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Ant digital bank offers small business loans in Singapore

Anext Bank will start offering loans to small and medium-sized businesses. Ant Group’s Singapore digital wholesale bank said it will give smaller companies loans ranging from S$5,000 to S$100,000. Customers can also apply for Anext Bank’s loans via IN Financial Technologies and Bizmann System. Ant is accelerating digital bank operations in Southeast Asia, replicating strategies in China that catapulted its fintech operations to becoming the country’s biggest. The move could help Ant diversify its business and generate growth amid regulatory headwinds at home. Ant was one of two groups to get a wholesale digital banking licence in December 2020, allowing it to serve smaller firms and other non-retail segments. Anext Bank’s dual-currency deposit service went live in August taking US and Singapore dollars.

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