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

June 6, 2022

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

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

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

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

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

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

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