ANEXT-BANK
6.6.2024 07:40:34 CEST | Business Wire | Press release
ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant International, today reported a notable increase in regional and global presence among its micro, small and medium enterprises (MSMEs) customers. This is on the back of more than 2-fold growth in its total customer base over the past 12 months.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240605859058/en/
(Photo: Business Wire)
Facilitating MSMEs’ Business Expansion Regionally and Beyond
The bank observed a 6-fold year-on-year increase in the total amount of cross-border transactions facilitated for its increasing customer base from the region and beyond. The highest growth in the bank’s cross-border transactions was seen among MSMEs in the wholesale and retail trade, professional services, and information, communication, and technology sectors, aligning with Singapore's robust status as a global trade and financial hub. Furthermore, ANEXT Bank customers exhibited an expanding regional and global presence, with operations extending beyond Singapore into key markets such as the Chinese mainland, Hong Kong SAR, the United States and other Southeast Asian countries.
In addition to Singapore MSMEs expanding regionally and globally, ANEXT Bank saw a notable increase in the number of Foreign Business Owners (FBOs) with businesses incorporated in Singapore. As of 31 May 2024, nearly 31% of the bank’s customers are FBO from 78 nationalities such as from the Chinese mainland, Indonesia, Japan, Malaysia and South Korea. Through its embedded finance partners, ANEXT Bank is also serving an increasing number of foreign-incorporated businesses.
“It is heartening to witness how MSMEs are growing beyond their markets, especially micro and small businesses. Internationalisation is no longer a growth strategy limited to large corporations – through technology and innovation, MSMEs can now easily access global markets. As a digital bank headquartered in Singapore, we are well positioned to support when they are open to doing business with the world,” said Ms. Toh Su Mei, CEO of ANEXT Bank. “It takes grit and openness to grow beyond the familiar. We share that same spirit with MSMEs. As we celebrate two years of delivering innovative digital financial services, we remain committed to supporting more MSMEs embrace new possibilities and achieve their global aspirations.”
Serving the Underserved MSMEs
As of 31 May 2024, 69% of ANEXT Bank’s customers are micro businesses. Breaking down by product categories, 56% of loan customers and 80% of deposit customers are micro businesses. Over the past two years, 31% of ANEXT Bank’s customers started banking with the bank during their start-up stage.
From setting up a multi-currency business account for local and overseas transfers with no minimal balance, getting fuss-free unsecured financing with flexible repayment options, and investing with a fixed deposit account from just US$5,000 for as short as one month, all these can be easily achieved within minutes.
In the most recent financial year ending 31 December 2023, ANEXT Bank achieved remarkable financial milestones. The "loans to customers" surged by 434%, reaching S$222 million, while the "deposits balance" increased by approximately 368%, totalling S$295 million. Additionally, ANEXT Bank reported S$24.5 million in gross income, highlighting its robust ability to generate revenue from primary banking activities and demonstrating significant progress towards its mission of driving financial inclusion.
About ANEXT Bank
Incorporated in Singapore and regulated by the Monetary Authority of Singapore, ANEXT Bank is a digital wholesale bank providing innovative digital financial services to empower local and regional micro, small and medium enterprises (MSMEs) to future-proof their businesses through digital adoption, sustainable practices and global expansion.
Through continuous technology-driven innovation, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in Singapore and the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with industry partners and public sector agencies to provide SMEs with financial services that are simpler, safer and more rewarding.
ANEXT Bank is a wholly-owned subsidiary of Ant International.
For more information on ANEXT Bank, please visit www.ANEXT.com.sg.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240605859058/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Barilla Opens Global Call for Startups Through Good Food Makers 202625.5.2026 11:47:00 CEST | Press release
The program has involved over 1,100 startups across 50+ countries, delivering 26 pilot projects. Barilla Group has opened applications for the 2026 edition of Good Food Makers, its global open innovation program designed to co-develop and test new innovative solutions with startups and innovators inside real industrial environments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260521973445/en/ Since its launch in 2019, the program has involved more than 1,100 startups from over 50 countries, leading to 26 pilot projects, with over 20 projects currently active thanks to the solutions developed by the program’s alumni. This highlights the program’s role as a concrete platform for industrial scalable innovation. The 2026 edition comes at a pivotal moment for the company, following the launch of BITE (Barilla Innovation & Technology Experience), the new innovation center dedicated to developing the next generation of food prod
JEOL: Sales Launch of the Laser SEM System “LazEdge”25.5.2026 10:16:00 CEST | Press release
JEOL Ltd. (President & CEO: Izumi Oi) has developed the “LazEdge”, an SEM system equipped with a laser processing system, and begins sales on May 25, 2026. Cross-section preparation instruments such as the focused ion beam system (FIB system), are widely used in science and technology fields across research institutes, universities, and industries. In recent years, demand is increasing for a system that can process large-areas at a high speed, while achieving high-quality of the processed surface. “LazEdge” is an instrument integrating JEOL’s SEM with the laser technology proprietary of Hamamatsu Photonics K.K., and enables laser processing inside the specimen chamber of the electron microscope. This system enables high-quality cross-section specimens produced through high-speed, large-area processing to be transferred seamlessly to subsequent analyses, such as SEM observation, elemental analysis, and crystal orientation analysis, without exposure to the external environment. As a resu
TFG-001, A Novel 3D Neural Microtissue Cell Therapy, Demonstrates Superior Functionality and Reinnervation for Parkinson’s Disease25.5.2026 08:00:00 CEST | Press release
TreeFrog Therapeutics, a regenerative medicine biotech company developing next-generation cell therapies, today announced that it will present new preclinical data on TFG-001 at the 7th World Parkinson’s Conference. TFG-001, a 3D neural microtissue cell therapy, demonstrated rapid dopamine release and extensive graft-derived reinnervation across multiple advanced translational Parkinson’s disease models—supporting its potential as a best-in-class candidate. The critical need for reinnervation in Parkinson's disease In Parkinson's disease, an estimated 60–80% of dopaminergic neurons are already lost before motor symptoms even appear. The nigrostriatal pathway degenerates, destroying the essential wiring that connects dopamine-producing neurons to movement control. While chemical dopamine replacements (like levodopa) can manage symptoms, they cannot restore the spatial precision, feedback loops, or dynamic regulation of a healthy brain network. To achieve true functional restoration, it
Galderma Receives U.S. FDA Approval for Differin® Epiduo® Acne Gel Prescription-to-OTC Switch22.5.2026 18:25:00 CEST | Press release
A unique Prescription-to-OTC switch in acne care, this approval expands access to a dermatologist-trusted, prescription-strength treatment for millions of acne sufferers ages 12 years and older Backed by more than 15 years of real-world dermatologist use and a robust clinical research program, this milestone demonstrates the depth of science behind the Differin® and Epiduo® heritage Adapalene plus benzoyl peroxide (0.1/2.5%) was the first FDA-approved, stable, fixed- dose prescription acne treatment to combine of benzoyl peroxide with a retinoid, and is now available over-the-counter The formulation is engineered to target multiple causes of acne more effectively than either of its individual active ingredients alone Galderma (SIX: GALD), the pure-play dermatology category leader, today announced that the United States (U.S.) Food and Drug Administration (FDA) has approved Differin® Epiduo® Acne Gel (Adapalene 0.1% and Benzoyl Peroxide 2.5% Acne Treatment) for over-the-counter (OTC) us
Avanzanite Bioscience’s Partner Agios Announces PYRUKYND® (mitapivat) Approval in the European Union for Adults with Thalassaemia22.5.2026 16:18:00 CEST | Press release
Avanzanite will commercialise and distribute PYRUKYND in Europe under its exclusive agreement with Agios Avanzanite is committed to collaborating with local authorities in the EU to enable access to PYRUKYND for adult patients with thalassaemia Avanzanite Bioscience B.V., a rapidly growing commercial-stage European specialty pharmaceutical company focused on rare diseases, today reported that its partner, Agios Pharmaceuticals, Inc. (Nasdaq: AGIO), a commercial-stage biopharmaceutical company headquartered in Cambridge, Massachusetts focused on delivering innovative medicines for patients with rare diseases, announced that the European Commission has granted marketing authorisation for PYRUKYND® (mitapivat), an oral pyruvate kinase (PK) activator, in adults for the treatment of anaemia associated with transfusion-dependent and non-transfusion-dependent alpha- or beta-thalassaemia, with an orphan medicinal product designation. This press release features multimedia. View the full releas
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom