Sea Group’s MariBank launches in Singapore by invitation only

MariBank, the digital bank of Singaporean tech giant Sea Group, has launched in Singapore to select members of the public as it gradually rolls out its services.

Rafael Enrique | Sopa Pictures | Light Rocket | Getty Images

Singaporean tech giant Sea Group It has rolled out its digital banking services to some of the public.

“We will gradually roll out our services on an invitation-only basis,” MariBank said on its new website, which launched on Tuesday.

It is the latest online lender to join a host of other banks in Singapore since the city-state Four digital bank licenses issued in December 2020.

MariBank has gradually rolled out its services in the third quarter of 2022, previously only available to Sea Group employees.

The bank currently offers only savings accounts, with depositors paying an annual interest rate of 2.5 percent — with no minimum deposit requirements, no minimum spend or wage credits.

its competitor, catchSingtel’s GXS Bank is also offering a single product — a savings account with a 3.48 percent annual interest rate — to customers and employees by invitation only.

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The launch of MariBank follows Sea Group’s announcement of its Net profit for the first quarter Last week, it benefited from cost-cutting measures such as cutting headcount and marketing expenses.

A few days later, the Indonesian subsidiary of Sea Group’s e-commerce subsidiary Shopee reportedly fired Hundreds of full-time employees and contractors.

Sea has cut more than 7,000 jobs last year in an effort to cut costs. According to media reports.

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