SBR Technology Excellence Awards recognises ANEXT Bank in Fintech - Banking category

It is the innovation-led tech DNA and “humanness” that sets this digital bank apart.

ANEXT Bank recently clinched the prestigious SBR Technology Excellence Awards 2024 in the Fintech - Banking category, a testament to its commitment to revolutionising the financial sector for SMEs, especially the underserved, who tend to be startups. As a digital wholesale bank under Ant International, ANEXT Bank has been reshaping the landscape by offering user-friendly and innovative financial solutions.

Right from its inception, ANEXT Bank has been dedicated to enhancing financial services tailored for SMEs, particularly those navigating the digital realm. Its success story in Singapore's competitive market speaks volumes about its effectiveness.

An impressive 68% of its customer base as of 31 December 2023 are micro businesses, whilst 94% of its customers are satisfied with their banking services, based on ANEXT Bank’s 2023 Brand Health Survey, a testament to its stable and secure digital banking platforms.

A key factor in ANEXT Bank's triumph lies in its ability to humanise digital banking – by being where SMEs are and availing what they need, when they need it. For instance, it is the first in the market to launch remote onboarding for SMEs. Additionally, compared to other banks, no virtual follow-up appointments with relationship managers or physical visits to branches are needed. This not only saves time and hassle but also fosters international business engagements whilst supporting the ecosystem of businesses across the globe. Wherever such businesses are based, they can set up and start operations almost immediately, thanks to ANEXT Bank’s flexibility and adaptability to the evolution of businesses. In fact, 31% of its customers are foreign business owners, representing a remarkable 42 nationalities.

Moreover, ANEXT Bank has upped the ante on security with a robust three-factor authentication process, including facial recognition for new applications and all transactions, setting a high bar for the industry.

To lower the barriers to access and to make financial services more affordable for SMEs, especially micro and growing businesses, the bank offers uncomplicated financial solutions. These encompass a fee-free ANEXT Business Account that also allows them to earn daily interest on their account balances, and the ANEXT Business Loan where SMEs can apply for financing as low as S$5,000 without any documentation, thus extending unsecured financing avenues for small businesses. The ANEXT Fixed Deposit further serves as a dependable investment avenue with flexible periods for as short as one month - giving micro and small businesses more flexibility over their cashflow without the worry of typically longer lock-in periods. At the same time they can still earn guaranteed yield in the short time they have the funds, with placement amounts starting at only US$5,000.

The warm reception from the SME community underscores ANEXT Bank's impact, reflected in heightened customer satisfaction and month-on-month uptick in international transactions.

“Having a banking partner like ANEXT Bank that understands the unique needs and challenges of startups like ours is invaluable to our growth," said Joylynn Tan, Co-Founder of BRB Selfcare.

For his part, Melvin Keng, Principal Architect of Kaizen Architecture, highlighted the easy application for financing from ANEXT Bank. “The loan features also gave us full control on getting and paying for the funds only when we need it – that really helped with cash flow, which can sometimes be very intermittent in architecture and construction projects.”

These underscore ANEXT Bank's significant role in shaping the financial landscape, placing Singapore as a leader in fintech in Asia, empowering international businesses and SMEs for seamless operations, and bolstering the growth and resilience of SMEs in the region.

Moreover, ANEXT Bank’s outreach through partners onboard the ANEXT Programme for Industry Specialists has enabled it to avail financial services to over a million SMEs in the region, highlighting its pivotal role in fostering economic growth and financial inclusion via its open and collaborative approach.

As ANEXT Bank continues its journey of financial innovation, it endeavours towards financial inclusion to level the playing field for SMEs, particularly for micro and growing businesses. Delivering effortless and accessible financial services, especially on platforms where SMEs are doing business, supports their growth amidst the evolving business landscape.

With its achievements and progress thus far reflecting its commitment to innovation and growth, ANEXT Bank emerges as the bank to watch.

The SBR Technology Excellence Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Jane Patiag at jane@charltonmediamail.com.