Latest news with #AsianBanker
Yahoo
22-05-2025
- Business
- Yahoo
Yubi Group Strengthens MENA Leadership with Appointment of Banking Veteran Suvo Sarkar to its Advisory Board
DUBAI, UAE, May 22, 2025 /PRNewswire/ -- Yubi Group, today announced the appointment of Suvo Sarkar, a distinguished leader in global banking and digital transformation, to its Advisory Board in Middle East and North Africa (MENA). With over 36 years of experience across Asia and the Middle East, Mr. Sarkar's appointment reinforces Yubi's strategic focus on driving innovation and expanding its footprint in the region. Suvo Sarkar is the Founder & CEO of 3D Advisory, a boutique consultancy specializing in digitization, data, and design for financial services. A recognized industry thought leader, he brings deep expertise in retail banking, wealth management, and digital innovation. His illustrious career includes serving as Senior Executive Vice President & Group Head of Retail Banking and Wealth Management at Emirates NBD, where he spearheaded the bank's digital transformation and launched Liv., the Middle East's first digital lifestyle bank. Currently, Mr. Sarkar holds advisory roles with global institutions, including Senior Advisor at McKinsey & Company, Executive Advisor to Mastercard, and Chairman of IBM's MEA Advisory Board. He also hosts the acclaimed Money Majlis podcast and serves on boards for Abu Dhabi University, Middle East Venture Partners (MEVP), and fintech startups like NewBridge Fintech. On this remarkable development, Gaurav Kumar, Founder & CEO, Yubi Group commented, "We are honored to welcome Suvo Sarkar to the Yubi MENA Advisory Board. A luminary in global banking, Suvo has been instrumental in architecting the modern financial services landscape of MENA through decades of visionary leadership. As Yubi accelerates its strategic investments and cements its regional presence, Suvo's unparalleled expertise will be pivotal in advancing our mission to redefine debt infrastructure and empower economies at scale." Upon taking up the advisory role, Suvo Sarkar stated, "Yubi's mission to revolutionize debt infrastructure through advanced technology mirrors the next frontier of financial innovation in MENA. Having witnessed the evolution of banking across decades, I see Yubi as a catalyst for redefining how capital flows in this dynamic region. This partnership is not just about growth—it's about shaping a legacy of financial inclusivity and digital-first solutions that will empower institutions and economies for generations." Mr. Sarkar's contributions have earned him global recognition, including: Lifetime Achievement Award (Retail Banker International, 2020) Digital Leader of the Middle East (MIT Sloan Review, 2017) Retail Banker of the Year (Asian Banker, 2015) An alumnus of IIT (ISM) Dhanbad (Gold Medalist) and IIM Calcutta (Glaxo Medal in Marketing), he has also completed executive programs at Stanford, INSEAD, and Oxford. About Yubi Group: Yubi is the world's only technology company powering the full debt lifecycle. Founded in 2020 by CEO Gaurav Kumar, Yubi's unified infrastructure streamlines debt origination, risk assessment, and collections through AI/ML-driven platforms. Backed by top-tier investors including Peak XV, Lightspeed, and Insight Partners, Yubi has facilitated over ₹1.5 lakh Cr in debt volume, serving 17,000+ enterprises and 6,200+ investors & lenders while slashing collections costs by 57%. In MENA, the company has partnered with several leading financial institutions including Emirates NBD, RAKBANK, Dubai Islamic Bank, and Emirates Islamic Bank among others. With a mission to democratize credit access, Yubi is reshaping global finance into an inclusive, transparent ecosystem. Learn more: Photo: View original content to download multimedia: SOURCE Yubi
Yahoo
15-05-2025
- Business
- Yahoo
ANEXT Bank Recorded S$44.9M Revenue in 2024, up 83.5%
The bank also saw a 207% increase in deposits and 280% increase in loans SINGAPORE, May 15, 2025--(BUSINESS WIRE)--ANEXT Bank, a Singapore digital wholesale bank licensed by the Monetary Authority of Singapore and a wholly-owned subsidiary of Ant International, has made steady growth in the year ended 31 December 2024, according to its newly released financial results. Amidst the challenging global macroeconomic environment last year, ANEXT Bank achieved a total revenue of S$44.9 million, an 83.5% increase year-on-year, and its total assets more than doubled to S$1.6 billion. Customer deposits rose by 207% to reach S$906 million, while the bank's loan book grew more than 280% to S$847 million, highlighting strong demand from micro, small, and medium enterprises (MSMEs) for accessible financing and business banking tools. In 2024, ANEXT Bank reported a net loss of S$37.2 million, a 24.7% increase year-on-year as the bank remains committed to investing in tech-driven infrastructure and the development of innovative products to support the growth and resilience of regional SMEs in the face of growing macroeconomic uncertainties. Despite the loss, the bank has continued to leverage efficiency gains as it scales, decreasing cost-to-income ratio from 187.4% in 2023 to 116.1%. Operating expenses also rose moderately, by 13.7% from the previous year. Today, ANEXT Bank serves a broad and diverse customer base — from retail and e-commerce to logistics, manufacturing, and professional services — supporting business owners from 79 nationalities. The bank remains committed to advancing financial inclusion, enabling MSME growth, and reinforcing Singapore's position as a leading global business and financial hub. Its continued growth and innovation has been recognised by the industry, having been awarded as the Best Digital Bank in Singapore by The Asian Banker earlier this year. Looking ahead, ANEXT Bank will continue leveraging technology to build on its steady growth momentum through several initiatives in 2025, including product innovation and deepening partnerships with service providers serving MSMEs, including Ant International's ecosystem and digital platform providers through its embedded financial services strategy. About ANEXT Bank Incorporated in Singapore and regulated by the Monetary Authority of Singapore, ANEXT Bank is a digital wholesale bank providing innovative digital financial services to empower local and regional micro, small and medium enterprises (MSMEs) to future-proof their businesses through digital adoption, sustainable practices and global expansion. With embedded finance at the core of its strategy, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with ecosystem partners to provide MSMEs with financial services that are accessible, effortless and secure. ANEXT Bank has been recognised with numerous awards, including the "World's Top FinTech Companies of 2024" by CNBC and Statista, "SBR Technology Excellence Awards 2024" in the Fintech - Banking category, "SME Partnership Initiative of the Year 2024" by Asian Banking & Finance Wholesale Banking Awards in the Singapore Domestic Bank category, and "Best Digital Bank in Singapore" in the TAB Global World's 100 Top Digital Banks Ranking 2025 by The Asian Banker. ANEXT Bank is a wholly-owned subsidiary of Ant International. For more information on ANEXT Bank, please visit View source version on Contacts For further information, please contact: ANEXT Bank Kahmun LeongEmail: Sign in to access your portfolio
Business Wire
15-05-2025
- Business
- Business Wire
ANEXT Bank Recorded S$44.9M Revenue in 2024, up 83.5%
SINGAPORE--(BUSINESS WIRE)--ANEXT Bank, a Singapore digital wholesale bank licensed by the Monetary Authority of Singapore and a wholly-owned subsidiary of Ant International, has made steady growth in the year ended 31 December 2024, according to its newly released financial results. Amidst the challenging global macroeconomic environment last year, ANEXT Bank achieved a total revenue of S$44.9 million, an 83.5% increase year-on-year, and its total assets more than doubled to S$1.6 billion. Customer deposits rose by 207% to reach S$906 million, while the bank's loan book grew more than 280% to S$847 million, highlighting strong demand from micro, small, and medium enterprises (MSMEs) for accessible financing and business banking tools. In 2024, ANEXT Bank reported a net loss of S$37.2 million, a 24.7% increase year-on-year as the bank remains committed to investing in tech-driven infrastructure and the development of innovative products to support the growth and resilience of regional SMEs in the face of growing macroeconomic uncertainties. Despite the loss, the bank has continued to leverage efficiency gains as it scales, decreasing cost-to-income ratio from 187.4% in 2023 to 116.1%. Operating expenses also rose moderately, by 13.7% from the previous year. Today, ANEXT Bank serves a broad and diverse customer base — from retail and e-commerce to logistics, manufacturing, and professional services — supporting business owners from 79 nationalities. The bank remains committed to advancing financial inclusion, enabling MSME growth, and reinforcing Singapore's position as a leading global business and financial hub. Its continued growth and innovation has been recognised by the industry, having been awarded as the Best Digital Bank in Singapore by The Asian Banker earlier this year. Looking ahead, ANEXT Bank will continue leveraging technology to build on its steady growth momentum through several initiatives in 2025, including product innovation and deepening partnerships with service providers serving MSMEs, including Ant International's ecosystem and digital platform providers through its embedded financial services strategy. About ANEXT Bank Incorporated in Singapore and regulated by the Monetary Authority of Singapore, ANEXT Bank is a digital wholesale bank providing innovative digital financial services to empower local and regional micro, small and medium enterprises (MSMEs) to future-proof their businesses through digital adoption, sustainable practices and global expansion. With embedded finance at the core of its strategy, ANEXT Bank is dedicated to accelerating fintech development and financial inclusion in the region. Adopting an open and collaborative approach, ANEXT Bank believes in joining hands with ecosystem partners to provide MSMEs with financial services that are accessible, effortless and secure. ANEXT Bank has been recognised with numerous awards, including the ' World's Top FinTech Companies of 2024' by CNBC and Statista, ' SBR Technology Excellence Awards 2024 ' in the Fintech - Banking category, ' SME Partnership Initiative of the Year 2024 ' by Asian Banking & Finance Wholesale Banking Awards in the Singapore Domestic Bank category, and 'Best Digital Bank in Singapore' in the TAB Global World's 100 Top Digital Banks Ranking 2025 by The Asian Banker. ANEXT Bank is a wholly-owned subsidiary of Ant International. For more information on ANEXT Bank, please visit
