ANEXT Bank, a digital wholesale bank incorporated in Singapore and a wholly-owned subsidiary of Ant Group, commences business. (BUSINESS WIRE)

BEIJING – Ant Group, the Chinese financial technology giant controlled by billionaire Jack Ma, said on Monday that it has launched a Singapore-incorporated digital wholesale bank, ANEXT Bank.

ANEXT is wholly owned by Ant, it added

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Ant, the financial affiliate of Chinese e-commerce giant Alibaba Group, received approval from the Monetary Authority of Singapore for ANEXT to commence business on June 2, the company said in a statement.

ANEXT is wholly owned by Ant, it added.