Jack Ma’s Ant Digital Bank expands operations in Singapore with enhanced loan offerings

  • of Alibaba Group Holding Limited (New York Stock Exchange: baba) Fintech Affiliates Ant Group Singapore’s digital wholesale bank launches small business loans.

  • Annex BankLaunched in June, said it will offer loans from S$5,000 ($3,530) to S$100,000 to small businesses.

  • Customers can apply for ANEXT Bank loans through IN Financial Technologies and Bizmann System.

  • Also Read: Jack Ma’s Ant-Backed Indonesian Digital Wallet Firm Raises $250M From Alibaba And More: Report

  • Ant has accelerated its digital banking business in Southeast Asia and replicated its strategy in China to develop its fintech business into the country’s broadest Bloomberg. report.

  • The move could help Ant diversify its business and generate growth Against the backdrop of domestic regulations.

  • jack ma Founded fintech represents a major foray into a field dominated by traditional incumbents. DBS Group Holdings Co., Ltd. (over the counter: DBSDF) (over the counter: DBSY) and Overseas-Chinese Banking Corp.

  • Compared to credit offered by traditional banks, Ant’s ANEXTBank Loan baseline product does not require collateral.

  • For credits under S$30,000, ANEXT Bank has waived the paperwork. Interest rates start at 6.8% per annum.

  • Ant was one of two groups to receive a wholesale digital banking license in December 2020, serving small businesses and other non-retail segments.

  • ANEXT Bank’s two-currency deposit service was launched in August. Ant also launched a service known as the Alipay+ D store.

  • Ant Group has pledged to help four Asian e-wallets enter South Korea using its cross-border payment service Alipay+. Travel restrictions eased across Asia.

  • Price action: BABA shares fell 1.89% in Thursday’s final check premarket, trading at $63.48.

See other products from Benzinga

Don’t miss real-time stock alerts – join us benzinga pro For free! Try tools that help you make smarter, faster and better investments.

© 2022 Benzinga.com. Benzinga does not provide investment advice. all rights reserved.

Leave a Comment