Singapore-licensed digital wholesale bank ANEXT Bank, a wholly-owned subsidiary of Ant Group, has soft-launched on June 2, with the bank saying it will focus on providing financial services to local and regional small and medium enterprises ( SMEs ), especially those engaging in cross-border operations for growth and global expansion.

As part of its soft launch, the bank provided a preview of the ANEXT Business Account, a dual-currency deposit account with proprietary security measures, including three-factor authentication verification and features like remote onboarding and daily interest.

The bank has also signed a memorandum of understanding with Proxtera – the entity supported by the Monetary Authority of Singapore, the Infocomm Media Development Authority and private sector entities – to transform and enable holistic cross-border trade among SMEs and businesses through making marketplaces efficient and discoverable globally, with embedded financing, fulfilment services and SME empowerment.

The understanding will see both organisations jointly create and establish an open framework for all participating financial institutions as they provide financing and risk mitigation support for SMEs and platforms in global trades.

The bank will also be Proxtera’s first participating digital wholesale bank in Singapore to provide financing solutions to buyers and sellers on the entity's network.

“It’s time to offer the next generation of financial services that are accessible and effortless for growing businesses,” says Toh Su Mei, ANEXT Bank’s CEO. “Financial services have to evolve and be where SMEs are doing their businesses digitally.”