Open for business – and to helping small companies reimagine possibilities
ANEXT Bank is committed to being a trusted partner for entrepreneurs looking to future-proof their businesses through digital adoption and global expansion.
SME Friends of ANEXT is a programme designed to co-create the digital bank of tomorrow with business owners who embrace disruption, possibilities and reimagination. Photos: ANEXT Bank
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Last year, micro, small and medium enterprises (MSMEs) accounted for 99 per cent of Singapore’s nearly 310,000 businesses. Despite their ubiquity, many MSMEs face significant obstacles that hinder their growth and international expansion.
A major challenge is the affordability of financing. The Singapore Business Federation reported that more than eight in 10 local businesses were impacted by rising interest rates hikes, and nearly half faced a credit crunch last year.
Access to funds is particularly difficult for young businesses deemed high-risk by traditional lenders due to their small size, limited scale and lack of track record or collateral. Additionally, many MSME owners lack the financial skills needed to navigate these complexities.
In light of these challenges, MSMEs in Singapore are increasingly turning to digital wholesale banks like ANEXT Bank for creative solutions that meet their unique needs.
INNOVATIVE SOLUTIONS FOR THE NEXT GENERATION OF MSMES
At the core of ANEXT Bank is a commitment to purposeful, human-centric innovation that addresses MSMEs’ need for accessible and affordable financial services.
One business that has benefited from ANEXT Bank’s services is Windflower Florist. Its CEO, second-generation owner Stanley Tan, tapped on the collateral-free ANEXT Business Loan to finance investments in digital marketing and search engine marketing, accelerating WindFlower’s expansion beyond its brick-and-mortar origins.
Since taking over in 2014, Mr Tan’s innovative approach has transformed the business. Online marketing has been crucial to his e-commerce strategy of enhancing brand visibility and building a community of followers.
He also established an in-house logistics operation to ensure timely deliveries and maintain service quality. By using application programming interfaces and artificial intelligence to analyse delivery data, the business has significantly reduced backend processing time. This efficiency allows Windflower to guarantee on-time deliveries, offering free orders if they are late.
Recognising the common consumer sentiment that fresh flowers are expensive and short-lived, Mr Tan ventured into the preserved and dried flower market to meet a growing demand for these products. A pioneer in this space, he introduced a wide array of designs tailored specifically for modern consumers. Today, preserved and dried flower products constitute about 30 per cent of Windflower’s revenue.
Through strategic innovation and a focus on market expansion, Windflower Florist started generating an annual turnover of S$1 million in just three years under Mr Tan’s leadership. It is a remarkable turnaround from his first day on the job, when the corporate bank account balance was only S$800, and daily sales were in the single digits.
OPEN FOR BUSINESS BEYOND LIMITS
Windflower Florist is among the MSMEs featured in ANEXT Bank’s 2024 SME Friends of ANEXT, which brings together like-minded entrepreneurs and MSME owners who, like Mr Tan, are eager to disrupt industries, reimagine their businesses and expand globally.
As of May 31, 2024, ANEXT Bank more than doubled its customer base year-on-year, of which micro businesses comprise 69 per cent. The bank also saw a six-fold year-on-year increase in the total amount of cross-border transactions facilitated for its customers. Many of these enterprises have expanded their operations beyond Singapore, establishing a presence in key markets such as mainland China, Hong Kong, Southeast Asia and the United States.
Said Ms Toh Su Mei, CEO of ANEXT Bank: “Our SME Friends of ANEXT are proof that, with grit and open-mindedness, global success is within reach. We share this spirit, using innovation-led technology to provide accessible, secure financial services and drive financial inclusion. We are committed to helping MSMEs future-proof their businesses through digital adoption, sustainable practices and global expansion.”
In celebration of its two-year anniversary, ANEXT Bank recently launched the Open for Business campaign. This campaign features a new podcast series that highlights the journeys of the 2024 cohort of SME Friends of ANEXT, showcasing how they have thrived in an evolving business landscape.
“We want to encourage entrepreneurs not to be limited by the current size of their businesses, but focus on how big they can be when one is open to disruption and reimagination,” said Ms Toh.
Learn more about the 2024 cohort of SME Friends of ANEXT, a community of businesses that is open to disruption, reimagination and possibilities.
In conjunction with its two-year anniversary, ANEXT Bank has introduced a special sign-up offer for MSMEs that open an ANEXT business account by Jul 31, 2024.
