5 Neobanks pioneering in SME solutions in APAC

By Gloria Mathias

In an era where convenience and user-friendly experiences reign supreme, traditional banking methods are facing stiff competition from the rapidly evolving landscape of neobanks, or digital banks. This transformative shift is not only reshaping the way individuals manage their finances but is also ushering in a new era for SMEs, or SMBs.

The tug of war between established players and the rising neo-challengers hinges on the swift adoption of customer-centric digital banking technologies. Small business-focused FinTechs, specialising in neo-banking services, are at the forefront of this revolution, offering a range of innovative solutions tailored to streamline business operations and enhance financial management.

Listed below are 5 digital banks reshaping the financial landscape for SMEs in APAC:

• ANEXT Bank

ANEXT Bank is a digital wholesale bank that provides financial services to small and medium-sized enterprises (SMEs). It is a subsidiary of Ant Group. ANEXT Bank aims to help SMEs overcome the lack of transparency and information asymmetry in the SME financing sector. ANEXT Bank aims to help SMEs overcome the lack of transparency and information asymmetry in the SME financing sector.

• GXS Bank

GXS Bank is a digital bank that aims to improve banking services for consumers and small businesses in Singapore. The bank aims to improve financial inclusion and drive a financial revolution for its customers through the use of technology and data. GXS Bank aims to improve banking services for the unbanked and underserved segments, such as entrepreneurs, gig economy workers, and early jobbers.

• First Circle

First Circle was founded by Patrick Lynch and Tony Ennis to empower small and medium enterprises (SMEs) in growth markets by financing their business-to-business (B2B) trade transactions. Thus helping them grow by providing convenient access to financial services.

• MariBank        

MariBank is a digital bank that offers banking services online. It is a subsidiary of Sea Limited and is licensed by the Monetary Authority of Singapore (MAS). With the MariBank mobile banking application, one will be able to make transactions and manage their finances securely and seamlessly, all while earning attractive interest rates with zero banking fees, no minimum balance, no salary crediting, and no minimum spending required.

• UNO Digital Bank

UNO Digital Bank is Southeast Asia’s first full-spectrum digital bank licenced under the Bangko Sentral ng Pilipinas. The regional neobank provides cloud solutions for the banking needs of the ASEAN region, including the Philippines. UNO Digital Bank offers a single interface for managing financial needs, including saving, borrowing, transacting, investing, and protecting.