Sea Group's digital bank launches in Singapore to a select group of individuals

Singapore tech elephantine Sea Group has launched its integer banking services to prime members of the public.

"We are rolling retired our services progressively connected an invite-only basis," MariBank said connected its caller website that was launched connected Tuesday.

It is the latest online lender to articulation a slew of others successful Singapore since the city-state issued 4 integer slope licenses successful December 2020.

MariBank has been rolling retired its services progressively the 3rd 4th of 2022, and was antecedently lone disposable to employees of Sea Group.

The slope presently lone offers a savings relationship that gain depositors an yearly involvement complaint of 2.5% — nary minimum deposit is required and nary minimum spending magnitude oregon wage recognition is needed.

Its rival, Grab-Singtel's GXS Bank, is besides offering lone a azygous merchandise — a savings relationship astatine 3.48% per annum — to customers and employees by invitation only.

The motorboat of MariBank comes aft Sea Group announced its first quarterly nett profit past week, helped by cost-cutting measures specified arsenic reducing headcount and selling expenses.

Days later, the Indonesian limb of Sea Group's e-commerce limb Shopee reportedly laid off hundreds of employees full-time and declaration workers.

Sea had already slashed much than 7,000 jobs past twelvemonth successful a bid to chopped costs, according to media reports.