How to stay ahead of SMEs' financial needs

ANEXT Bank's CEO talks about why digital banks are the key to this challenge.

Toh Su Mei recalls a time during the early days of her career when a former colleague made a data-entry mistake in the bank record of a small and medium-sized enterprise (SME).

"That seemingly small mistake ended up affecting the SME's request and access to a credit line to fund his business operations. That was when I realised banking was more than just a job for me," Toh, CEO of ANEXT Bank, told Singapore Business Review.

Prior to that, banking just seemed the natural course of action given Toh's education background, saying that she "stumbled" into the industry after graduating with a major in Economics. But moments such as this cemented to Toh how critical their role is to small and medium enterprises.

"I've not looked back since my first experience where I witnessed first-hand how the right financing solution and quality of banking services could make or break a business. And for small and medium enterprises, this was even more apparent," she said. It became more than just banking to Toh. "It was an opportunity for me to make an actual difference - it's not about financing a business, but a person's livelihood and aspirations. Constantly and actively listening to customers is key, and I enjoy the deep relationships built with my customers in this process. If I somehow had to choose my first job again, I'd pick banking and do it all over again!" the CEO explained.

Decades later, Toh is now Chief Executive Officer of ANEXT Bank, one of the newest digital-only banks granted a license to operate by the Monetary Authority of Singapore (MAS), with over two decades of serving SMEs both in Singapore and across the region. Prior to her new role, Toh was regional head, SME loan product management & alternative lending for DBS Bank.