ANEXT Bank focused on small and medium businesses

As China’s largest online financial platform grows beyond its home market against regulatory obstacles, Ant Group Co., founded by billionaire Jack Ma, has opened its digital bank in Singapore.

The fintech giant will hire local workers

Micro, small, and medium businesses, particularly those that do cross-border transactions, will benefit from ANEXT Bank’s digital financial services.

“Banking is, in reality, a very key aspect of the comprehensive set of financial services we provide in Southeast Asia,” said Toh Su Mei, CEO of ANEXT Bank.

According to him, the bank he owns will form Singapore’s first team, with 75 percent of employees headquartered in Singapore and the remainder in China.

To begin, the digital bank is launching a beta version of its dual-currency deposit account, which incorporates three-factor authentication, remote registration, and daily interest. From the third quarter forward, accounts will be available.

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