Despite the challenging global economic conditions last year, ANEXT Bank made S$44.9 million in revenue, an 83.5% increase from the previous year. The bank’s total assets also more than doubled, reaching S$1.6 billion.
Customer deposits grew by 207%, reaching S$906 million, and the bank’s loans increased by over 280%, reaching S$847 million. This shows strong demand from small and medium-sized businesses for easy access to financing and banking services.
In 2024, ANEXT Bank reported a net loss of S$37.2 million, a 24.7% increase from the previous year. Despite this, the bank is focused on investing in technology and developing new products to help small and medium-sized businesses in the region grow and stay strong despite economic challenges.
Even with the loss, the bank has improved its efficiency as it grows, reducing its cost-to-income ratio from 187.4% in 2023 to 116.1%. Operating expenses increased by 13.7% compared to the previous year.
ANEXT Bank now serves a wide range of customers, including those in retail, e-commerce, logistics, manufacturing, and professional services, helping business owners from 79 different countries. The bank is dedicated to improving financial inclusion, supporting the growth of small and medium-sized businesses, and strengthening Singapore’s role as a top global business and economic center.
The industry has recognized the bank’s ongoing growth and innovation as it was named the Best Digital Bank in Singapore by The Asian Banker earlier this year.
Looking ahead, ANEXT Bank plans to use technology to maintain its steady growth in 2025. This will include launching new products and strengthening partnerships with service providers that support small and medium-sized businesses.
The bank will work with partners like Ant International’s ecosystem and digital platform providers, focusing on offering embedded financial services to serve these businesses better.
About ANEXT Bank
ANEXT Bank, based in Singapore and regulated by the Monetary Authority of Singapore, is a digital bank that offers innovative financial services. It aims to help local and regional small and medium-sized businesses (MSMEs) grow by adopting digital tools, using sustainable practices, and expanding globally.
ANEXT Bank focuses on embedded finance as a key part of its strategy to boost the region’s fintech growth and financial inclusion. By working openly and collaborating with partners, the bank aims to provide small and medium-sized businesses with easy-to-access, easy-to-use, and secure financial services.
ANEXT Bank has 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, “SME Partnership Initiative of the Year 2024” by Asian Banking & Finance Wholesale Banking Awards in the Singapore Domestic Bank category, and “Best Digital Bank in Singapore” in the TAB Global World’s 100 Top Digital Banks Ranking 2025 by The Asian Banker.
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