ANEXT Bank’s Soft Launch Drives Fintech For SMEs
As per the latest news, ANEXT Bank, a digital wholesale bank established in Singapore and an entirely owned subsidiary of Ant Group, reported its soft launch today. This soft launch is followed by its receipt of MAS’s acceptance to start its business operations on 2nd June 2022. The newly announced Singapore-based digital bank is all set to provide its digital financial services to local and regional MSMEs, especially those who are engaged in international trade and looking for development and worldwide extension. No doubt that fintechs are important for small exporters.
Remarking on the soft launch, Ms. Toh Su Mei, the Chief Executive Officer of ANEXT Bank and an expert in finance & banking for over 20 years, stated, “We think that this is the need of the hour to introduce modern & advanced financial services that can be easily accessed and easier for developing organizations. In an era where the digital economy is increasing at a fast pace, business standards are changing and adopting digital technologies as its priority, if not considering a hybrid model. Financial services need transforming and are where SMEs are operating their business activities digitally. ”
“We are capable enough to fulfill our aforesaid vision, utilizing Ant Group’s profound position of technologies and knowledge, along with our client-oriented local team dedicated to facilitating the SME community. By considering our open and collaborative methodologies, we are thinking of associating with industry partners and the public sector to deliver SMEs with digital financial services that are easier, secure, and more fruitful,” she added.
The bank’s soft launch was acknowledged by the Chief Fintech Officer at the Monetary Authority of Singapore (MAS), Mr. Sopnendu Mohanty. Mr. Mohanty explained, “This seems another achievement in Singapore’s digital bank development journey, a planned endeavor to ensure that the banking industry stays moderate, worldwide competitive, and dynamic. Consistent advancement and new capacities that digital banks are entitled to bring will, undoubtedly, clear ways of development to Singapore’s financial sector. MAS anticipates that the digital bank should strive and synergize with our dynamic financial institutions and increase the current quality financial services, and improve Singapore’s financial sector to efficiently support the development of SMEs in Singapore, the region, and in emerging markets.”
ANEXT Bank also encountered a 2-year MoU with Proxtera - the organization backed up by MAS, the Infocomm Media Development Authority (IMDA), and private sector organizations, to transform and empower holistic international trade among SMEs and businesses through creating marketplaces proficient and discoverable internationally, with embedded funding, fulfillment services, and SMEs empowerment.
The MoU will handle both organizations to mutually create and develop an open framework for all participating financial institutions as they deliver funding and risk mitigation support for SMEs and platforms in international trade. ANEXT Bank is also going to be Proxtera's first participating digital wholesale bank in Singapore to show the path in providing financing solutions to the importers-exporters on Proxtera’s network.
Remarking on the association, Mr. Saurav Bhattacharyya, the Chief Executive Officer of Proxtera stated, “Proxtera’s responsibility is to ease the global trade for SMEs and improve them with the power of networks, utilizing modern technology to further develop discoverability, accessibility, availability, and affordability of cutting-through digital services. Uninterrupted access and availability of trade financing solutions will help boost business growth and speed up expansion for SMEs. This mission is firmly aligned with ANEXT Bank’s agenda of serving SMEs engaging in international trade operations. Together with ANEXT Bank’s digital-born identity and digital-first qualities & services, I am pretty sure that we can transform trade easier, smoothly, and proficiently for SMEs.”
As a part of its soft launch, ANEXT Bank provided a sample of the ANEXT Business Account, a dual-currency deposit account with exclusively safety measures including three-factor authentication verification along with the features such as remote onboarding and everyday interest. The Bank is also approaching trade SMEs to share their opinions on what they anticipate from financial services - it perceives to achieve what’s next in financial services, it begins with the requirement of SMEs. Entries and registration of interest to open an account are accessible from today through its website www.ANEXT.com.sg. The ANEXT Business Account will be made accessible to the general SME community from Q32022.
About ANEXT Bank
Established in Singapore, ANEXT Bank is one of the two renowned participants to get the digital wholesale banking license granted by the Monetary Authority of Singapore and concentrates on delivering advanced and safe digital financial services to local and regional MSMEs to help their growth and worldwide expansion.
About Proxtera
Proxtera is an unbiased hub connecting B2B marketplaces, service providers, and trade associations digitally to ease and enable trade for SMEs. It was introduced in 2020 as the commercialization of the organization sans Borders initiative by the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA) to improve digital and financial involvement for SMEs throughout the world. Currently, it is live with 18 advanced platforms across Asia and Africa, with 400,000 SMEs in our network.
Other news
-
30.11.2023
Jazan is Positioned to Develop Into a Hub for Trade with Africa
-
27.11.2023
Is the trial of Indonesia to ‘cover up’ the interest of poor foreign investors in project of Jokowi’s Nusantara capital?
-
23.11.2023
Global economy to slow down but likely avoid recession in 2024
-
23.11.2023
Shadow banks of Euro zone face risk related to margin calls, says ECB
-
20.11.2023
Start-ups are welcome to join DIFC’s FinTech World Cup
-
10.11.2023
Turkey Gets Surprise Inflation Reprieve Ahead Of More Rate Hikes
-
09.11.2023
China Slips Against Deflation As Recovery Stays To Be Fragile
-
27.10.2023
Mastercard Estimates Weaker Income Growth On Financial Slowdown Uncertainties
-
27.10.2023
The United States Decided To Retract Its Proposal Regarding Digital Trade At The World Trade Organization
-
17.10.2023
Mastercard and Bizom have joined forces to launch a comprehensive digital supply chain
Exchange Rates
- 09.12.2023
- Find out more