Home Music Industry Jack Ma’s digital bank Ant expands in Singapore by sweetening its lending offerings – Alibaba Group Holding (NYSE:BABA)

Jack Ma’s digital bank Ant expands in Singapore by sweetening its lending offerings – Alibaba Group Holding (NYSE:BABA)

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  • Alibaba Group Holding Limited BABA fintech affiliate Ant Group Co Singapore’s digital wholesale bank will begin offering small and medium business loans.
  • ANEXT Bankwhich launched its services in June, said it would provide small businesses with loans ranging from S$5,000 ($3,530) to S$100,000.
  • Customers can apply for loans from ANEXT Bank through IN Financial Technologies and Bizmann System.
  • Read also : Jack Ma-backed Indonesian digital wallet raises $250m from Alibaba and others: report
  • Ant has accelerated digital banking in Southeast Asia, replicating strategies in China that catapulted its fintech operations to become the most extensive in the country, Bloomberg reported.
  • The move could help Ant diversify its business and generate growth amid regulatory headwinds at home.
  • Jack Ma The founded fintech significantly marks its foray into an arena dominated by incumbents, including DBS Group Holdings Ltd DBSDF DBSDY and Oversea-Chinese Banking Corp.
  • Compared to credit offered by traditional banks, Ant’s basic ANEXTBank Loan product does not require collateral.
  • For the loan of S$30,000 or less, ANEXT Bank has waived the documentary formalities. The interest rate will start from 6.8% per annum.
  • Ant was one of two groups to hold a wholesale digital banking license in December 2020, to serve small businesses and other non-commercial segments.
  • ANEXT Bank’s dual currency deposit service was launched in August. Ant has also started offering a service called Alipay+ D-store.
  • Ant Group has promised to help four Asian e-wallets expand into South Korea with its Alipay+ cross-border payment service, as easing of travel restrictions in Asia.
  • Price action: BABA shares traded down 1.89% to $63.48 pre-market when last checked on Thursday.