Fintech giant Ant Group announced the soft launch of its digital wholesale bank, ANEXT Bank, in Singapore on Monday. The unit will provide financial services to local and regional micro, small and medium enterprises (MSMEs), especially those engaged in cross-border operations.
According to regulatory filings in Singapore, ANEXT Bank received S$100 million ($73.13 million) last week ahead of the launch. The digital bank was incorporated in 2021 and has so far secured $166 million in funding from an Ant Singapore unit.