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Chinese financial giant Ant Group has rolled out a digital bank unit in Singapore, according to a report on TheBlockCrypto.
The digital bank is dubbed Anext Bank, focusing on small and medium enterprises. It has already teamed up with trading platform Proxtera to offer solutions to firms looking to participate in overseas trade.
The bank will provide dual-currency business accounts, which will have features such as remote onboarding and daily interest. The services are set to be made available by the third quarter, with the bank currently in soft launch.
Anext Bank Chief Executive Officer Toh Su Mei said noted that financial services will have to evolve and be where SMEs are doing their businesses digitally, citing the “rapid” acceleration of the digital economy.
The latest expansion comes after Ant Group rolled out Ant Bank in Hong Kong in 2020, after securing a virtual banking license in the area.
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