BEIJING (Reuters) – Ant Group, the Chinese financial technology giant controlled by billionaire Jack Ma, said on Monday that it has launched a Singapore-incorporated digital wholesale bank, ANEXT Bank.

Ant, the Chinese ecommerce giant’s financial affiliate Alibaba (NYSE Group:) Group has received permission from Singapore’s Monetary Authority to allow ANEXT’s business operations to start on June 2nd, the company stated in a statement.

Ant owns 100% of ANEXT.