Ant Group, the company behind Alipay, China’s largest digital payment platform, has launched a digital bank in Singapore.
Ant Group, the company behind Chinese payments giant Alipay, has announced that it has launched a neobank called Anext Bank in Singapore. According to the statement made by the bank today, the initiative will target small and medium-sized businesses. The startup has also partnered with trading platform Proxtera to provide financial solutions to SMEs wishing to engage in overseas trade. Anext Bank CEO Toh Su Mei said:
“In the midst of the rapid acceleration in the digital economy, business models are turning and changing digital first, even if they do not adopt a hybrid model. Financial services must evolve and be where SMEs do their business digitally.”
The initiative, which will offer businesses a dual-currency business account with features such as remote participation and daily interest, is planned to be fully available from the third quarter of this year.
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