Sea Group’s MariBank launches in Singapore on an invite-only foundation
MariBank, Singapore tech large Sea Group’s digital financial institution, has launched in Singapore to pick members of the general public because it rolls out its providers progressively.
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Singapore tech large Sea Group has launched its digital banking providers to pick members of the general public.
“We’re rolling out our providers progressively on an invite-only foundation,” MariBank mentioned on its new web site that was launched on Tuesday.
It’s the newest on-line lender to hitch a slew of others in Singapore for the reason that city-state issued 4 digital financial institution licenses in December 2020.
MariBank has been rolling out its providers progressively the third quarter of 2022, and was beforehand solely accessible to staff of Sea Group.
The financial institution at the moment solely presents a financial savings account that earn depositors an annual rate of interest of two.5% — no minimal deposit is required and no minimal spending quantity or wage credit score is required.
Its rival, Seize-Singtel’s GXS Financial institution, can also be providing solely a single product — a financial savings account at 3.48% each year — to clients and staff by invite solely.
The launch of MariBank comes after Sea Group introduced its first quarterly web revenue final week, helped by cost-cutting measures reminiscent of lowering headcount and advertising bills.
Days later, the Indonesian arm of Sea Group’s e-commerce arm Shopee reportedly laid off a whole bunch of staff full-time and contract employees.
Sea had already slashed greater than 7,000 jobs final 12 months in a bid to chop prices, in keeping with media experiences.