The difference between them was that a DFB will be allowed to take deposits from and provide banking services to retail and non-retail customer segments. A DWB however, will be allowed to take deposits from and provide banking services to Small and Medium Businesses (SMBs) and other non-retail customer segments.
Ant Group, which won a DWB, formed ANEXT Bank, a digital wholesale bank incorporated in Singapore. As a DWB, the Singapore-based digital bank will focus on providing digital financial services to local and regional micro, small, and medium businesses, especially those engaging in what it calls “cross-border operations
