Source: Fortune
Summary
A survey by MariBank, a digital bank owned by Southeast Asian tech firm Sea, found that one in three Singaporean business owners use their personal bank accounts for company banking needs, leading to tax and legal headaches. MariBank’s CEO, Natalia Goh, sees an opportunity to address this issue with a business account offering zero transaction fees and a single app for personal and business banking. MariBank is one of five digital banks set up in Singapore after a 2019 ruling allowing standalone digital banking licenses. Despite the promise of digital banking, only one of these banks, Trust Bank, is profitable. MariBank is expanding into less-banked markets like Malaysia and the Philippines, where it has adapted to a market that still relies on physical cash.
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The numbers tell one story.
MariBank’s expansion into the Philippines, where cash still holds 42% of point-of-sale payments, requires adapting to a market that still relies on physical cash. The bank is piloting cash-in, cash-out partnerships with local retail outlets. MariBank is also leveraging Sea’s data to underwrite loans in a market with a thin formal credit history. The bank’s CEO, Natalia Goh, hopes to build a regional digital banking group, headquartered in Singapore. The goal is to make banking simple, reliable, and rewarding.
MariBank’s growth in the Philippines is tied to Sea’s existing offerings in the country, including Shopee, which provides a natural point for introducing MariBank to users already familiar with the brand.
The bank’s expansion is a strategic move to address the underserved banking needs of small businesses and individuals in Southeast Asia.
