ANEXT Bank of China’s Ant Group receives approval from the Monetary Authority of Singapore to commence business in the city-state. (Reuters photo)
BEIJING: China’s Ant Group, a financial technology (fintech) giant controlled by billionaire Jack Ma, on Monday said it has launched a digital wholesale bank incorporated in Singapore, dubbed ANEXT Bank.
ANEXT received approval from the Monetary Authority of Singapore (MAS) to commence business on June 2, Ant and wholly owned ANEXT said in a joint statement.
The move marks one of Ant’s biggest overseas pushes since its US$37 billion initial public offering (IPO) was derailed by Chinese regulators in late 2020.
Ant obtained one of Singapore’s first digital wholesale banking licences at…
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
