Jeong Woo-dong said, MaribankIt received approval from the Monetary Authority of Singapore (MAS) to acquire the digital bank, a wholly owned subsidiary of Sea Group, after a five-year term.
be LinkedIn PostCheng will continue to serve as an advisor to both Maribank and Sea.
Sea Group has received two licences, one to set up Malibank in Singapore and another for the yet-to-launch YTL-Sea Digital Bank project in Malaysia.
Maribank report Deposits and balances from customers were S$503.8 million in 2023, up significantly from just S$2 million a year earlier. The digital bank reported a loss of S$52.17 million in 2023, up from S$40.4 million a year earlier.
The group also Indonesia And that Philippines Through acquisitions that have already achieved profitability.
Zheng highlighted early achievements at Sea, including the launch of BNPL and unsecured loan solutions for the Shopee ecosystem.
Jeong Woo-dong
He concluded:
“As a founder and first member of Sea’s banking team, I’ve had the great fortune of growing, leading and learning from an incredibly dedicated and talented team. Nearly everything we did, whether it was finance or technology, we did from the ground up.
On the one hand, we have built a range of innovative banking products, and on the other hand, we have built technological systems, virtually in-house, to support the agility, availability and security of a digital bank. I am very proud of what we have achieved together.”
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