Photo credit: Reuters
MariBank, the digibank offering of Sea Group, is rolling out its services in Singapore on an invite-only basis.
According to the company’s website, users that have received invitations can deposit and earn 2.5% interest per annum. There’s no required minimum deposit amount, salary crediting, and minimum spending for account holders.
Users can also send and receive cash through PayNow and make payments in stores that support PayNow QR codes.
MariBank’s app is available in Apple App Store, Google Play Store, and Huawei AppGallery. It requires a valid Singapore mobile number to open accounts. Users can also opt to open accounts with their Singpass Myinfo.
The digibank’s imminent launch follows Sea Group’s rollout of SeaBank in the Philippines. While its products and services are mostly the same, SeaBank offers higher interest earnings at 5% and supports payments through InstaPay and PESONet. SeaBank is also available in Indonesia.
See also: Sea Group’s triple win: how it pulled off a stunning reversal
MariBank is also the latest entry into Singapore’s digital-only banking space. It follows Grab and Singtel’s GXS Bank, which launched in August last year.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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