Ant Group, the company behind China's largest digital payment platform Alipay, has launched a neobank in Singapore.
. It has also formed a partnership with trading platform Proxtera to provide financial solutions for SMEs looking to participate in overseas trade.
"Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model. Financial services have to evolve and be where SMEs are doing their businesses digitally,” Anext Bank CEO Toh Su Mei said in the statement. The bank, currently in soft launch, will offer a dual-currency business account with features such as remote onboarding and daily interest. This will be made widely available from the third quarter of this year.consumer-focused fintech Ant BankAnt Group is controlled by billionaire Jack Ma and about a third owned by ecommerce giant Alibaba.
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