ANEXT Bank Named Singapore’s Best Digital Bank
Singapore-based digital wholesale bank, ANEXT Bank, a wholly owned subsidiary of Ant International, has been named the Best Digital Bank in Singapore by The Asian Banker as part of the TAB Global World’s 100 Top Digital Banks Ranking 2025. This prestigious annual assessment evaluates more than 160 top-tier digital banks globally, recognizing those that demonstrate excellence in digital banking innovation, customer growth, and financial performance. ANEXT Bank’s outstanding achievements in these areas secured its place as the top digital bank in Singapore, further cementing its reputation as a leader in the industry.
ANEXT Bank’s Commitment to MSMEs and Financial Inclusion
Since its launch in June 2022, ANEXT Bank has been dedicated to serving micro, small, and medium enterprises (MSMEs) in Singapore while also acting as a trusted financial partner for international companies looking to expand into the country. As of December 31, 2024, the bank’s customer base represents business owners from 79 nationalities, all of whom operate businesses incorporated in Singapore.
A key indicator of the bank’s impact is its focus on financial inclusion. Over 70% of its customers are micro businesses, nearly 39% are women-owned, and more than 37% of its customers opened accounts with ANEXT Bank during their start-up phase. This demonstrates the bank’s strong commitment to supporting entrepreneurs at various stages of their business journeys, ensuring they have access to the financial tools necessary to thrive in an increasingly digital economy.
Pioneering Digital Innovations in Banking
ANEXT Bank’s recognition by The Asian Banker is also a testament to its focus on innovation and its ability to drive the digital transformation of banking services. In an era where digital banking is rapidly evolving, ANEXT Bank has distinguished itself by leveraging cutting-edge technologies to eliminate barriers for MSMEs. The bank was the first in the market to introduce remote onboarding, a game-changing solution that allows foreign business owners to open bank accounts remotely—without needing to travel to Singapore or visit a physical branch. This innovation significantly reduces the friction that international businesses face when establishing banking relationships in Singapore.
In its official citation, The Asian Banker highlighted ANEXT Bank’s exceptional growth in customer acquisition and the strong adoption of its digital banking services, including cross-border payments, deposits, and loans. The organization specifically praised the bank’s commitment to addressing the pain points of businesses by offering:
- Low-barrier loans that provide MSMEs with access to credit without excessive requirements.
- Multi-currency accounts, making cross-border transactions seamless for international businesses.
- Remote onboarding, enabling foreign business owners to open bank accounts without visiting a branch.
- Embedded finance solutions, which integrate financial services directly into digital platforms to enhance accessibility.
These innovations have positioned ANEXT Bank as a trailblazer in digital banking, offering MSMEs a simplified, user-friendly, and highly efficient banking experience.
Scaling Access to Financial Services through Embedded Finance
One of ANEXT Bank’s key strategies in expanding access to financial services is its collaboration with digital platform partners. By embedding finance solutions directly into platforms frequently used by MSMEs, ANEXT Bank ensures that businesses can access financial services precisely when they need them.
The bank’s advanced technology infrastructure, which includes modular APIs, a robust Know-Your-Business (KYB) engine, and biometric eKYC capabilities, allows for global scalability and seamless integration with various platforms. This enables ANEXT Bank’s digital partners to offer financial services quickly and reliably, removing barriers for MSMEs that might otherwise struggle to access traditional banking solutions.
To date, ANEXT Bank has partnered with platforms across industries such as e-commerce, procurement, delivery, and payment services, making financing more accessible to over one million MSMEs across the region. These collaborations extend beyond traditional financing to include interest-bearing products, such as fixed deposits, further diversifying the range of financial services available to small businesses.
Future Growth and Leadership Transition
The recognition by The Asian Banker comes at a pivotal time for ANEXT Bank, as it prepares for an upcoming leadership transition. In January 2025, the bank announced the appointment of Kai Qiu as the CEO Designate. Effective March 31, 2025, Toh Su Mei will step down as CEO and take on the role of Honorary Advisor to Ant International, recognizing her significant contributions to the bank’s growth and success.
With the upcoming leadership transition, ANEXT Bank is poised to continue its growth trajectory, further strengthening its position as a leading digital bank dedicated to supporting MSMEs through cutting-edge financial solutions.
About ANEXT Bank
Incorporated in Singapore and regulated by the Monetary Authority of Singapore, ANEXT Bank is a digital wholesale bank providing innovative digital financial services to empower local and regional micro, small and medium enterprises (MSMEs) to future-proof their businesses through digital adoption, sustainable practices and global expansion.
With embedded finance at the core of its strategy, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with ecosystem partners to provide MSMEs with financial services that are accessible, effortless and secure.
ANEXT Bank has been recognised with numerous awards, including the “World’s Top FinTech Companies of 2024” by CNBC and Statista, “SBR Technology Excellence Awards 2024” in the Fintech – Banking category, and the “SME Partnership Initiative of the Year 2024” by Asian Banking & Finance Wholesale Banking Awards in the Singapore Domestic Bank category.
