Ant Group, the Chinese fintech giant, launched a digital bank in Singapore called ANEXT Bank, which together with the Proxter platform, has the mission to satisfy the needs of small local and regional companies that carry out cross-border operations.

The alliance of the technological giant, hand in hand with the platform responsible for managing an online market for SMEs, expands “outside its local market“, once obtained, by the Central Bank and the Monetary Authority of Singapore, the licenses and authorizations as a “digital wholesaler” financial institution.

In order to obtain authorizations from the Chinese government, concerned about the possible financial risks implicit in the business model of the millionaire entity Alibaba, the financial institution had to carry out “an extensive restructuring of its services and operations to make them more transparent.”

Within the restructuring and expansion of the company, it bought the majority of the shares of the 2C2P payment platform in Singapore.

For the launch of its digital banking, ANEXT-Bank, the company “previewed its ANEXT business account, a dual-currency deposit account with three-factor authentication verification, remote onboarding, and daily interest.” According to the information provided to the media through an official statement.

The statement also highlighted that from the third quarter, the bank’s commercial account will be available to the SME community.

M. Rodríguez

Click the link to subscribe to our news and media group on Telegram: https://t.me/G_ELSUMARIO_Noticias

Source: actualidad.rt.com

La entrada Ant Group launches digital banking service in Singapore apareció primero en Bitfinance.