Jack Ma’s Ant Group To Launch a Digital Bank

Billionaire Jack Ma’s Ant Group to launch a digital bank in Singapore.

Chinese billionaire Jack Ma’s fintech firm Ant Group announced the launch of a digital wholesale bank incorporated in Singapore.

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According to Ant Group, its Singapore-based subsidiary ANEXT Bank will provide financial services to small- and medium-sized enterprises.

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Jack Ma’s Ant Group is behind China's largest digital payment platform Alipay.

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According to the announcement, ANEXT Bank has formed a partnership with trading platform Proxtera to provide financial solutions.

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The digital bank will offer a dual-currency business account with features such as remote onboarding and daily interest.

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Ant Group had earlier planned to raise about $35 billion in an initial public offering, but Chinese regulators did not allow it.

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Ant Group had also obtained a virtual banking license with the regulatory authorities in Hong Kong

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