ANEXT Bank, a digital wholesale bank based in Singapore and a subsidiary of Ant International, today announced a substantial increase in the regional and global presence among its micro, small and medium enterprises (MSMEs) customers.
Sixfold increase in international transactions
The bank reported a 6-fold year-on-year surge in the total amount of cross-border transactions facilitated for its growing customer base in the Southeast Asia (SEA) region and beyond, specifically among MSMEs in sectors such as the wholesale and retail trade, professional services, and ICT (information, communication, and technology), aligning with Singapore’s position as a global trade and financial hub.
The bank’s customers also increased international transactions beyond Singapore into key markets such as the Chinese mainland, Hong Kong SAR, the United States and other SEA countries.
Rise in Foreign Business Owners incorporated in Singapore
ANEXT Bank has seen a considerable increase in accounts of Foreign Business Owners (FBOs) incorporated in Singapore. As of 31 May 2024, nearly 31% of the bank’s customers are FBO from 78 countries, including China, Japan, South Korea and the SEA region. The bank also served a growing number of foreign-incorporated businesses through its embedded finance partners.
“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.”
“Through technology and innovation, MSMEs can now easily access global markets.”
Toh Su Mei, CEO ANEXT Bank
Supporting MSMEs in their Global Ambitions
As of May 31, 2024, micro businesses represent a significant 69% of ANEXT Bank’s customer base, accounting for 56% of loan customers and 80% of deposit customers. Notably, over the past two years, 31% of the bank’s total customers started banking with ANEXT during their start-up phase.
ANEXT Bank provides a range of digital financial services tailored to MSMEs, including multi-currency business accounts, unsecured financing with flexible repayment options, and fixed deposit accounts with low minimum investment requirements.
In the most recent financial year ending 31 December 2023, “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.
Feature Image: ANEXT Bank
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