ANEXT Bank Recorded S$44.9M Revenue in 2024, up 83.5%

The bank also saw a 207% increase in deposits and 280% increase in loans

SINGAPORE--(BUSINESS WIRE)--ANEXT Bank, a Singapore digital wholesale bank licensed by the Monetary Authority of Singapore and a wholly-owned subsidiary of Ant International, has made steady growth in the year ended 31 December 2024, according to its newly released financial results.

Amidst the challenging global macroeconomic environment last year, ANEXT Bank achieved a total revenue of S$44.9 million, an 83.5% increase year-on-year, and its total assets more than doubled to S$1.6 billion.

Customer deposits rose by 207% to reach S$906 million, while the bank’s loan book grew more than 280% to S$847 million, highlighting strong demand from micro, small, and medium enterprises (MSMEs) for accessible financing and business banking tools.

In 2024, ANEXT Bank reported a net loss of S$37.2 million, a 24.7% increase year-on-year as the bank remains committed to investing in tech-driven infrastructure and the development of innovative products to support the growth and resilience of regional SMEs in the face of growing macroeconomic uncertainties.

Despite the loss, the bank has continued to leverage efficiency gains as it scales, decreasing cost-to-income ratio from 187.4% in 2023 to 116.1%. Operating expenses also rose moderately, by 13.7% from the previous year.

Today, ANEXT Bank serves a broad and diverse customer base — from retail and e-commerce to logistics, manufacturing, and professional services — supporting business owners from 79 nationalities. The bank remains committed to advancing financial inclusion, enabling MSME growth, and reinforcing Singapore’s position as a leading global business and financial hub.

Its continued growth and innovation has been recognised by the industry, having been awarded as the Best Digital Bank in Singapore by The Asian Banker earlier this year.

Looking ahead, ANEXT Bank will continue leveraging technology to build on its steady growth momentum through several initiatives in 2025, including product innovation and deepening partnerships with service providers serving MSMEs, including Ant International’s ecosystem and digital platform providers through its embedded financial services strategy.

About ANEXT Bank

Incorporated in Singapore and regulated by the Monetary Authority of Singapore, ANEXT Bank is a digital wholesale bank providing innovative digital financial services to empower local and regional micro, small and medium enterprises (MSMEs) to future-proof their businesses through digital adoption, sustainable practices and global expansion.

With embedded finance at the core of its strategy, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with ecosystem partners to provide MSMEs with financial services that are accessible, effortless and secure.

ANEXT Bank has been recognised 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.

ANEXT Bank is a wholly-owned subsidiary of Ant International. For more information on ANEXT Bank, please visit www.ANEXT.com.sg.