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.
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.