ANEXT Bank Elevates Financial Inclusion with Groundbreaking Programme
ANEXT Bank, a trailblazer in digital wholesale banking under the umbrella of Ant International, has recently made a bold stride in reshaping financial services for SMEs. Their latest initiative, the ANEXT Programme for Industry Specialists (APIs) repository, marks a significant commitment to financial inclusion. This innovative program has been further strengthened with the addition of three new platform partners: DeliveryChinatown, Hong Xin Da, and Shopmatic, aiming to broaden financing accessibility to over a million regional SMEs within the current year.
Challenges and Opportunities in SME Financing
The urgency of this initiative is underlined by a recent survey revealing that 84% of Singapore SMEs plan to seek more financing in 2024, primarily to counter rising costs, inflation, and to fuel digital transformation and inventory expansion. However, a third of these SMEs face hurdles in accessing financing, often due to mismatched requirements or insufficient loan offerings.
Strategic Leadership Insights
Toh Su Mei, CEO of ANEXT Bank, emphasized the importance of understanding SMEs’ diverse needs. “We recognise the diverse needs of SMEs and believe that the way to alleviate the various stress and spillover effect from the macro environment is to work very closely with industry partners who have a first-hand view of their customers’ pain points. Having run the ANEXT Programme for Industry Specialists for a year, we’ve been able to apply the learnings and deliver new embedded financial services solutions via our new partners. The goal is to anticipate and deliver precise support to as many SMEs across the region as possible.”
Technological Advancements and Partner Enablement
Qiu Kai, ANEXT Bank’s Chief Technology Officer, highlighted the significance of the newly launched APIs repository. It streamlines the process for partners to integrate ANEXT Bank’s financial services, enhancing their ability to provide these services efficiently. ” This open collaboration approach in turn, helps to scale SMEs’ access to financial services,” he added, noting that partners can now implement basic financing modules twice as fast as the industry standard.
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Collaborating with New Partners
- DeliveryChinatown: Alex Tian, CEO, spoke of their goal to aid SMEs in expanding their physical presence and business scope through the partnership.
- Hong Xin Da: CEO Ji Haikun discussed their focus on easing cashflow pressure for customers through micro loans, enhancing their market presence.
- Shopmatic: COO Nicole Poon emphasized the goal of simplifying financial solutions for emerging businesses on their platform, catering to their unique financial needs. “At Shopmatic, we recognise the unique financial challenges that emerging businesses face. By teaming up with ANEXT Bank who shares the same innovative DNA and goals of enabling SMEs’ growth, we’re taking a significant step towards making sophisticated financial solutions more straightforward and accessible directly on Shopmatic Pay. Our merchants on the Shopmatic platform now get to access funds easily for setting up their business, managing inventory re-orders and running marketing campaigns to grow their online business. Our goal is to ensure that every business, regardless of its size, has the resources it needs to thrive and flourish in the ever-evolving competitive e-commerce landscape.”
Continued Commitment to SME Growth
Since its inception in June 2022, ANEXT Bank has been dedicated to making financial services more accessible, especially for micro and growing businesses. Their efforts have led to a diverse customer base, including significant percentages of Foreign Business Owners and micro SMEs. The bank has facilitated easy access to financing and supported SMEs in international transactions, witnessing substantial growth in cross-border dealings.
A Call for Collective Effort
ANEXT Bank invites more partners to join the ANEXT Programme for Industry Specialists. E-commerce solution providers, delivery services, trade platforms, and payment services are encouraged to collaborate in reimagining financial services for SMEs. This collective effort aims to enable SME growth and resilience in a dynamic economic landscape.
For more details on partnership opportunities, visit ANEXT Bank’s official website.
