ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant International, has been named the Best Digital Bank in Singapore by The Asian Banker in the TAB Global World’s 100 Top Digital Banks Ranking 2025.

Presented by The Asian Banker, the award is an annual assessment evaluating over 160 top-tier digital banks globally, based on their excellence in digital banking innovation, customer growth, and financial performance. ANEXT Bank emerged as the winner for Singapore, recognized for its customer and product growth and continuous innovation in making digital banking accessible, effortless, and secure for micro, small, and medium enterprises (MSMEs).

Since its launch in June 2022, ANEXT Bank has focused on serving MSMEs in Singapore as well as being a trusted partner for international companies looking to expand in the country. As of 31 December 2024, the Bank’s customers consist of business owners from 79 nationalities, operating businesses incorporated in Singapore. Over 70 percent of the Bank’s customers are micro businesses, nearly 39 percent are women-owned, and more than 37 percent began banking with ANEXT Bank during their startup phase, underscoring the Bank’s commitment to supporting entrepreneurship and driving financial inclusion.

The recognition from The Asian Banker also highlights ANEXT Bank’s commitment to continuous innovation. In a rapidly changing digital banking landscape, ANEXT Bank has set itself apart by harnessing cutting-edge technologies to remove barriers for MSMEs. It is the first in the market to introduce remote onboarding, enabling foreign business owners to open bank accounts remotely, without the need to travel to Singapore or visit a physical branch.

In its citation, The Asian Banker noted, “ANEXT Bank has achieved exceptional growth in its customer base and strong adoption of cross-border payments, deposits, and loans. With innovative products and features such as low-barrier loans, multi-currency accounts, and remote onboarding, the Bank effectively addresses business needs and pain points. Furthermore, its embedded finance solutions seamlessly integrate financial services into digital platforms, making it more accessible and empowering businesses at scale globally.”

ANEXT Bank collaborates closely with digital platform partners to offer embedded finance solutions, scaling access for MSMEs to essential financial services directly within the platforms they use, exactly when they need it. Its advanced tech infrastructure, featuring modular APIs, KYB engines, and biometric eKYC, ensures global scalability and seamless integration, empowering platform partners to avail financial services with speed and reliability. To date, ANEXT Bank has partnered with digital platforms across e-commerce, procurement, delivery, and payment services, making financing more accessible to more than one million regional MSMEs. These collaborations have also extended beyond traditional financing to include interest-bearing products such as fixed deposits, further enhancing the range of financial services available.

Toh Su Mei, Chief Executive Officer of ANEXT Bank commented: “This recognition is an honor for the entire team and a testament to the impact we’ve made in delivering the best digital banking experience. We firmly believe in leveraging technology to continuously innovate and reimagine financial services for MSMEs. This includes using AI and data to uplift operation efficiency and customer experience, with cutting-edge solutions from digital credit to risk management. We are just getting started on our journey to become the leading digital bank for small businesses worldwide.”

“As a Singapore-born digital bank, we are also proud to have been a pioneering digital wholesale bank contributing to the advancement of fintech, and supporting the digitalization and internationalization of businesses in the country,” she added.

Peng Yang, Chief Executive Officer, Ant International said: “Congratulations to Su Mei and the ANEXT Bank team. Thanks to her leadership and an extraordinarily dedicated team, the bank has become a regional leader in digital SME financing, as recognized by this award. I look forward to ANEXT Bank’s next stage of growth as it continues its mission of empowering more small businesses to thrive at home and across borders with digital innovations.”

Last month, ANEXT Bank appointed Kai Qiu as the CEO Designate. Effective 31 March 2025, Toh Su Mei will step down as CEO and continue as an Honorary Advisor to Ant International, in recognition of her contributions to the company.

ANEXT Bank has also been recognized with numerous awards, including the “World’s Top FinTech Companies of 2024” by CNBC and Statista, “SBR Technology Excellence Awards 2024” in the Fintech – Banking category, and the “SME Partnership Initiative of the Year 2024” by Asian Banking & Finance Wholesale Banking Awards in the Singapore Domestic Bank category.

With embedded finance at the core of its strategy, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with ecosystem partners to provide MSMEs with financial services that are accessible, effortless, and secure.