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- Alibaba Group Holding Limited BABA fintech affiliate Ant Group Co Singapore’s digital wholesale bank will begin offering small and medium business loans.
- ANEXT Bankwhich launched its services in June, said it would provide small businesses with loans ranging from S$5,000 ($3,530) to S$100,000.
- Customers can apply for loans from ANEXT Bank through IN Financial Technologies and Bizmann System.
- Read also : Jack Ma-backed Indonesian digital wallet raises $250m from Alibaba and others: report
- Ant has accelerated digital banking in Southeast Asia, replicating strategies in China that catapulted its fintech operations to become the most extensive in the country, Bloomberg reported.
- The move could help Ant diversify its business and generate growth amid regulatory headwinds at home.
- Jack Ma The founded fintech significantly marks its foray into an arena dominated by incumbents, including DBS Group Holdings Ltd DBSDF DBSDY and Oversea-Chinese Banking Corp.
- Compared to credit offered by traditional banks, Ant’s basic ANEXTBank Loan product does not require collateral.
- For the loan of S$30,000 or less, ANEXT Bank has waived the documentary formalities. The interest rate will start from 6.8% per annum.
- Ant was one of two groups to hold a wholesale digital banking license in December 2020, to serve small businesses and other non-commercial segments.
- ANEXT Bank’s dual currency deposit service was launched in August. Ant has also started offering a service called Alipay+ D-store.
- Ant Group has promised to help four Asian e-wallets expand into South Korea with its Alipay+ cross-border payment service, as easing of travel restrictions in Asia.
- Price action: BABA shares traded down 1.89% to $63.48 pre-market when last checked on Thursday.
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