Ant Group has further invested S$200 million (approximately US$148 million) into ANEXT Bank, its wholly-owned subsidiary and SME digital bank, according to recent filings with the Accounting and Corporate Regulatory Authority (ACRA) of Singapore.
The latest investment marks a continued commitment from Ant Group, following a near US$188 million capital boost previously, bringing its total investment in ANEXT Bank to roughly US$502.61 million, according to DealStreetAsia.
Despite the additional funds, ANEXT Bank’s financial disclosures reveal ongoing challenges, with losses escalating to US$19.72 million in 2022, a significant jump from the previous year, against revenues of US$2.31 million.
This development occurs amidst Ant Group’s strategic push into digital financial services, not just locally but across the Southeast Asian region, following its receipt of a digital wholesale banking license from the Monetary Authority of Singapore (MAS) in late 2020.
This license enables ANEXT Bank to serve micro, small, and medium enterprises (MSMEs) with digital financial solutions.
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- Source: https://fintechnews.sg/93545/china/ant-group-injects-another-s200-million-funding-into-anext-bank/
