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- Ant Group has recently announced the launch of a neobank in Singapore. Ant Group is the firm that is behind the largest digital payment platform in China, Alipay.
- Small and medium enterprises are going to the target of the neobank, which is dubbed as Anext Bank, according to a statement released today.
- The bank will offer a dual-currency business account whose features include daily interest and remote onboarding.
Ant Group, the brains behind Alipay, the largest digital payment platform in China, has recently inaugurated a neobank in Singapore.
The fintech giant is stepping into a field that is dominated by conventional groups such as Oversea-Chinese Banking Corp. and DBS Group Holdings Ltd. Using Singapore as a base for its business in Southeast Asia may drive slower growth at their own state following the regulatory overhauls ordered by the government.
As per a statement released today, the neobank is dubbed Anext Bank and targets small and medium enterprises (SMEs). It has collaborated with Proxtera, a trading platform, to offer financial solutions for SMEs that seek to take part in overseas trade.
Toh Su Mei, CEO of Anext Bank, explained that the business models are changing and, if not implementing a hybrid model, seek to become digital-first amid the rapid growth of the digital economy. There is a need for evolution in financial services and where SMEs are operating their businesses digitally.
Currently, in a soft launch state, the bank will provide a dual-currency business account that will have features such as daily interest and remote onboarding. Starting from the third quarter of this year, it will be made widely available.
A similar development is seen in the year 2020 in Hong Kong, where an Ant Group released consumer-focused fintech Ant Bank after getting a virtual banking license with the regulatory authorities.
Billionaire Jack Ma controls the Ant Group, while Alibaba, an e-commerce giant, owns approx. a third portion of the group. It had intentions to raise funds worth $35 billion in 2020. The fundraising could have become the biggest ever initial public offering before Chinese regulators hindered those plans.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
