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Ant Group has poured US$188 million in additional funding into Anext Bank – its Singapore-based digibank that it launched in June last year – according to VentureCap Insights, which tracks regulatory filings in Singapore.
Data from VentureCap Insights also shows that Anext currently has around US$359 million in equity funding from Ant Singapore SME Services, which holds 100% of the bank’s shares.
Tech in Asia has reached out to Ant Group for more details.
The Chinese fintech major set up Anext Bank after securing a digital wholesale bank license from the Monetary Authority of Singapore (MAS).
The digibank focuses on servicing local and regional MSMEs, particularly those with cross-border operations. It currently offers business account and business loan products.
See also: Can Singapore’s new digital banks break into a saturated market?
Ant Group had recently made moves to expand its presence outside China. Earlier this month, it invested in Singapore’s Proxtera, an entity launched as part of the Business sans Borders initiative led by MAS and Infocomm Media Development.
Alipay+, Ant Group’s cross-border payments solution, entered Australia last month to add about 8,000 local retailers to its network. It also partnered with Philippine buy now, pay later player BillEase in January to enable installment options for global platforms.
Note: Companies may raise debt, which isn’t reflected in regulatory filings unless it is converted to equity. As such, financial data from filings may not reflect the full picture.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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