Su Mei Toh Built ANEXT Bank from the Ground Up—But What’s Next for Her?

What if the future of banking wasn’t about branches, paperwork, or long waits? What if banking seamlessly integrated into the platforms businesses already use? That’s exactly what Su Mei Toh set out to achieve with ANEXT Bank.

As she steps down from her role, she reflects on her journey, the milestones achieved, and the future of SME banking.

In a candid conversation, we explore the experiences that Su Mei Toh had, the challenges she overcame, and the lasting impact ANEXT Bank has made on the financial ecosystem. 

A Passion for the “Small Guys” 

From the very start of her career, Su Mei knew exactly what she wanted: to serve the underserved.

“I’ve always been passionate about supporting SMEs,” she shares. “Throughout my banking career, I’ve seen first-hand how financial solutions can make or break a business.” 

Her insights into the challenges faced by micro, small, and medium enterprises (MSMEs) led her to one key realisation that banking needed to evolve.

Traditional banking often failed these businesses, offering rigid services that didn’t account for their unique financial situations. With ANEXT Bank, Su Mei Toh sought to change that by leveraging technology to create seamless, accessible, and reliable financial services for SMEs. 

“Our goal was to eliminate the barriers that small businesses face when accessing banking services. Whether through reducing human errors in decision-making or providing digital solutions that anticipate their needs, we wanted to offer a frictionless banking experience,” she said. 

Building a Digital Bank from the Ground Up 

When ANEXT Bank launched in 2022, Singapore’s banking sector was already saturated. Many wondered what a digital bank could bring to the table that traditional banks hadn’t already covered. But for Su Mei, it wasn’t just about competition. It was about reimagining financial services entirely. 

“We saw an opportunity to drive greater financial inclusion,” she explains.

In less than three years, ANEXT Bank made significant progress. Today, their customers include business owners from 79 different nationalities, with over 70% being micro-businesses and nearly 39% women-owned.

A major factor behind this success was ANEXT Bank’s focus on embedded finance.

Rather than offering standalone banking services, the bank integrated financial solutions directly into the platforms that SMEs already used. This includes the likes of e-commerce and supply chain platforms.

The approach, embodied in the ANEXT Programme for Industry Specialists, made banking more accessible to businesses at their point of need. 

“Our philosophy has always been to be inclusive, not invasive,” Su Mei emphasises. “By working closely with our partners, we’re not just helping SMEs but also strengthening Singapore’s position as a fintech hub.” 

Navigating Storms In Trying To Shape the Future

Building a pioneering digital bank wasn’t without its hurdles.

Launched in the midst of recovering from the COVID-19 pandemic, ANEXT Bank had to navigate an unpredictable business environment and changing financial needs. 

“We chose to see these challenges as opportunities,” Su Mei says.

What she meant is, for instance, ANEXT Bank launched a first-in-market remote onboarding feature that allowed foreign business owners to open accounts without travelling. According to the outgoing CEO of ANEXT Bank, it all happened at a time when travel restrictions were in place, but such a feature became a game changer.

Her leadership approach played a crucial role in overcoming these challenges. Rather than relying on rigid top-down decision-making, she adopted an open leadership style that empowered her team.

“We trusted our experts, actively listened to customers, and designed products based on real-world needs. That’s how we stayed ahead,” Su Mei said.

A Legacy of Impact 

As she reflects on her tenure, Su Mei is most proud of the tangible impact ANEXT Bank has had on SMEs.

She recalls one particularly memorable story—a local construction company struggling with liquidity issues. 

“The business owner approached us as a last resort. Traditional banks wouldn’t extend credit due to historical financial constraints,” Su Mei said.

“Instead of relying on traditional credit assessments based on historical data, we took time to understand the company’s operating model to identify alternative data points that would allow us to introduce more flexibility into the financing arrangement that is tailored to the customer’s pain point.” she continued.

This move allowed ANEXT Bank to tailor a financing solution that helped the local construction company continue its operations and ultimately overcome its challenges.

These are the moments that made all the effort worthwhile for Su Mei. 

For her, these personal success stories matter far more than metrics.

“It’s about knowing we’ve helped a business owner keep their dream alive, pay their employees, or simply provide for their family. That’s the real measure of our success,” the departing CEO of ANEXT Bank highlighted.

The Evolution of Digital Banking & SME Empowerment

As she moves on to new opportunities, Su Mei remains optimistic about the future of SME banking. She mentioned about being in a VUCA world, a world of constant, unpredictable change. It is an acronym for Volatile, Uncertain, Complex and Ambiguous. But according to her, this means that there is room for innovation.

She sees technology playing an even greater role in financial services, with AI, big data, and machine learning reshaping how banks understand and serve their customers.

However, she warns that digital transformation shouldn’t come at the cost of human-centric banking. 

She said that at the end of the day, technology is just an enabler.

“Banking is still about understanding customer pain points and solving them at the right time and place. That’s what will set successful digital banks apart,” she continued.

Words of Wisdom for Future Leaders 

For aspiring CEOs in the digital banking space, Su Mei has one key piece of advice:

“Never lose sight of why you started. It’s easy to get caught up in growth metrics, but real success comes from staying true to your mission. If you create value for your customers, growth will follow naturally.” 

With her track record of innovation and leadership, there’s no doubt that whatever role she takes on next will be just as impactful.

Just a little heads up to our readers, Su Mei will continue as an Honorary Advisor to Ant International, in recognition of her contributions to the company.

For now, though, she leaves behind a legacy. A history of breaking barriers, embracing technology, and, most importantly, making banking truly accessible for the businesses that need it most. 

As she steps away from ANEXT Bank, she does so with confidence, knowing that the institution she helped build is in good hands.

“I leave at a time when ANEXT Bank is on the cusp of something great. I’m excited to see how it continues to grow and redefine SME banking,” Su Mei Toh said as she sets to leave her role as the CEO of ANEXT Bank.

Featured image credit: Edited from Freepik