The difference between them was that a DFB will be allowed to take deposits from and provide banking services to retail and nonretail customer segments. A DWB however, will be allowed to take deposits from and provide banking services to Small and Medium Businesses (SMBS) and other non-retail customer segments.
Ant Group, which won a DWB, formed ANEXT Bank, a digital wholesale bank incorporated in Singapore. As a DWB, the Singapore-based digital bank will focus on providing digital financial services to local and regional micro, small, and medium businesses, especially those engaging in what it calls "cross-border operations for growth and global expansion".
Toh Su Mei, the Chief Executive Officer of ANEXT Bank said: We believe it's time to offer the next generation of financial services that are accessible and effortless for growing businesses. 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 SMBS are doing their businesses digitally.
To better understand what digital banking means for local SMBS and the type of services and support they can expect from ANEXT Bank, we spoke to Toh to find out more.
You received the digital wholesale banking licence, who are your target customers? How would a digital bank operate differently from traditional banks (such as investment or retail banks)? How would a digital bank serve the target segment better?
SU MEI Incorporated in Singapore, ANEXT Bank is the newest digital wholesale bank operated under the licence issued by the Monetary Authority of Singapore.
This story is from the August 2022 edition of HWM Singapore.
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This story is from the August 2022 edition of HWM Singapore.
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