ANEXT Bank Soft Launches Today As Singapore’s Newest Digital Wholesale Bank
ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant Group, announced its soft launch today. The soft launch follows its receipt of MAS’ approval to commence business on 2 June 2022. The Singapore-based digital bank will focus on providing digital financial services to local and regional micro, small and medium enterprises, especially those engaging in cross-border operations for growth and global expansion.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220605005090/en/
ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant Group, commences business. (Photo: Business Wire)
Commenting on the soft launch, Ms. Toh Su Mei, the Chief Executive Officer of ANEXT Bank and a banking industry veteran of over 20 years, said: “We believe it’s time to offer the next generation of financial services that are accessible and effortless for growing businesses. Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model. Financial services have to evolve and be where SMEs are doing their businesses digitally.”
“We are well positioned to live up to this vision, leveraging Ant Group’s deep bench of technologies and know-how, along with our customer-obsessed local team dedicated to serving the SME community. Adopting an open and collaborative approach, we believe in joining hands with industry partners and the public sector to provide SMEs with financial services that are simpler, safer and more rewarding,” she added.
The Bank’s soft launch was graced by the Chief Fintech Officer at the Monetary Authority of Singapore (MAS), Mr. Sopnendu Mohanty. Mr. Mohanty said: “This marks yet another milestone in Singapore’s digital bank development journey, a strategic effort to ensure the banking sector remains progressive, globally competitive and vibrant. Continuous innovation and new capabilities that digital banks are slated to bring will no doubt add more engines of growth to Singapore’s financial sector. MAS expects the digital banks to thrive and synergise with our dynamic financial institutions and raise the bar in delivering quality financial services, and to uplift Singapore’s financial sector to better support the growth of SMEs in Singapore, the region and in emerging markets.”
ANEXT Bank also signed a 2-year MoU with Proxtera – the entity supported by MAS, the Infocomm Media Development Authority (IMDA) and private sector entities, to transform and enable holistic cross-border trade among SMEs and businesses through making marketplaces efficient and discoverable globally, with embedded financing, fulfillment services and SME empowerment.
The MoU will see both organisations 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 trades. ANEXT Bank will also be Proxtera’s first participating digital wholesale bank in Singapore to lead the way in providing financing solutions to the buyers and sellers on Proxtera’s network.
Speaking of the collaboration, Mr. Saurav Bhattacharyya, the Chief Executive Officer of Proxtera said: “Proxtera’s commitment is to simplify global trade for SMEs and uplift them with the power of networks, leveraging on modern technology to improve discoverability, accessibility, availability and affordability of innovative digital services. Seamless access and availability of trade financing solutions will help amplify business growth and accelerate expansion for SMEs. This mission is closely aligned with ANEXT Bank’s focus to serve SMEs engaging in cross-border operations. Together with ANEXT Bank’s digital-born identity and digital-first capabilities and services, I’m confident that we can make trade easier, more seamless and 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 proprietary security measures including three-factor authentication verification as well as features such as remote onboarding and daily interest. The Bank is also calling on SMEs to share their thoughts on what they hope to see in financial services – it recognises in order to bring about what’s next in financial services, it starts with the needs of SMEs. Entries as well as registrations of interest to open an account is available from today via its website www.ANEXT.com.sg. The ANEXT Business Account will be made available to the general SME community from Q32022.
About ANEXT Bank
Incorporated in Singapore, ANEXT Bank is one of the two successful applicants to receive the digital wholesale banking licence issued by the Monetary Authority of Singapore and focuses on providing innovative and secure digital financial services to local and regional micro, small and medium enterprises (SMEs) to aid their growth and global expansion.
Through continuous technology-driven innovation, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in Singapore and the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with industry partners and public sector agencies to provide SMEs with financial services that are simpler, safer and more rewarding.
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 on ANEXT Bank, please visit www.ANEXT.com.sg.
About Proxtera
Proxtera is a neutral hub connecting B2B marketplaces, service providers, and trade associations digitally to simplify and amplify trade for small and medium enterprises (SMEs). Proxtera was launched in 2020 as the commercialization of the Business sans Borders initiative by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) to enhance digital and financial inclusivity for SMEs around the world. Today, Proxtera is live with 18 progressive platforms across Asia and Africa, which totals up to 400,000 SMEs in our network.
Find out more at https://proxtera.com/ or email us at contact@proxtera.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220605005090/en/
Contact information
Betty Bai
ANEXT Bank
Email: guzhuang.bb@antgroup.com
Mobile: +65 9183 9108
Diya Malaney
Proxtera
Email: diya@proxtera.com
Mobile” +65 8118 5489
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Tezos Foundation and Artist Misan Harriman Unveil First Works in Permanent Art Collection9.6.2023 18:42:00 EEST | Press release
Today, the Tezos Foundation, which promotes development on the Tezos blockchain, and Misan Harriman, the world-renowned photographer and activist, announced the first presentation of the Tezos Foundation Permanent Art Collection to celebrate artists and creators in the Tezos ecosystem. These works will be on display in a Digital Art Gallery, to be revealed on June 16 on the Collection’s website for public viewing. The initial presentation is just a fraction of the overall collection of over 2,000 works acquired between May 2022-2023 with a $1.2M USD endowment from the Tezos Foundation to Misan Harriman. Spearheaded by the Tezos Foundation and driven by Harriman, the initiative reflects the diversity of the digital art community in the Tezos ecosystem and showcases works by artists who span five continents and more than two dozen nationalities. The first online gallery is separated into three rooms - Who We Are, What We Become, and Tracks of Existence - which highlight important themes
Vertex Presents Data Demonstrating Significant Benefits of Long-Term Treatment With CFTR Modulators at the European Cystic Fibrosis Conference9.6.2023 18:00:00 EEST | Press release
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that 12 scientific abstracts on the company’s portfolio of cystic fibrosis (CF) medicines were presented at this year’s European Cystic Fibrosis Society's (ECFS) 46th European Cystic Fibrosis Conference held June 7-10, 2023, in Vienna, Austria. Together, the data presented show the long-term benefits of treatment with CFTR modulators as well as the importance of treating the underlying cause of CF as early in life as possible. Key data presented at this year’s conference are highlighted below. Vertex presented an interim analysis (IA) of a registry-based study of real-world data collected from people with CF and treated with TRIKAFTA® (elexacaftor/tezacaftor/ivacaftor and ivacaftor), also known in the European Union and in the U.K. as KAFTRIO® (ivacaftor/tezacaftor/elexacaftor) in combination with ivacaftor, including over 16,000 people with CF from the Cystic Fibrosis Foundation Patient Registry (CFFPR) and nearly 3,00
Galtronics Improves Attendee Experience at NFL Stadiums and MLB Ballparks Nationwide9.6.2023 12:00:00 EEST | Press release
Galtronics, the company that combines collaboration with technology innovation to solve the world’s most complex wireless connectivity challenges, today announced distributed antenna system (DAS) upgrades across four major stadiums. Galtronics’ antennas will be deployed at Arrowhead Stadium, home of the defending Super Bowl Champion Kansas City Chiefs; Ford Field, home of the Detroit Lions; Bank of America Stadium, home of the Carolina Panthers; and T-Mobile Park, home of the Seattle Mariners. The recent upgrades will provide increased sectorization to drive higher levels of capacity and data speeds, allowing fans to stream other sporting events, keep up with fantasy team stats or share live event interaction over social platforms. In total, Galtronics is providing 705 antennas across the three stadiums and ballpark. The C-Band antenna upgrades range from HyperFlat (Ceiling mount Omni DAS Antenna), Small Panel antennas and a combination of 30x30 and 30x60 Stadium Panel Antennas. They w
Superior Graphite to Build 24.000 Ton Per Annum Active Anode Material Capacity at 1/3 the CapEx Cost9.6.2023 11:38:00 EEST | Press release
Superior Graphite, a leading producer of graphite, plans to construct a USD180 million anode materials facility to meet the accelerating demand for EV’s and energy storage in the North American and European markets. The company's state-of-the-art Anode Active Material (AAM) enables and accelerates the energy transition. The main facility will be in Hopkinsville, Kentucky, with additional capacity in Sundsvall, Sweden. Superior Graphite's innovative production technology and established operations at these locations result in a continuous production process, significantly reducing capital requirements and operational costs. "Our technology and product brands are trusted by high-volume customers worldwide. Our unique technology uses approximately 70% less electricity, labor, and space compared to traditional production processes. The carbon footprint is reduced by nearly 85%, and the cost savings for EV companies are substantial," says Ed Carney, CEO of Superior Graphite. Meeting the IRA
Mega Refining and Petrochemical Plant Selects Hytera as Provider of Professional Communications System9.6.2023 11:08:00 EEST | Press release
Hytera, a global leading provider of professional communication technologies and solutions, has been selected as the supplier of professional communications solution for the Yulong Island Refining and Petrochemical Integration Project in Shandong Province, China. Hytera won this public tender with its advanced professional digital trunking (PDT) infrastructure, control and dispatch system , network management system (NMS), digital voice recording system (DVRS), and intrinsically safe (IS) PDT two-way radios . This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230609005125/en/ PD790Ex Intrinsically Safe PDT Two-way Radio (Graphic: Business Wire) The Yulong project is the largest refining and petrochemical facility being constructed in China. With a projected overall production capacity of 40 million tons per year, this plant is a strategic venture aimed at driving economic growth, enhancing energy production capabilities, and pro
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom