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

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Source: actualidad.rt.com

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

The Brazilian financial entity Nubank has collected 500 million dollars from Berkshire Hathaway, a multinational holding company led by billionaire Warren Buffett, which will be used to develop its expansion in the global financial market.

The announcement was made this Tuesday, June 8, by its executive director, David Vélez, who also highlighted that they have more than 40 million users in Brazil, Mexico and Colombia.

The digital bank was recently launched in Colombia, achieving significant enrollment figures, stating that in Latin America half of the inhabitants have bank accounts and only approximately 21 % have credit cards, with the goal of attracting new executives from the main technology companies

According to Vélez: “No one thought that it was possible to change the financial system, but we were always convinced that there was room for disruption and innovation and, more importantly, that customers deserved better service.”

Warren Buffett, Chairman of Berkshire Hathaway, has referred to cryptocurrencies and especially bitcoin as “worthless” currencies, refusing to obtain them. However, the investments made in the last year of the multinational conglomerate are aimed at companies related to cloud technology in the Snowflake cloud. Berkshire Hathaway, plus billions of dollars in Apple and Amazon stock.

M. Rodríguez

Fuente: cointegraph.com

La entrada Berkshire Hathway invests USD 500 million in Brazilian digital bank apareció primero en Bitfinance.