Ant Group Singapore ANEXT Bank Form Partnership with $978 Billion UK Asset Manager Schroders to Provide Access to Investment Funds for Micro, Small & Medium Enterprises with Cash Flow Liquidity & No Lock-in Period, First Schroders Fund Expected to be Available in 2025 Q1
16th November 2024 | Hong Kong
Ant Group Singapore ANEXT Bank has formed a partnership with UK asset manager Schroders ($978 billion AUM) to provide access to investment funds for Micro, Small & Medium Enterprises (MSMEs) with cash flow liquidity & no lock-in period. The first Schroders fund is expected to be available in 2025 Q1. Announcement (1/11/24): “ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant International, today announced its partnership with global asset management firm Schroders to lower investment barriers for micro, small and medium enterprises (MSMEs). Through this partnership, ANEXT Bank will expand its product suite to include a selection of investment funds managed by Schroders, offering MSMEs more opportunities to grow their wealth alongside ANEXT Fixed Deposit, the bank’s existing investment product. The first fund from Schroders is expected to be available through ANEXT Bank by 1Q 2025, subject to regulatory approval. Over 30% of ANEXT Bank’s customers are Foreign Business Owners (FBOs) from 78 nationalities, operating businesses incorporated in Singapore, while 69% are micro businesses. This expanded offering will allow a diverse global community of MSMEs to manage and grow funds with greater flexibility, while ensuring cash flow liquidity with no lock-in period required. Despite the wide availability of financial products, many small business owners find it challenging to start investing due to high entry barriers and limited financial literacy. According to a recent survey conducted by ANEXT Bank, four in five MSMEs have never purchased investment instruments. The top three barriers cited were a lack of excess liquidity, insufficient investment know-how, and limited suitable investment options … … The partnership between ANEXT Bank and Schroders is designed to make investments more inclusive, catering to the needs of small businesses. By leveraging secure APIs to facilitate seamless integration between ANEXT Bank’s online banking platform and Schroders’ products, the collaboration allows ANEXT Bank customers to conveniently access, manage, and track their investments directly within the platform. ANEXT Bank and Schroders will also explore innovation to enhance investment access for MSMEs through asset tokenisation as well as sustainable investment solutions, supporting their sustainability journey. In addition, the two companies will collaborate to promote financial literacy among MSMEs, helping them better understand investments and wealth management, thereby lowering barriers to entry.” In 2022, billionaire Jack Ma Ant Group, which owns China’s largest payment platform Alipay, launched a new digital bank in Singapore (ANEXT Bank), receiving approval from Monetary Authority of Singapore (MAS) to start business on 2nd of June 2022.
“ Ant Group Singapore ANEXT Bank Form Partnership with $978 Billion UK Asset Manager Schroders to Provide Access to Investment Funds for Micro, Small & Medium Enterprises with Cash Flow Liquidity & No Lock-in Period, First Schroders Fund Expected to be Available in 2025 Q1 “
Toh Su Mei, CEO of ANEXT Bank: “The partnership with Schroders marks a significant milestone for ANEXT Bank as our first collaboration with a global partner. By combining the strengths of both companies, we are bringing greater value to MSMEs by making high-quality investment products more accessible and opening up the world of financial growth to small businesses. Leveraging Schroders’ leadership and decades of expertise in the investment space, alongside ANEXT Bank’s insights into MSMEs and tech-driven innovation, we are excited to take a holistic approach to driving financial inclusion. This includes not only offering innovative products but also providing knowledge and capacity-building to making financial services more inclusive and accessible to micro and growing businesses.”
Lily Choh, Head of South Asia and CEO, Schroders Singapore: “MSMEs are the backbone of Singapore’s economy, comprising 99% of its enterprises. We are excited to partner with ANEXT Bank to better serve this dynamic client segment. This marks our first partnership dedicated to supporting MSMEs by enabling them to start their investment journey and providing easy access to tailored educational investment content. By leveraging ANEXT Bank’s deep expertise in the MSME community alongside our best-in-class global investment capabilities, we aim to develop innovative solutions that will unlock new investment opportunities and address their evolving needs. This partnership exemplifies our commitment to financial inclusion and empowers MSMEs to thrive in a rapidly changing financial landscape.”
ANEXT Bank – Incorporated in Singapore and regulated by the Monetary Authority of Singapore, ANEXT Bank is a digital wholesale bank providing innovative digital financial services to empower local and regional micro, small and medium enterprises (MSMEs) to future-proof their businesses through digital adoption, sustainable practices and global expansion. 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. ANEXT Bank has been recognised 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.
Schroders – Schroders is a global investment management firm with £773.7 billion (€912.6 billion; $978.1 billion) assets under management, as at 30 June 2024. Schroders continues to deliver strong financial results in ever challenging market conditions, with a market capitalisation of circa £6 billion and over 6,000 employees across 38 locations. Established in 1804, the founding family remains a core shareholder, holding approximately 44% of Schroders’ shares. Schroders has benefited from a diverse business model by geography, asset class and client type. It offers innovative products and solutions across four core businesses; Public Markets, Solutions, Wealth Management and our private markets business Schroders Capital. Clients include insurance companies, pension schemes, sovereign wealth funds, high net worth individuals and foundations. Schroders also manages assets for end clients as part of its relationships with distributors, financial advisers and online platforms. Schroders aims to provide excellent investment performance to clients through active management. It also channels capital into sustainable and durable businesses to accelerate positive change in the world. Schroders’ business philosophy is based on the belief that if we deliver for clients, we will deliver for our shareholders and other stakeholders.
Billionaire Jack Ma Ant Group Launches Digital Bank in Singapore, ANEXT Bank
10th June 2022 – Billionaire Jack Ma Ant Group, which owns China’s largest payment platform Alipay, has launched a new digital bank in Singapore (ANEXT Bank), receiving approval from Monetary Authority of Singapore (MAS) to start business on 2nd of June 2022. ANEXT Bank: “ ANEXT Bank will offer digital financial services to local and regional micro, small and medium-sized enterprises (SMEs), especially those engaging in cross-border operations for growth and global expansion.” Toh Su Mei ANEXT Bank CEO: “Amid rapid acceleration in the digital economy, business models are changing and pivoting to become digital-first, if not adopting a hybrid model. Financial services have to evolve and be where SMEs are doing their businesses digitally. We are well positioned to live up to this vision, leveraging Ant Group’s deep bench of technologies and know-how, along with our customer-obsessed local team dedicated to serving the SME community. Adopting an open and collaborative approach, we believe in joining hands with industry partners and the public sector to provide SMEs with financial services that are simpler, safer and more rewarding.” Monetary Authority of Singapore (MAS) Chief Fintech Officer Mr. Sopnendu Mohanty. Mr. Mohanty: “This marks yet another milestone in Singapore’s digital bank development journey, a strategic effort to ensure the banking sector remains progressive, globally competitive and vibrant. Continuous innovation and new capabilities that digital banks are slated to bring will no doubt add more engines of growth to Singapore’s financial sector. MAS expects the digital banks to thrive and synergise with our dynamic financial institutions and raise the bar in delivering quality financial services, and to uplift Singapore’s financial sector to better support the growth of SMEs in Singapore, the region and in emerging markets.”
About ANEXT Bank
Incorporated in Singapore, ANEXT Bank is one of the two successful applicants to receive the digital wholesale banking licence issued by the Monetary Authority of Singapore and focuses on providing innovative and secure digital financial services to local and regional micro, small and medium enterprises (SMEs) to aid their growth and global expansion. Through continuous technology-driven innovation, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in Singapore and the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with industry partners and public sector agencies to provide SMEs with financial services that are simpler, safer and more rewarding. ANEXT Bank is a wholly-owned subsidiary of Ant Group. Ant Group strives to enable all consumers and small businesses to have equal access to financial and other services through technologies, such as blockchain, artificial intelligence, security, Internet of Things, and cloud computing.
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