Miguel Cordon · · 2 min readAnt Group pumps $148m into SG digibank unit Anext Bank
Photo credit: Anext Bank
Singapore-based Anext Bank has received US$148 million in added capital from its parent company Ant Group, according to data from Alterntives.pe, which tracks regulatory filings.
This follows the US$188 million that the digibank received from Ant Group in March last year.
According to Alternatives.pe, Ant Singapore SME Services – the entity that has a 100% shareholding in Anext Bank – has invested over US$503 million in the digibank.
Tech in Asia has reached out to Anext Bank for comments.
Ant Group set up Anext Bank after winning a digital wholesale bank license from the Monetary Authority of Singapore. The bank focuses on local and regional MSMEs, especially those dealing with cross-border transactions.
In June 2023, the company said that 65% of its clients were considered micro businesses. It added that of its total client base, 33% were businesses incorporated just two years before opening an account with Anext Bank.
Another digibank that has been strengthening its war chest is GXS Bank, which is owned by Grab and Singtel. Earlier this year, Grab poured US$109 million into the bank, which followed a US$101 million injection in July 2023.
As opposed to Anext’s digital wholesale bank license – which is geared toward companies catering to SMEs – GXS Bank was awarded a digital full bank license, which lets it focus on retail customers.
See also: From China with love: Digital banks Anext and GLDB aim to fill SME lending void in SG
Editing by Lorenzo Kyle Subido
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