MariBank, Singapore tech big Sea Group’s digital financial institution, has launched in Singapore to pick out members of the general public because it rolls out its providers progressively.
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Singapore tech big Sea Group has launched its digital banking providers to pick out members of the general public.
“We are rolling out our services progressively on an invite-only basis,” MariBank mentioned on its new web site that was launched on Tuesday.
It is the most recent 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 obtainable to workers of Sea Group.
The financial institution at the moment solely gives 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, Grab-Singtel’s GXS Bank, can also be providing solely a single product — a financial savings account at 3.48% every year — to clients and workers by invite solely.
The launch of MariBank comes after Sea Group introduced its first quarterly web revenue final week, helped by cost-cutting measures akin to decreasing headcount and advertising bills.
Days later, the Indonesian arm of Sea Group’s e-commerce arm Shopee reportedly laid off lots of of workers full-time and contract staff.
Sea had already slashed greater than 7,000 jobs final 12 months in a bid to chop prices, in keeping with media studies.
Source: www.cnbc.com