ANEXT Bank, a digital wholesale bank based in Singapore and a subsidiary of Ant International, has reported a substantial increase in its micro, small, and medium enterprise (MSME) customer base.
Over the past year, the bank’s customer base more than doubled, resulting in a notable rise in regional and global presence among its clients.
ANEXT Bank has seen a six-fold increase in the volume of cross-border transactions facilitated for its MSME customers.
This growth has been particularly strong among businesses in the wholesale and retail trade, professional services, and information and communication technology sectors. These trends align with Singapore’s role as a global trade and financial hub.
ANEXT Bank’s customers have extended their operations into key markets such as mainland China, Hong Kong SAR, the United States, and various Southeast Asian countries.
Additionally, there has been a significant rise in the number of Foreign Business Owners (FBOs) with businesses incorporated in Singapore, making up nearly 31% of the bank’s clientele as of 31 May 2024.
These FBOs hail from 78 different nationalities, including mainland China, Indonesia, Japan, Malaysia, and South Korea.
ANEXT Bank continues to focus on serving the underserved MSMEs. As of the end of May, 69% of its customers are micro businesses, with 56% of loan customers and 80% of deposit customers falling into this category.
Over the past two years, 31% of the bank’s customers began their banking relationship with ANEXT during their startup phase.
The bank offers a range of services designed for MSMEs, including multi-currency business accounts, unsecured financing with flexible repayment options, and fixed deposit accounts with low entry thresholds.
In the financial year ending 31 December 2023, ANEXT Bank reported that customer loans increased by 434% to S$222 million, deposit balances rose by 368% to S$295 million, while the bank’s gross income reached S$24.5 million.
Toh Su Mei
“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 Toh Su Mei, CEO of ANEXT Bank.
Featured image credit: Edited from Freepik
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- Source: https://fintechnews.sg/96925/digital-banking-news-singapore/singapores-anext-bank-reports-doubling-of-its-msme-clients/
