Ant Unveils Singapore Digital Bank in Southeast Asian Push (1)

Billionaire Jack Ma’s Ant Group Co. launched its digital bank in Singapore, as China’s largest online financial platform branches out of its home market amid regulatory headwinds.

ANEXT Bank will provide digital financial services to micro, small and medium-sized enterprises, particularly those with cross-border operations, it said in a statement on Monday.

The fintech giant is entering an arena dominated by traditional incumbents including DBS Group Holdings Ltd. and Oversea-Chinese Banking Corp. Using Singapore as a base for its business in Southeast Asia may offset slower growth prospects at home after government-ordered regulatory overhauls. Part-owned by Alibaba Group Holding ...