Sea Group's digital bank launches in Singapore to a select group of individuals
Publishing timestamp: 2023-03-15 22:02:05
Summary
MariBank, owned by Sea Group, has launched its digital banking services in Singapore on an invite-only basis, offering only savings accounts with an annual interest rate of 2.5%. It is the latest online lender to join the slew of others in Singapore since the city-state issued four digital bank licenses in December 2020. MariBank was previously only available to employees of Sea Group. Its rival, Grab-Singtel's GXS Bank, is also offering only a single product, savings account, at 3.48% per annum, to customers and employees by invite only. Digital banks in Singapore are still finding their footing in a largely banked nation, where only 2% do not have bank accounts.
Sentiment: NEUTRAL
Keywords: business news, asia economy, banks, personal saving, grab holdings ltd, sea ltd, technology,