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Ant Group Which is Part of Jack Ma’s Alibaba Launches Digital Bank in Singapore

Ant Group, China's biggest digital payment platform Alipay has opened a neobank here....
Photo by Shubham Dhage

Ant Group, China’s biggest digital payment platform Alipay has opened a neobank here.

It is called Anext Bank and will target small and mid-sized enterprises (SMEs), it stated in today’s statement. To provide financial solutions to SMEs who want to trade overseas, it has also partnered with Proxtera trading platform.

“In the face of rapid digital acceleration, business models are changing rapidly and pivoting to be digital-first. Toh Su Mei, CEO of Anext Bank, stated that financial services must evolve to meet the needs of SMEs.

The bank is currently soft launching a dual currency business account. It will include features like remote onboarding and daily interests. It will be available widely starting in the third quarter.

This news comes after a similar move in Hong Kong, where Ant Group launched consumer-focused Fintech Ant Bank in 2020.

Jack Ma, a billionaire, controls Ant Group. Alibaba owns about a third of the company. It had originally planned to raise $35 billion in 2020. However, Chinese regulators thwarted those plans.

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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