESS WIRE)–ANEXT Bank, a Singapore-incorporated digital wholesale bank and a wholly-owned subsidiary of Ant Group, today announced its soft launch. The soft launch follows MAS receiving approval to commence operations on June 2, 2022. The Singapore-based digital bank will focus on providing digital financial services to local and regional micro, small and medium enterprises, in particular those carrying out cross-border transactions. for growth and global expansion.

Commenting on the soft launch, Ms. Toh Su Mei, Managing Director of ANEXT Bank and a veteran of the banking industry for more than 20 years, said, “We believe it is time to deliver the next generation of accessible and affordable financial services. effortless for growing businesses. In a rapidly accelerating digital economy, business models are changing and pivoting to become digital first or even adopt a hybrid model. Financial services need to evolve and be where SMEs do business digitally. »

“We are well placed to deliver on this vision, leveraging Ant Group’s vast array of technologies and know-how, as well as our local, customer-obsessed team dedicated to serving the support community. SME. Taking an open and collaborative approach, we believe in partnering with industry partners and the public sector to provide simpler, safer and more rewarding financial services to SMEs,” she said. added.

The Bank’s soft launch was honored by the Chief Financial Technology Officer of the Monetary Authority of Singapore (MAS), Mr. Sopnendu Mohanty. Mr. Mohanty said, “This marks another milestone in Singapore’s digital banking development journey, a strategic effort to ensure the banking industry remains progressive, competitive and vibrant globally. The continuous innovation and new capabilities that digital banks are expected to bring will undoubtedly add more growth drivers to Singapore’s financial sector. MAS expects digital banks to thrive and synergize with our vibrant financial institutions and raise the bar in the provision of quality financial services, and elevate Singapore’s financial sector to better support the growth of SMEs in Singapore , in the region and in emerging markets.

ANEXT Bank has also signed a 2-year Memorandum of Understanding with Proxtera – the entity supported by MAS, Infocomm Media Development Authority (IMDA) and private sector entities, to transform and enable holistic cross-border trade between SMEs and businesses by making markets efficient and discoverable. globally, with integrated financing, fulfillment services and SME empowerment.

The MoU will see the two organizations jointly create and establish an open framework for all participating financial institutions as they provide financing and risk mitigation support for SMEs and platforms in global exchanges. ANEXT Bank will also be Proxtera’s first participating digital wholesale bank in Singapore to lead the way in providing financing solutions to buyers and sellers on Proxtera’s network.

Speaking about the collaboration, Mr. Saurav Bhattacharyya, CEO of Proxtera said, “Proxtera’s commitment is to simplify global commerce for SMBs and elevate them with the power of networks, leveraging technology. modern to improve discoverability, accessibility, availability and affordability. innovative digital services. Seamless access and availability of trade finance solutions will help amplify business growth and accelerate the expansion of SMEs. This mission is closely aligned with ANEXT Bank’s objective of serving SMEs engaged in cross-border transactions. With ANEXT Bank’s digital identity and digital-centric capabilities and services, I am confident that we can make trade easier, more transparent and more efficient for SMEs. »

As part of its soft launch, ANEXT Bank provided a preview of the ANEXT Business Account, a dual currency deposit account with exclusive security measures including three-factor authentication verification, as well as features such as remote integration and daily interest. The Bank also invites SMEs to share their thoughts on what they hope to see in financial services – it recognizes that changing financial services starts with the needs of SMEs. Registrations as well as registrations of interest to open an account are available from today through its website www.ANEXT.com.sg. The ANEXT corporate account will be made available to the general SME community from Q3 2022.

About ANEXT Bank

Incorporated in Singapore, ANEXT Bank is one of two successful applicants to receive the Digital Wholesale Banking License issued by the Monetary Authority of Singapore and is focused on providing innovative and secure digital financial services to micro, small and medium local and regional enterprises (SMEs). to support their growth and global expansion.

Through continuous technology-driven innovation, ANEXT Bank is dedicated to accelerating the development of fintech and financial inclusion in Singapore and the region. Adopting an open and collaborative approach, ANEXT Bank believes in the importance of partnering with industry partners and public sector agencies to provide easier, safer and more rewarding financial services to SMEs.

ANEXT Bank is a wholly owned subsidiary of Ant Group. Ant Group strives to enable all consumers and small businesses to have equal access to financial and other services through technologies such as blockchain, artificial intelligence, security, Internet of Things and cloud computing.

For more information about ANEXT Bank, please visit www.ANEXT.com.sg.

About Proxtera

Proxtera is a neutral hub digitally connecting B2B marketplaces, service providers and trade associations to simplify and amplify commerce for small and medium-sized enterprises (SMEs). Proxtera was launched in 2020 as part of the commercialization of the Business Without Borders initiative by the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) to improve digital and financial inclusiveness for SMEs in the whole world. Today, Proxtera is online with 18 progressive platforms across Asia and Africa, which total up to 400,000 SMEs in our network.

To find out more, visit https://proxtera.com/ or email us at [email protected]

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