On June 6th, the financial technology (fintech) giant Ant Group controlled by Jack Ma said it had established a digital wholesale bank in Singapore called ANEXT Bank.
The Monetary Authority of Singapore has approved the bank to start operations on June 2nd. Alibaba owns about 33% of Ant Group, the largest overseas move since Ant Group’s $37 billion initial public offering in 2020 was canceled by the CCP regulators. At the end of 2020, Ant Group obtained the first batch of digital wholesale banking licenses in Singapore, enabling it to serve financial institutions and large corporate clients.
ANEXT Wholesale Bank, which focuses on micro, small and medium-sized enterprises (SMEs), particularly those with cross-border operations, will begin serving SMEs in the third quarter of this year. Proxtera, a local entity launched by the Monetary Authority of Singapore and the Information Authority, will also work with ANEXT.
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