Data Vantage | Ant Group pumps capital in SG digital banking unit and other updates

4 min readAug 2, 2022


Edition #180, 6 June 2022


Dear Reader,

Fintech giant Ant Group announced the soft launch of its digital wholesale bank, ANEXT Bank, in Singapore on Monday. The unit will provide financial services to local and regional micro, small and medium enterprises (MSMEs), especially those engaged in cross-border operations.

According to regulatory filings in Singapore, ANEXT Bank received S$100 million ($73.13 million) last week ahead of the launch. The digital bank was incorporated in 2021 and has so far secured $166 million in funding from an Ant Singapore unit.

ANEXT recently appointed Jia Hang, Ant Group’s regional general manager for Southeast Asia, to its board. Its other directors include ANEXT chief executive Toh Su Mei, EDBI CEO and president Chu Swee Yeok, and Genting Singapore CEO Tan Hee Teck.

In other news, Singapore-based used car marketplace Carro allotted ordinary shares worth $25 million to Indonesia-listed consumer automotive company MPM Group at $52.54 apiece last week.

The share allotment is part of a two-way transaction, which involves Carro picking up a 50% stake in MPMRent, a car rental unit of MPM, for nearly $54 million.

The shares issued to MPM were priced at $52.54 apiece, similar to previous allotments to Singapore state investor Temasek and Malaysian state-backed fund manager Permodalan Nasional Berhad (PNB) in 2021.

Latest investments in Carro


DealStreetAsia — DATA VANTAGE comprises a database of Singapore and Indonesia-registered companies, monthly reports, newsletters and more. Subscribe now or opt for a one-month trial for $208 to join these DATA VANTAGE subscribers in staying ahead of the market.

Other updates from DATA VANTAGE

Singapore-based logistics firm Janio has raised $14 million in a Series A extension round led by Vertex Growth Fund, according to regulatory filings. The round was joined by Vertex Southeast Asia and India.

Indonesian media startup IDN Media has raised $23 million in Series D funding backed by existing investor East Ventures. Its Series D shares were priced at $15 apiece, up nearly three times from its last financing in 2019.

Myanmar-based internet service provider Frontiir raised $5 million in fresh funding from investment firm Alliance Asia Holdings. The company issued new ordinary shares at $6.59 apiece, the same price as its previous financing from CDC Group and Ascent Myanmar Growth Fund in 2019.

Singapore-based customer loyalty platform Perx bagged close to $2 million last week. Its share price is up nearly 1.6 times since a previous financing in 2021.

You can now download financial data, including profit and loss, balance sheet, net cash flow and ratio analysis by using the Download option in DATA VANTAGE. Log in to your account and try today.

[Report] Carsome: Motoring Ahead On and Offline

With an eye on a public listing, Southeast Asian used car marketplace Carsome has revved up its bid to transform itself in recent months. Using a mix of offline expansion, new strategies and a string of acquisitions, it is seeking to put forth a strong proposition for an international audience.

Download Your FREE Preview

DealStreetAsia — Professional

Combine editorial insights with robust data & research. Our newest product is a strategic business solution.

Subscribing to DealStreetAsia — Professional will get you -

  • Key financials of ~2,000s of Asian venture-backed companies registered in Singapore and Indonesia
  • Track competitors and industries
  • Up to 4 new research reports per month
  • Exclusive Data-led Stories
  • Deal Monitors (India / China/ SEA)
  • Full access to DealStreetAsia’s premium reportage
  • Twice-weekly DATA VANTAGE newsletter
  • Discounts to Asia PE-VC Summit tickets (live event).




DealStreetAsia is a Singapore-headquartered, subscription-driven media company, covering all deals — private equity, venture capital & M&As in Asia.