Anext Bank, a wholly-owned subsidiary of Ant Group, has revealed plans to offer loans to small and medium-sized businesses across Singapore, reported Bloomberg.

The digital lender plans to support smaller firms with loans ranging between $3,520 (S$5,000) and $70,406 (S$100,000).

Unlike conventional banks, Anext Bank loan baseline product exempts the need to furnish collateral.

No documents are required for credit up to S$30,000 ($21,121), with interest rate starting from 6.8% per annum.

Additionally, SME’s can apply for Anext Bank’s loans through its partners IN Financial Technologies and Bizmann System.

In August this year, Anext Bank rolled out dual-currency deposit service which takes the US and Singapore dollars. The service includes remote on-boarding and daily interest.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Chinese fintech launched Anext’s operations in Singapore in June this year following clearance by Monetary Authority of Singapore (MAS).

The latest move is expected to enable the fintech expand its presence in the region, allowing the firm to diversify business and record growth.

It is also part of Ant Group’s efforts to augment digital bank operations across South-east Asia following successful operations in China.

In this connection, Ant Group reportedly plans to provide its cross-border payment service Alipay+ to help four Asian e-wallets expand into South Korea.

The group also launched Alipay+ D-store to let businesses create digital stores across platforms such as Chope, AlipayHK and Touch ‘n Go.

 Ant, in December 2020, reportedly secured the wholesale digital banking licence that allows it to cater to small businesses and non-retail units.