SeaBank is now part of the MariBank Singapore Banking Group

SeaBank Philippines, as of today, is now officially part of the MariBank Singapore Banking Group. What does this mean?

We’ll start by saying that SeaBank Philippines has assured its users that there will be no changes to banking operations at this point in time. Based on the announcement, both SeaBank Philippines and MariBank Singapore are both members of the Sea Limited Group, the Singaporean company that also owns other highly-recognizable platforms such as Shopee (E-Commerce) and Garena (Gaming).

This acquisition will put MariBank Singapore at the helm of SeaBank’s regional strategy, innovation, and governance. It has also been announced that all cutting-edge banking technologies made available to MariBank will also be made available to SeaBank users, if proven effective. Of course, SeaBank Philippines will also be receiving financial backing as a result of this strategic move.

The public’s reaction has been a very positive one. Some are hoping that SeaBank can begin to offer credit card services much like MariBank, and the trust in the Singaporean company Sea Limited Group is quite high. On the other end of the spectrum, it seems that MariBank’s savings interest rates are a bit lower than SeaBank’s, so this is a concern for those who invested in the latter for the specific reason of growing their finances.

We’ll have to see what MariBank’s first step with SeaBank will be.