Anext Bank, the Singapore-based digibank that Ant Group launched in June of last year, has received an additional US $188 million in funding, according to VentureCap Insights, a company that tracks regulatory filings in Singapore.
According to VentureCap Insights data, Ant Singapore SME Services, which owns all the bank’s shares, has provided Anext with equity funding totaling about US $359 million at the moment.
Anext Bank was founded by the Chinese FinTech giant after obtaining a digital wholesale bank license from the Monetary Authority of Singapore (MAS).
The digibank focuses on providing services to regional and local MSMEs, especially those who conduct business internationally. Currently, it provides business loans and account products.
Recently, Ant Group took steps to increase its footprint outside of China. It made an investment in Singapore’s Proxtera earlier this month as part of the Business sans Borders initiative, which was spearheaded by MAS and Infocomm Media Development.
Alipay+, Ant Group’s cross-border payments system, entered Australia this month to add roughly 8,000 local shops to its network. In order to provide installment options for international platforms, it also collaborated in January with the Philippine buy now, pay later player BillEase.