The Strategist

Chinese Ant Group launches digital bank in Singapore

06/07/2022 - 10:30

Ant Group, the parent firm of Alipay, China's most popular payment system, has announced the launch of a digital wholesale bank in Singapore.

ant group
ant group
According to a statement on the company's website, the new bank, dubbed ANEXT Bank, was approved by the Monetary Authority of Singapore (MAS) to commence operations.

The new bank will focus on providing digital financial services to local and regional micro, small, and medium-sized firms, especially those with cross-border operations "for growth and worldwide expansion," according to the press release.

As part of its preliminary launch, the bank is offering a two-currency business account with features including remote registration and daily interest. The bank will open to the general public in the second half of 2022.