Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Markets Research and Data, Reimagined, pvtIQ

Ben Lim

Private Capital Markets

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Strategic Positioning and Model: ANEXT Bank (“ANEXT”), a wholly-owned subsidiary of Ant International, is a Singapore-based digital wholesale bank launched in 2022 to serve the underserved micro, small, and medium enterprise (“MSME”) sector. It differentiates itself through a unique embedded finance strategy, integrating financial services directly into platforms like Shopmatic and Delivery Chinatown, and a flat-pricing model that offers standardized rates regardless of business size, removing negotiation barriers for smaller firms.
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Rapid Growth and Regional Adoption: The bank has gained significant traction, being awarded the Best Digital Bank in Singapore in 2025 by The Asian Banker. It is in a high-growth phase with its most recent 2024 annual report showing the loan book jumped 281% to S$847m and deposits rising over two times to S$906m, alongside a six-fold increase in cross-border transactions driven by businesses expanding regionally.
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Financial Profile and Investment Phase: While top-line metrics are robust, the bank remains in an investment phase, reporting a net loss of S37.2m in 2024 (up from a S$29.8m loss in 2023) due to aggressive spending on technology and scaling efforts. However, operational efficiency is improving, with the cost-to-income ratio dropping from 187% in 2023 to 116% in 2024, signalling a path toward sustainability in the coming years, as it captures the high-volume micro-business segment, in particular those that operate across borders and deal with multiple currencies.
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Strategic Positioning and Model: ANEXT Bank (“ANEXT”), a wholly-owned subsidiary of Ant International, is a Singapore-based digital wholesale bank launched in 2022 to serve the underserved micro, small, and medium enterprise (“MSME”) sector. It differentiates itself through a unique embedded finance strategy, integrating financial services directly into platforms like Shopmatic and Delivery Chinatown, and a flat-pricing model that offers standardized rates regardless of business size, removing negotiation barriers for smaller firms.


Rapid Growth and Regional Adoption: The bank has gained significant traction, being awarded the Best Digital Bank in Singapore in 2025 by The Asian Banker. It is in a high-growth phase with its most recent 2024 annual report showing the loan book jumped 281% to S$847m and deposits rising over two times to S$906m, alongside a six-fold increase in cross-border transactions driven by businesses expanding regionally.


Financial Profile and Investment Phase: While top-line metrics are robust, the bank remains in an investment phase, reporting a net loss of S37.2m in 2024 (up from a S$29.8m loss in 2023) due to aggressive spending on technology and scaling efforts. However, operational efficiency is improving, with the cost-to-income ratio dropping from 187% in 2023 to 116% in 2024, signalling a path toward sustainability in the coming years, as it captures the high-volume micro-business segment, in particular those that operate across borders and deal with multiple currencies.



ANEXT 은행: 기술 주도형 은행, 중소기업 성장 지원 (시작 단계)