Ant Group, the fintech affiliate of Chinese e-commerce giant Alibaba, is pursuing its expansion plans across Southeast Asia, ramping up its business in a region that's characterized by a fragmented payment market and no clear leader.
Neobanking has been one of the most talked about fintech segments of the past decade, a buzzing industry that’s seen an average of 68 new ventures being launched each year since 2017, data from consulting firm Simon-Kucher show. But despite the craze, a new research shows that neobanks are actually struggling to turn a profit, with only a mere 5% of the world’s reported 400 digital banks reaching breakeven.
BEIJING: China's Ant Group, a financial technology (fintech) giant controlled by billionaire Jack Ma, on Monday said it has launched a digital wholesale bank incorporated in Singapore, dubbed ANEXT Bank.