ANEXT Bank’s head of strategic partnerships, Randall Lee, announced a new initiative for SMEs at the Singapore Fintech Festival, aimed at enhancing access to financing and supporting their digital transformation.
IN Financial Technologies and Bizmann System are among the first participants in this program, which will allow 15,000 SMEs to access financing seamlessly. The digital wholesale bank, based in Singapore and wholly-owned by Ant Group, invites all ecommerce marketplaces, fintech companies, and digital solution providers that facilitate SME cross-border operations through digital services or platforms to join.
ANEXT Bank plans to work with industry specialists to broaden the range of services offered to SMEs on their platforms, providing a unified view of business wallet balances, loan amounts, and repayment statuses.
Additionally, ANEXT Bank previewed the ANEXT Business Loan, which offers two repayment options designed to complement its existing ANEXT Business Account. Earlier this year, the bank also entered into a 2-year Memorandum of Understanding with Proxtera to enhance cross-border trade among SMEs. This initiative seeks to make marketplaces more efficient and discoverable globally while offering embedded financing, fulfillment services, and SME empowerment.
Ms. Toh Su Mei, CEO of ANEXT Bank, commented on the initiative: “With our secure banking capabilities and extensive knowledge of digital business operations, ANEXT Bank is well-positioned to help partners unlock growth opportunities by providing SMEs with increased access to financing. Collaborating with industry specialists, who are experts in their fields, will enable us to address the unique challenges and needs of SMEs. Together, we can create innovative solutions and alleviate financing hurdles for SMEs on a larger scale.”