China’s Ant Group Unveils Digital Wholesale Bank in Singapore to Serve SMEs

Ant Group, the firm behind China’s largest digital payment company Alipay, has unveiled a neobank in Singapore.

Source: Businesswire

BTCUSD up +4.88%, BABA up +6.21%, Pre-market trading

Neobank, dubbed Anext Bank, will target small and medium enterprises (SMEs). It has also entered into a partnership with a trading platform Proxtera to offer financial solutions for SMEs.

Toh Su Mei, CEO of Anext Bank stated that business models are changing and shifting towards digital-first, further noting SMEs have evolved to operate their businesses digitally.

The bank will provide a dual currency business account which characteristics like remote onboarding and daily interest.

The news comes after Ant Group launched a consumer-focused fintech Ant Bank in 2020 after getting a virtual banking license from the local authorities.