ANEXT Bank: A Closer Look at This MAS-Regulated SG Digital Wholesale Bank for SMEs

Digital bank for SMEs - ANEXT Bank Singapore digital wholesale bank

This post was written in collaboration with ANEXT Bank. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best information in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.

There are almost 300,000 SMEs in Singapore. The fact of the matter is, while multinational corporations get most of the glory, the majority of businesses here are classified as SMEs (small- and medium-sized enterprises).

According to Workforce Singapore, as of Dec 2021, SMEs make up 99% of all enterprises in Singapore. Their role in Singapore’s economy is important: SMEs currently employ around 7 out of every 10 workers, and contribute half of Singapore’s Gross Domestic Product.

Despite this, there are still SMEs who are still underserved, with many existing banking service providers overlooking them either due to their company size or vintage. It’s no wonder then that 88% of SMEs surveyed in a recent study by Visa, said that they would consider switching some services to digital banks, a sure sign of a gap in the market.

The issuance of digital banking licences — a quick history
Recognising this gap, the Monetary Authority of Singapore (MAS) announced in 2019 that it will issue up to 5 digital banking licences. The MAS hopes that competition and innovation from digital banks will enable the local un-banked, under-served small-medium enterprise (SME) community to be better served by reducing costs and improving convenience.

Digital bank applicants were assessed for their business model — incorporating the innovative use of technology to serve customer needs and reach under-served segments of the Singapore market that differentiates it from existing banks.

MAS also considered the applicants’ growth prospects and other contributions to Singapore’s financial centre, such as the jobs they would be bringing to Singapore, their commitment to develop the skills of the local workforce, and the capabilities (including technology) they would be locating in Singapore.

In 2020, after a rigorous, merit-based process, MAS selected a strong slate of four digital banks to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals. In this revolutionary move by the MAS, ANEXT Bank was one of those awarded a digital wholesale bank licence


ANEXT Bank: Founded in Singapore, to support Singapore SMEs

Determined to #supportlocal by being a responsible financial shoulder for SMEs in Singapore to lean on, ANEXT Bank has a core team made up of Singaporeans who understands the challenges and needs of SMEs — especially micro and small businesses — having built their careers on this thriving island business landscape.

As a start-up itself, ANEXT Bank intimately understands the needs of fellow start-up businesses, having experienced the same growing pains. With a mission to make financial services accessible and effortless for SMEs, it aims to make its products and services as simple and as intuitive as possible, so businesses can get their banking needs fulfilled quickly and easily.

Here’s a peek into this start-up’s aspirations:


ANEXT Bank: A Unique Business Account just for SMEs

The ANEXT Business Account makes managing money and performing transactions quick and easy.

For starters, the ANEXT Business Account offers daily interest of up to 0.68% p.a* (you won’t want to miss this promotional rate). Making every dollar count is crucial for businesses in a challenging market, and a competitive interest rate will make cash deposits work a little harder. Growing your idle cash means more capital for your growth investments.

It is also a dual-currency account which supports both SGD and USD with FX capabilities in major trading currencies like EUR, GBP, HKD, JPY, KRW, MYR and THB, allowing for more convenience when performing cross-border transactions.

Fledgling businesses looking to save on operational costs can also heave a sigh of relief, as the ANEXT Business Account charges zero upfront fees. The account is free to apply for with no annual and fall-below fees. There is no initial deposit required.

Security is also a key factor when choosing a business account, especially with phishing scams on the rise. That’s why the ANEXT Business Account uses robust security technology, such as the use of three-factor authentication (3FA) to protect every transaction.  Every transaction will require the use of a login password, a one-time password (OTP) as well as facial verification to authenticate.

Account holders also enjoy the use of ANEXT Bank’s free mobile banking app, which enables SMEs to manage their funds on the go, anytime, anywhere. This means that business owners and employees can make use of the time spent commuting, standing in queues or even while waiting for a client’s arrival to manage the business’s money.

With unlimited free local transfers, businesses can save a bit of cash on every single transaction completed in Singapore. You’d also save on inward telegraphic transfer (TT) fees, which are free when made via SWIFT.

And if you need to make overseas payments, ANEXT Bank charges a competitive flat fee of S$15 per transaction.

As you can see, the ANEXT Business Account offers many opportunities to save on fees. This is perfect for businesses that need to cut back on spending and be more careful about their expenditure. The number of transactions a business completes in a year can be staggering, so imagine being able to save cash on every one of these transactions!

It all comes down to the fact that ANEXT Bank knows very well what SMEs’ key concerns are — convenience, security and being able to streeeeetch every dollar and save on costs while still enjoying great banking services.


Quick and fuss-free banking boost

Signing up for an ANEXT Business Account is quick and fuss-free. You can do so online any time to your convenience with the use of Corppass that pre-fills your application:

Ready to give your business a banking boost? Learn more about ANEXT Bank and sign up for an account.

Terms and conditions apply.