Ant Group, which owns China’s largest electronic payment platform – Alipay, has launched digital banking in Singapore.

The new company that opened in Singapore is called Anext Bank. Its objective is to target small and medium-sized enterprises (SME). Currently, the company has established a relationship with Proxtera – a trading platform – to provide financing solutions for SME wishing to engage in commercial activity abroad.

Although the bank is in the early stages of launching, it will provide a business account in two currencies with remote referral and daily interest rates. This will be published more precisely from the third quarter of this year.

This news follows a similar move in Hong Kong, where in 2020, Ant Group launched fintech Ant Bank focused on consumer after purchasing virtual banking licenses with regulators.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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News

Jack Ma’s Ant Group launches digital banking in Singapore

Ant Group, which owns China’s largest electronic payment platform – Alipay, has launched digital banking in Singapore.

The new company that opened in Singapore is called Anext Bank. Its objective is to target small and medium-sized enterprises (SME). Currently, the company has established a relationship with Proxtera – a trading platform – to provide financing solutions for SME wishing to engage in commercial activity abroad.

Although the bank is in the early stages of launching, it will provide a business account in two currencies with remote referral and daily interest rates. This will be published more precisely from the third quarter of this year.

This news follows a similar move in Hong Kong, where in 2020, Ant Group launched fintech Ant Bank focused on consumer after purchasing virtual banking licenses with regulators.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

CoinCu News

KAI

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