ANEXT Bank Sees Significant Growth in Regional and Global Reach Among MSME Clients
ANEXT Bank, a digital wholesale bank based in Singapore and wholly owned by Ant International, has reported a substantial increase in regional and global presence among its micro, small, and medium enterprise (MSME) customers. This surge follows a more than twofold growth in its total customer base over the past year.
Facilitating MSMEs’ Regional and Global Expansion
The bank recorded a sixfold year-on-year increase in cross-border transactions facilitated for its expanding customer base. The most notable growth in these transactions came from MSMEs in wholesale and retail trade, professional services, and information, communication, and technology sectors. This trend aligns with Singapore’s role as a global trade and financial hub. ANEXT Bank’s customers are extending their operations beyond Singapore into key markets such as mainland China, Hong Kong SAR, the United States, and other Southeast Asian countries.
ANEXT Bank also observed a significant rise in the number of Foreign Business Owners (FBOs) with businesses incorporated in Singapore. By 31 May 2024, nearly 31% of the bank’s customers were FBOs from 78 countries, including mainland China, Indonesia, Japan, Malaysia, and South Korea. Through partnerships with embedded finance providers, ANEXT Bank is also serving an increasing number of foreign-incorporated businesses.
“It is heartening to witness how MSMEs are growing beyond their markets, especially micro and small businesses,” said Ms. Toh Su Mei, CEO of ANEXT Bank. “Internationalisation is no longer a growth strategy limited to large corporations. Through technology and innovation, MSMEs can now easily access global markets. As a digital bank headquartered in Singapore, we are well-positioned to support them in their global business endeavors.”
Serving the Underserved MSMEs
As of 31 May 2024, 69% of The Bank’s customers are micro businesses. Among these, 56% of loan customers and 80% of deposit customers are micro businesses. Over the past two years, 31% of ANEXT Bank’s customers began banking with the institution during their startup stage.
The Bank offers a range of services designed to support MSMEs, including multi-currency business accounts for local and international transfers with no minimum balance, unsecured financing with flexible repayment options, and fixed deposit accounts starting from just US$5,000 for terms as short as one month.
In the financial year ending 31 December 2023, ANEXT Bank achieved significant financial milestones. Loans to customers surged by 434%, reaching S$222 million, while deposit balances increased by approximately 368%, totaling S$295 million. Additionally, ANEXT Bank reported S$24.5 million in gross income, underscoring its robust revenue generation from primary banking activities and its progress toward enhancing financial inclusion.
About ANEXT Bank
Incorporated in Singapore and regulated by the Monetary Authority of Singapore, The Bank is a digital wholesale bank providing innovative digital financial services to empower local and regional micro, small and medium enterprises (MSMEs) to future-proof their businesses through digital adoption, sustainable practices and global expansion.
Through continuous technology-driven innovation,The Bank is dedicated to accelerating fintech development and financial inclusion in Singapore and the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with industry partners and public sector agencies to provide SMEs with financial services that are simpler, safer and more rewarding.
ANEXT Bank is a wholly-owned subsidiary of Ant International.
