Singapore

Chinese fintech giant Ant Group, which controls China's largest payment system Alipay, said on Monday it has launched a digital wholesale bank in Singapore.

The soft launch of the new Bank, dubbed ANEXT Bank, was approved by the Monetary Authority of Singapore, according to a statement posted on the company's website.

The new bank's business will focus on providing digital financial services to local and regional micro, small and medium enterprises, especially those involved in cross-border business "with the goal of growth and global expansion," the statement said.

Under its own soft-launch framework, the bank offers accounts in two currencies, with functions such as remote registration and daily interest. The bank will open to the public in the second half of 2022.