CEO Interview - Why The Bank Of The Future Is Not Really A Bank

ANEXT Bank's Toh Su Mei reveals how they reimagine banking for micro businesses.

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SINGAPORE

One year after kicking off operations as a full-fledged digital bank, ANEXT Bank CEO, Toh Su Mei shared one of her key takeaways on Singaporeans’ modern banking needs, “Nobody needs another bank in this day and age!”

Pushing this premise, she added, “Which is why we were very clear from the onset on why we do what we do and how [we do it].”

In the past year, ANEXT Bank has been embarking on discovering the best way to service Singapore’s underserved small and medium enterprises (SMEs). Business loans were offered for as low as US$3,700 (SG$5,000) and up to US$22,200 (SG$30,000) to meet the liquidity needs of SMEs.

ANEXT is also the first bank in Singapore to offer remote virtual onboarding for business owners who are based overseas but have registered businesses in Singapore, reducing the need to travel into the city to set up shop.

Toh cited their target market, the SMEs, as an inspiration and called them a reflection of what the bank strives to serve.