Digital Bank Initiative by Ant Group

Ant Group, the company behind China-based digital payment platform Alipay, has set up a digital bank in Singapore. CEO Toh Su Mei said, “Financial services must evolve and be where SMEs do their business digitally.”

Digital Bank Initiative by Ant Group. Ant Group, the company behind Alipay, China's largest digital payment platform, has established a neobank called Anext Bank in Singapore. In the statement made by the bank, it was stated that it will target small and medium-sized enterprises. In addition, it was stated that an agreement was reached with the trading platform Proxtera to provide financial solutions to SMEs that want to participate in overseas trade. Commenting on the subject, Toh Su Mei, CEO of Anext Bank, said, “Amid the rapid acceleration in the digital economy, business models are turning to digital first and changing, even if they do not adopt a hybrid model. Financial services must evolve and be where SMEs do their business digitally.” CEO Toh Su Mei emphasized that the initiative will be fully operational by the third quarter of 2022.     Source: Coinkolik