ANEXT Bank, a digital wholesale bank based in Singapore and a wholly-owned subsidiary of Ant International, today announced a significant increase in its micro, small, and medium enterprise (MSME) customer base, both regionally and globally. Over the past 12 months, the bank has seen its total customer base more than double.
Facilitating Regional and Global Business Expansion
The bank reported a six-fold year-on-year increase in cross-border transactions for its growing customer base. The most substantial growth in cross-border transactions was observed among MSMEs in the wholesale and retail trade, professional services, and information, communication, and technology sectors. This growth aligns with Singapore’s strong status as a global trade and financial hub. ANEXT Bank customers are expanding their presence beyond Singapore, reaching key markets such as mainland China, Hong Kong SAR, the United States, and other Southeast Asian countries.
In addition to Singaporean MSMEs expanding globally, ANEXT Bank saw a significant increase in the number of Foreign Business Owners (FBOs) with businesses incorporated in Singapore. As of 31 May 2024, nearly 31% of the bank’s customers were FBOs from 78 nationalities, including the Chinese mainland, Indonesia, Japan, Malaysia, and South Korea. Through its embedded finance partners, ANEXT Bank also serves an increasing number of foreign-incorporated businesses.
Serving Underserved MSMEs
As of May 31, 2024, 69% of ANEXT Bank’s customers are micro businesses. Among these, 56% of loan customers and 80% of deposit customers are micro businesses. Over the past two years, 31% of ANEXT Bank’s customers began banking with the bank during their startup stage.
ANEXT Bank offers a range of services tailored to MSMEs, including multi-currency business accounts for local and international transfers with no minimum balance, unsecured financing with flexible repayment options, and fixed deposit accounts starting at US$5,000 for as short as one month—all of which can be set up within minutes.
Financial Milestones
For the financial year ending December 31, 2023, ANEXT Bank achieved remarkable financial milestones. The “loans to customers” surged by 434%, reaching S$222 million, while the “deposits balance” increased by approximately 368%, totaling S$295 million. Additionally, ANEXT Bank reported S$24.5 million in gross income, showcasing its robust ability to generate revenue from primary banking activities and demonstrating significant progress towards its mission of driving financial inclusion.
Increase in Foreign Business Owners
ANEXT Bank has also seen a notable increase in the number of Foreign Business Owners (FBOs) with businesses incorporated in Singapore. As of May 31, 2024, nearly 31% of the bank’s customers are FBOs from 78 nationalities, including those from mainland China, Indonesia, Japan, Malaysia, and South Korea. Through its embedded finance partners, ANEXT Bank is also serving an increasing number of foreign-incorporated businesses.
“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. It takes grit and openness to grow beyond the familiar. We share that same spirit with MSMEs. As we celebrate two years of delivering innovative digital financial services, we remain committed to supporting more MSMEs embrace new possibilities and achieve their global aspirations.” Ms. Toh Su Mei, CEO of ANEXT Bank.
