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.
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