ANEXT Bank review: Key features, fees, and benefits

Rating

Overall rating: 3.5/5

Methodology

Our evaluation of ANEXT Bank follows a structured and business-first framework, focusing on the practical needs of Singapore-based SMEs.

Arithmetic Mean Approach: The overall score is calculated using the arithmetic mean of individual category ratings.

Equal Weighting: Each category i.e. Account Features, Fees & Pricing, International Payments, Ease of Use, Lending, and Customer Support, is given equal importance to ensure a balanced evaluation.

Data Sources: Ratings are based on ANEXT Bank’s official product documentation, publicly disclosed fee schedules, MAS regulatory information, and comparisons with other Singapore digital banks and fintech alternatives.

Interpretation Caveat: This assessment reflects general SME use cases. Businesses with heavy international payment needs or advanced integration requirements may weigh certain categories differently.

Intended Use: The score serves as a benchmark for Singapore SMEs comparing ANEXT Bank with other digital banks and fintech platforms, particularly for local banking and working capital needs.

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What is ANEXT Bank?

ANEXT Bank is a digital wholesale bank incorporated in Singapore and wholly owned by Ant International, an affiliate of Alibaba Group. Launched in June 2022, ANEXT Bank is regulated by the Monetary Authority of Singapore and holds a digital wholesale banking licence specifically designed to serve micro, small, and medium enterprises.

As one of Singapore's pioneering digital wholesale banks, ANEXT Bank was recently named Best Digital Bank in Singapore by The Asian Banker in 2025. Unlike traditional banks, ANEXT Bank operates entirely online without physical branches, focusing exclusively on business customers rather than individual retail clients.

The bank's mission centres on making financial services accessible and effortless for SMEs. With customer deposits rising by 207% to reach SGD $906 million in 2024 and a loan book growing more than 280% to SGD $847 million, ANEXT Bank has demonstrated significant traction among Singapore's business community.

ANEXT Bank key features for businesses

ANEXT Bank brings several practical features designed specifically for small businesses, startups, and SMEs looking to streamline their financial operations without the complexity of traditional corporate banking. Here's what ANEXT delivers for business owners.

Business account & multicurrency features

• The ANEXT Bank business account supports four currencies: SGD, USD, EUR, and CNH (Chinese Yuan), making it suitable for businesses that transact regularly in these markets.
  
• The account offers a 1% per annum interest rate on SGD, USD, and EUR balances, paid daily, allowing idle funds to earn returns while remaining fully accessible.
  
• The ANEXT Bank business account provides unlimited and free local transfers in Singapore via FAST, GIRO, MEPS, and PayNow, with no minimum balance requirement and no monthly account maintenance fees.
  
• The account is designed to improve cash flow efficiency by helping startups and solopreneurs maximise returns on working capital instead of leaving funds dormant in traditional business accounts.
  
• The ANEXT Bank business platform operates on a fully digital-first model, with account opening, transactions, and ongoing management handled entirely through a mobile app or web portal without visiting physical branches.
  

Corporate cards

Whilst ANEXT Bank offers a business account with payment capabilities, it currently doesn't provide corporate cards or expense management features that many competitors include.

For businesses requiring multi-currency corporate cards with built-in spending controls, you'll need to look at alternatives such as Aspire Corporate Cards.

Global payments & FX

• The account supports balances in 4 currencies (SGD, USD, EUR, CNH), but SWIFT payment execution is available for nine currencies supported by the SWIFT network—CNH, EUR, GBP, HKD, JPY, KRW, MYR, THB, and USD.
  
• International payments through ANEXT Bank rely heavily on SWIFT, which can result in higher transfer costs, slower settlement times, and unexpected intermediary bank charges.
  
• ANEXT Bank shows currency conversion fees upfront before each transaction, although the exact foreign exchange markup is not always fully transparent.
  
• For businesses making frequent international payments to suppliers across multiple countries, these SWIFT-related costs can accumulate over time.
  
• SWIFT transfers typically take three to five business days to settle, whereas some fintech providers offer same-day or next-day international payments using local payment rails.
  
• As part of Ant International, ANEXT Bank benefits from payment infrastructure and cross-border rails developed for global trade. This makes ANEXT Bank particularly useful for SMEs trading on platforms such as Alibaba or AliExpress, where CNH settlements are common. Compared to traditional banks, CNH transactions through ANEXT Bank and related Ant International rails can be smoother and more operationally aligned with mainland China trade flows.
  

Account & expense management

Here's where ANEXT Bank falls short compared to modern fintech alternatives. There's no expense tracking, no accounting integrations, and FX markups aren't disclosed, making it hard to predict costs for international payments.

The platform does offer batch payment functionality for up to 100 transfers in a single click, useful for payroll and recurring supplier payments. You'll also get transaction notifications, scheduled payments, and downloadable statements to maintain records.

However, without built-in expense categorisation or approval workflows, businesses using the ANEXT business account will need separate tools to manage spending and track budgets across teams.

Accounting integrations

ANEXT Bank doesn't currently integrate with popular accounting software like Xero, QuickBooks, or MYOB. This means manual reconciliation and statement imports, adding administrative overhead that startups and small businesses typically want to avoid.

For businesses running lean operations, this gap means extra hours spent on bookkeeping instead of focusing on growth. Modern alternatives like Aspire offer direct integrations that automatically sync transactions with your accounting system.

ANEXT Bank fees & charges you should know

One of ANEXT Bank's strongest selling points is its straightforward fee structure with several zero-cost elements. Let's break down what you'll actually pay with this ANEXT Bank business account.

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The no-fees structure for account opening and maintenance makes ANEXT Bank particularly attractive for solopreneurs and early-stage startups. There's no initial deposit, no minimum balance, and no setup or annual fees, which means having an ANEXT business account won't increase business overheads.

However, the real cost consideration comes with international payments. Whilst ANEXT Bank shows the exchange rate before you confirm transfers, the bank offers identical rates to all SMEs regardless of transfer size, following a universal pricing approach. This transparency is admirable, but it may not always match the competitive rates offered by specialist providers who use local payment networks instead of SWIFT.

For detailed and up-to-date fee information, visit ANEXT Bank's official fee schedule.

How to open an ANEXT Bank account (Singapore)

Opening an ANEXT Bank business account is entirely digital, though the process does have specific requirements for Singapore-incorporated businesses.

Eligibility requirements:

• Business must be incorporated in Singapore
  
• Must have an active Corppass account
  
• Applicable to sole proprietorships, partnerships, limited liability partnerships, and private limited companies
  
• All directors and shareholders must participate in verification via Singpass
  

Step-by-step process:

• Visit the ANEXT Bank website or app and start your application.
  
• Gather required documents: ACRA business profile, proof of address, ownership structure chart, and identification documents for all directors/shareholders.
  
• Log in using CorpPass and Singpass: This pre-fills your business information via Myinfo Business, streamlining the process.
  
• Upload documents and complete verification: All directors and shareholders must complete identity verification through the platform.
  
• Submit application: Review all details and submit.
  
• Wait for approval: Simple applications can be approved on the same day, though cases involving foreign stakeholders or complex structures may take up to 14 business days.
  
• Set up your account: Once approved, configure your online banking credentials and begin transacting.
  

Note for foreign business owners: ANEXT Bank was among the first in the market to introduce remote onboarding, though regulatory KYC requirements still apply and may involve additional verification steps. It enables foreign business owners to open bank accounts remotely without needing to travel to Singapore or visit a physical branch.

The digital-first approach significantly reduces the friction compared to traditional banks, though the requirement for all stakeholders to participate can complicate matters for businesses with multiple shareholders or international directors. According to various ANEXT Bank review Reddit discussions, some users found the verification process smooth, whilst others experienced delays with complex ownership structures.

Who is ANEXT Bank best suited for?

ANEXT Bank serves a specific segment well, but isn't the ideal fit for every business. Here's who benefits most from this ANEXT Bank business solution:

Ideal for:

• Singapore-incorporated SMEs primarily operating locally with occasional international transactions.
  
• Startups looking for zero-fee banking to minimise operational costs.
  
• Solopreneurs and micro-businesses needing basic business banking without complexity
  
• Companies holding SGD, USD, or EUR who want to earn the ANEXT Bank interest rate of 1% p.a. daily on balances. However, this rate may vary over time and by balance tier, so businesses should refer to ANEXT Bank’s official fee and interest schedule for the most current figures.
  
• Businesses requiring unsecured loans through ANEXT business loan up to SGD 500,000 with streamlined approval.
  
• Professional services firms with straightforward banking needs and primarily local operations.
  
• SMEs trading with China-based suppliers or selling on platforms like Alibaba or AliExpress, where ANEXT Bank’s connection to the Ant International ecosystem supports smoother CNH transactions
  

Less ideal for:

• Frequent international payers who need competitive FX rates and fast cross-border settlements.
  
• Businesses requiring corporate cards with built-in expense management.
  
• Companies needing accounting integrations to automate reconciliation.
  
• Teams requiring granular spending controls across departments or projects.
  
• Businesses operating in currencies beyond SGD, USD, EUR, and CNH.
  

ANEXT Bank is particularly well-suited for startups and SMEs that primarily operate within Singapore, offering basic banking features that can easily handle day-to-day tasks and the opportunity to borrow or send money at reasonable rates.

Pros and cons

Based on this comprehensive ANEXT Bank review Singapore, here's what works and what doesn't.

Pros

• Zero fees for essentials: No account opening, maintenance, or minimum balance requirements reduce costs for startups
  
• Daily interest earnings: The competitive ANEXT Bank interest rate of 1% p.a. on SGD, USD, and EUR balances whilst keeping funds accessible
  
• Fast loan approvals: ANEXT business loan options up to SGD 500,000 with decisions often made within 24-48 hours
  
• MAS-regulated security: Licensed digital wholesale bank regulated by the Monetary Authority of Singapore with advanced security measures, including biometric verification and multi-factor authentication
  
• Remote onboarding: Foreign business owners can apply without visiting Singapore
  
• Free local transfers: Unlimited Singapore transfers via FAST, GIRO, MEPS, and PayNow
  

Cons

• Limited currency support: Only four currencies (SGD, USD, EUR, CNH) compared to alternatives offering 40+
  
• SWIFT-reliant international payments: Higher costs and slower speeds than providers using local payment rails
  
• No accounting integrations: Manual reconciliation required with Xero, QuickBooks, or MYOB
  
• No corporate cards or expense management: Missing tools that modern businesses expect
  
• Limited customer support hours: Support available only Monday through Friday, 9:00 a.m. to 6:00 p.m. (UTC+8), excluding public holidays
  
• FX rate transparency gaps: FX markups aren't disclosed, making it hard to predict costs for international payments
  

ANEXT Bank review

TrustPilot Rating: 3/5 (based on 2 reviews)

As of December 2025, Trustpilot shows limited customer feedback with mixed experiences, particularly around international wire transfers.

Comparison with Aspire

For businesses weighing their options, here's how the ANEXT Bank business solution compares to Aspire, a finance platform built specifically for globally minded startups and SMEs.

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The key difference? ANEXT Bank functions as a traditional digital bank focused on Singapore operations, whilst Aspire is built as a complete finance operating system for businesses with global ambitions. If your business frequently pays international suppliers, manages team spending across borders, or needs seamless accounting integrations, Aspire offers significantly more functionality.

Learn more about Aspire's multi-currency business accounts and how they support cross-border operations.

Next alternatives

Beyond ANEXT Bank and Aspire, several other providers serve Singapore businesses with different strengths. Here are alternatives worth considering for your ANEXT business account needs:

• Airwallex: Strong for businesses making frequent international payments, offering free transfers to 120+ countries with access to mid-market FX rates across 90+ currencies. Better suited for e-commerce businesses or those with significant cross-border volume.
  
• Wise Business: Specialises in international money transfers with transparent mid-market exchange rates. Wise focuses on reducing the costs of international payments, making it ideal if your business frequently sends or receives payments from overseas. Lacks full business banking features but excels at cross-border transactions.
  
• Statrys: Multi-currency accounts for businesses registered in Hong Kong, Singapore, and BVI. Offers transparent FX rates based on mid-market rates and built-in Xero integration. Good for businesses needing clear visibility over international payment costs.
  

Conclusion

This ANEXT Bank review shows that the platform delivers on its core promise: providing Singapore SMEs, startups, and solopreneurs with accessible, low-cost business banking. The zero-fee structure, competitive ANEXT Bank interest rate, and streamlined ANEXT business loan approvals make it particularly attractive for businesses focused primarily on local operations.

However, the limitations become apparent for businesses with global ambitions. The reliance on SWIFT for international payments, limited currency support, absence of corporate cards, and lack of accounting integrations create friction that modern alternatives have solved.

For a Singapore-incorporated startup handling mostly local transactions with occasional international payments, the ANEXT Bank business account offers solid fundamentals. But if your business operates across borders, manages team spending internationally, or needs integrated financial tools that scale with growth, platforms like Aspire provide the comprehensive functionality required to compete globally.

The bottom line: ANEXT Bank is a practical, cost-effective choice for Singapore-focused SMEs needing basic digital banking. For businesses building beyond borders, explore alternatives designed for global-first operations from day one.

Ready to scale your business globally? Open a business account and experience multi-currency banking built for ambitious founders.

Frequently asked questions

Is ANEXT Bank safe?

Yes, ANEXT Bank is safe to use. It is a licensed digital wholesale bank regulated by the Monetary Authority of Singapore, employing advanced security measures such as biometric verification and multi-factor authentication. As a MAS-regulated institution, it adheres to the same stringent security and operational standards as traditional banks in Singapore.

While fully regulated by MAS, ANEXT Bank operates as a digital wholesale bank. Deposits held with wholesale banks are generally not covered by the Singapore Deposit Insurance Corporation (SDIC), which typically insures retail bank deposits up to SGD $100,000 per depositor.

This doesn't reflect the safety or regulatory standing of ANEXT Bank, but it's an important consideration for SMEs holding large cash balances. Businesses with significant idle funds may choose to diversify balances across institutions as part of prudent cash management.

Who is the owner of ANEXT Bank?

ANEXT Bank is a wholly owned subsidiary of Ant International, an affiliate of Alibaba Group. The bank was launched in June 2022 with backing from one of the world's leading fintech companies, bringing significant technological expertise and resources.

Is ANEXT Bank regulated by MAS?

Yes, ANEXT Bank received MAS approval to commence business on 2 June 2022 as one of Singapore's digital wholesale banks. It operates under full regulatory oversight from the Monetary Authority of Singapore, ensuring compliance with banking standards and consumer protection requirements. This MAS licensing means the ANEXT business account adheres to the same capital adequacy, risk management, and security standards as established financial institutions in Singapore.

What is the minimum balance in ANEXT bank?

There is no minimum balance requirement for an ANEXT Bank business account. The account has no account opening charges, no monthly maintenance fees, and no minimum balance requirement, making it easier to get started compared to traditional banks. This makes it particularly accessible for solopreneurs and early-stage startups managing limited capital.

How to log in to ANEXT Bank as a business user?

Business users access ANEXT Bank through the official website or mobile app. During account setup, you'll create your online banking credentials after approval. Login requires your registered email/username and password, with additional security through multi-factor authentication. For first-time setup, you'll use Corppass and Singpass for identity verification during the onboarding process.