SINGAPORE--(BUSINESS WIRE)--Feb 21, 2025--
ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant International, has been named the Best Digital Bank in Singapore by The Asian Banker in the TAB Global World’s 100 Top Digital Banks Ranking 2025.
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The award is an annual assessment evaluating over 160 top-tier digital banks globally, based on their excellence in digital banking innovation, customer growth and financial performance, ANEXT Bank emerged as the winner for Singapore.
Since its launch in June 2022, ANEXT Bank has focused on serving MSMEs in Singapore as well as being a trusted partner for international companies looking to expand in the country. As of 31 December 2024, the Bank’s customers consist of business owners from 79 nationalities, operating businesses incorporated in Singapore. Over 70% of the Bank’s customers are micro businesses, nearly 39% are women-owned, and more than 37% began banking with ANEXT Bank during their start-up phase 1, underlining the Bank’s commitment to supporting entrepreneurship and driving financial inclusion.
The recognition from The Asian Banker also underscores ANEXT Bank’s commitment to continuous innovation. In a rapidly changing digital banking landscape, ANEXT Bank has set itself apart by harnessing cutting-edge technologies to remove barriers for MSMEs. It is the first in the market to introduce remote onboarding, enabling foreign business owners to open bank accounts remotely, without the need to travel to Singapore or visit a physical branch.
In its citation, The Asian Banker noted, “ANEXT Bank has achieved exceptional growth in its customer base and strong adoption of cross-border payments, deposits, and loans. With innovative products and features such as low-barrier loans, multi-currency accounts, and remote onboarding, the Bank effectively addresses business needs and pain points. Furthermore, its embedded finance solutions seamlessly integrate financial services into digital platforms, making it more accessible and empowering businesses at scale globally.”
ANEXT Bank collaborates closely with digital platform partners to offer embedded finance solutions, scaling access for MSMEs to essential financial services directly within the platforms they use, exactly when they need it. Its advanced tech infrastructure, featuring modular APIs, KYB engines, and biometric eKYC, ensures global scalability and seamless integration, empowering platform partners to avail financial services with speed and reliability. To date, ANEXT Bank has partnered with digital platforms across e-commerce, procurement, delivery and payment services, make financing more accessible to more than one million regional MSMEs. These collaborations have also extended beyond traditional financing to include interest-bearing products such as fixed deposits, further enhancing the range of financial services available.
Toh Su Mei, Chief Executive Officer of ANEXT Bank commented: "This recognition is an honour for the entire team and a testament to the impact we’ve made in delivering the best digital banking experience. We firmly believe in leveraging technology to continuously innovate and reimagine financial services for MSMEs. This includes using AI and data to uplift operation efficiency and customer experience, with cutting-edge solutions from digital credit to risk management. We are just getting started on our journey to become the leading digital bank for small businesses worldwide.”
“As a Singapore-born digital bank, we are also proud to have been a pioneering digital wholesale bank contributing to the advancement of fintech, and supporting the digitalisation and internationalisation of businesses in the country," she added.
Peng Yang, Chief Executive Officer, Ant International said: “Congratulations to Su Mei and the ANEXT Bank team. Thanks to her leadership and an extraordinarily dedicated team, the bank has become a regional leader in digital SME financing, as recognised by this award. I look forward to ANEXT Bank’s next stage of growth as it continues its mission of empowering more small businesses to thrive at home and across borders with digital innovations.”
Last month, ANEXT Bank appointed Kai Qiu as the CEO Designate. Effective 31 March 2025, Toh Su Mei will step down as CEO and continue as an Honorary Advisor to Ant International, in recognition of her contributions to the company.
About Ant International
Headquartered in Singapore, Ant International powers the future of global commerce with digital innovation for everyone and every business to thrive. In close collaboration with partners, we support merchants of all sizes worldwide to realise their growth aspirations through a comprehensive range of tech-driven digital payment and financial services 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.
ANEXT Bank is a wholly-owned subsidiary of Ant International. For more information on ANEXT Bank, please visit www.ANEXT.com.sg.
1 Refers to businesses less than two years old
From left to right: Matthew Dooley, Fintech Advisor, International Resource Director at TAB GLOBAL, Toh Su Mei, Chief Executive Officer of ANEXT Bank and David Gyori, International Resource Director, at TAB GLOBAL at the TAB Global World’s 100 Top Digital Banks Ranking 2025 Awards Ceremony (Photo: Business Wire)
