Sea’s MariBank launches to select members of the public

DIGITAL bank MariBank has been launched to a select group of individuals within the Sea ecosystem, a source familiar with the matter said. Previously, only employees of Sea could open accounts with the bank from the third quarter of 2022.

But for now, MariBank is offering these individuals only a savings account that pays an interest rate of 2.5 per cent per annum, credited daily. The bank will not offer tiered interest rates, such as extra interest for those who credit their salaries into the account. Each account has a limit of S$60,000.

There are no fall-below fees or transfer fees for MariBank deposit accounts. Currently, only PayNow and FAST transfers are available to customers to make payments.

The Business Times has reached out to MariBank for comment on its public launch.

The bank is the last of the Singapore digital bank licensees to launch a publicly available offering. Trust launched its public offering on Sep 1, 2022, and GXS Bank launched its app on Aug 31, 2022, and its selected public offering shortly after. Maribank is a wholly-owned subsidiary of Sea, while GXS Bank is backed by a consortium consisting of Grab Holdings and Singtel; Trust is backed by Standard Chartered and FairPrice Group.

When BT checked Maribank’s website on Tuesday (Mar 14), it had a banner stating that it is rolling out its services “progressively on an invite-only basis”. The website further stated that those who received the invite may open an account by downloading the MariBank app, registering using a valid Singapore mobile number, and porting over personal data from Singpass Myinfo. Applications will be processed instantly or otherwise within one working day, it added. The website also stated that interest earnings for its savings accounts are calculated based on the user’s previous-day balance, and not tied to a minimum deposit, salary credit requirement or minimum-spend amount.