Photo credit: Anext Bank

Anext Bank, a Singapore-based digital bank, said it has seen a 20% month-on-month increase in cross-border transactions as it marks its first year of operations.

The company, which targets SMEs in Singapore, revealed that 65% of its clients are considered micro businesses. It also shared that 33% of its clients are businesses that have been incorporated within the last two years.

On the other hand, around 24% of the bank’s clients were established over a decade ago.

“Looking ahead, we’re doubling down on our mission to reimagine financial services for financial inclusion and unlock more opportunities for innovation and value creation to support SMEs’ growth ambitions,” said Toh Su Mei, CEO of Anext Bank.

Launched in June 2022, Anext Bank’s offerings include business accounts, loans, and fixed deposits. The bank recently received US$188 million in additional funding from Ant Group, its parent company.

Anext Bank is one of two firms with wholesale digital bank licenses in Singapore. The other is Green Link Digital Bank, which is owned by Chinese real estate developer Greenland Group and supply chain financing platform Linklogis.

See also: From China with love: Digital banks ANEXT and GLDB aim to fill SME lending void in SG