Singapore-based digital wholesale bank ANEXT Bank, a subsidiary of Ant International, reported a significant increase in its micro, small and medium enterprise (MSME) customer base.
Over the past year, the bank’s customer base has more than doubled, resulting in a significant increase in regional and global presence among its clients.
ANEXT Bank There has been a six-fold increase in the volume of cross-border trade facilitated for MSME customers.
This growth has been particularly evident among businesses in the wholesale, retail, professional services and information and communications technology sectors. These trends are consistent with Singapore’s role as a global trade and financial centre.
ANEXT Bank’s clients have expanded their operations across key markets such as Mainland China, Hong Kong SAR, the United States and various countries in Southeast Asia.
Moreover, there has also been a significant increase in the number of foreign business owners (FBOs) incorporating in Singapore, accounting for around 31% of the bank’s clients as of 31 May 2024.
These FBOs come from 78 countries, including mainland China, Indonesia, Japan, Malaysia and South Korea.
ANEXT Bank remains committed to serving underserved small and medium-sized enterprises: as of the end of May, 69% of the bank’s clients were small and medium-sized enterprises, with 56% of loan clients and 80% of deposit clients falling into this category.
In the past two years, 31% of the bank’s customers began banking with ANEXT at the start-up stage.
The bank offers a range of services designed for small and medium-sized businesses, including multi-currency business accounts, unsecured loans with flexible repayment options, and fixed term deposit accounts with low entry standards.
ANEXT Bank reported that for the financial year ending Dec 31, 2023, customer loans grew 434% to S$222 million, deposit balances grew 368% to S$295 million and total bank income reached S$24.5 million.
Toh Su-Mei
“It is encouraging to see SMEs, especially MSMEs, growing across markets. Internationalization is no longer a growth strategy limited to large corporations. Through technology and innovation, SMEs now have easy access to global markets. As a digital bank headquartered in Singapore, we are well positioned to support SMEs as they open up to doing business with the world.”
ANEXT Bank CEO Toh Su-Mey said:
Featured Image Credit: Free Pick
