- Ant Group injects $148M into Singapore’s Anext Bank.
- Anext Bank focuses on MSMEs and cross-border transactions.
- GXS Bank, another digibank, receives significant investments from Grab to serve retail customers.
Singapore-based Anext Bank has received a significant capital boost of US$148 million from its parent company Ant Group, according to data from Alterntives.pe, which tracks regulatory filings.
This investment follows the US$188 million that the digibank received from Ant Group in March last year.
Alternatives.pe reports that Ant Singapore SME Services, the entity holding a 100% stake in Anext Bank, has invested over US$503 million in the digibank.
Focusing on MSMEs and cross-border transactions
Ant Group established Anext Bank after securing a digital wholesale bank license from the Monetary Authority of Singapore.
The bank’s primary focus is on local and regional MSMEs, particularly those engaged in cross-border transactions.
In June 2023, the company revealed that 65% of its clients were considered micro businesses, and 33% of its total client base comprised businesses incorporated just two years before opening an account with Anext Bank.
GXS Bank: another Digibank on the rise
GXS Bank, jointly owned by Grab and Singtel, has also been strengthening its financial position. Earlier this year, Grab injected US$109 million into the bank, following a US$101 million investment in July 2023.
Unlike Anext Bank’s digital wholesale bank license, which caters to companies serving SMEs, GXS Bank was awarded a digital full bank license, allowing it to focus on retail customers.
To read the original article: https://www.techinasia.com/ant-group-pumps-148m-sg-digibank-unit-anext-bank
