ANEXT Bank, a digital wholesale bank based in Singapore and a subsidiary of Ant International, has announced the launch of its ANEXT Programme for Industry Specialists (APIs) repository. The bank aims to reimagine financial services for financial inclusion and has welcomed three new platform partners – DeliveryChinatown, Hong Xin Da, and Shopmatic. By collaborating with these partners, ANEXT Bank plans to make financing more accessible to over one million regional small and medium-sized enterprises (SMEs) within the year.
Access to financing remains a significant challenge for SMEs, hindering their growth and operations. ANEXT Bank conducted a recent survey, which revealed that 84% of Singapore SMEs plan to seek additional financing in 2024. The top three reasons for seeking financing include alleviating cashflow pressures, digital transformation, and expanding product range and inventory. However, one-third of surveyed SMEs reported difficulties in accessing financing due to various reasons such as not meeting requirements or lacking suitable options.
Toh Su Mei, Chief Executive Officer of ANEXT Bank, emphasized the importance of working closely with industry partners to address SMEs’ pain points in the face of a challenging macro environment. Through the ANEXT Programme for Industry Specialists, the bank has been able to deliver tailored financial solutions by leveraging the expertise of its partners. The goal is to provide precise support to as many SMEs as possible across the region.
Originally launched in 2022, the ANEXT Programme for Industry Specialists aimed to strengthen the financing ecosystem for SMEs by collaborating with industry specialists. The program has now expanded beyond financing, offering interest-bearing options and secure bank-grade solutions like customer onboarding and authentication.
ANEXT Bank has formed partnerships with platform partners who share a common goal of serving SMEs’ diverse needs. DeliveryChinatown, a Singapore-based food delivery services platform, aims to support SMEs in expanding their physical presence and increasing orders. Hong Xin Da, an importer of F&B supplies, plans to offer micro loans to help customers manage cashflow more effectively. Shopmatic, a global e-commerce platform, aims to assist new business owners by providing short-term financing directly through their platform.
ANEXT Bank’s focus on addressing underserved SME financing needs has yielded positive results. Since its launch, the bank has prioritized accessibility and simplicity for SMEs, particularly micro and growing businesses. Notably, 31% of ANEXT Bank’s customers are foreign business owners, representing 44 different nationalities. Additionally, 68% of customers are micro SMEs, and 38% have been incorporated for less than two years. The bank offers easy access to financing, with loans starting as low as S$5,000, and has witnessed a significant increase in cross-border transactions.
ANEXT Bank continues to invite like-minded partners, including e-commerce solution providers, delivery and services platforms, trade and procurement platforms, and payment services platforms, to join the ANEXT Programme for Industry Specialists. SMEs also have the opportunity to nominate platforms they conduct business on to partner with ANEXT Bank, collectively reimagining financial services and enabling SME growth.
