Alibaba Group founder launches digital bank in Southeast Asia

Ant Group Co. owned by billionaire Jack Ma, launches its digital bank in Singapore, as China’s largest online financial platform branches out of its home market amid regulatory headwinds.

ANEXT Bank will provide digital financial services to micro, small and medium-sized enterprises, particularly those with cross-border operations.

The fintech giant is entering an arena dominated by traditional incumbents including DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp.

The digital bank is starting by offering a preview of its dual-currency deposit account, which includes three-factor authentication verification, remote on-boarding and daily interest.

Read more information here: https://www.bloomberg.com/news/articles/2022-06-06/ant-unveils-singapore-digital-bank-in-overseas-expansion-push