MariBank, a subsidiary of Sea Limited, has launched its services to the public on an invite-only basis while East Ventures has backed Indonesia-based raw material procurement platform Bababos.
MariBank opens for select group
MariBank, a Singapore-based digital bank and subsidiary of Sea Limited, has launched its services to the public on an invite-only basis, according to details on its website.
The digital bank is currently allowing the invitees to open a savings account. The account does not require a minimum deposit, salary crediting, or minimum spending. The bank is offering 2.5% interest earnings that will be credited to the account daily, while earnings will be calculated based on the previous day’s balance.
Only Singaporean or permanent residents of at least 18 years of age can open a savings account.
Launched in 2021, Sea Ltd’s MariBank is a digital bank licenced by the Monetary Authority of Singapore.
Consumer internet major Sea Ltd’s three core businesses include online games developer and publisher Garena, e-commerce platform Shopee and digital payments and financial services provider SeaMoney.
Bababos raises pre-seed funding
Multi-stage investment firm East Ventures has led the pre-seed funding round for Indonesia-based raw material procurement platform Bababos, according to a release.
The new funding will be used to build a seamless platform that connects SME manufacturers to quality raw materials directly sourced from suppliers and producers.
“Bababos is one of the real testaments of tech-based solutions to the highly fragmented conventional industry. We believe Bababos and its solutions are opening up many opportunities for SMEs, the country’s economy backbone, in this high-potential industry.” said Melisa Irene, Partner at East Ventures.
Launched in 2022, Bababos helps SME manufacturers to access a diverse range of top-quality raw materials, from steel and other metal products to polymers and chemicals, eliminating the need to manage multiple suppliers. Bababos also offers flexible payment options that ease the financial burden on these SME manufacturers, allowing them to focus on producing high-quality products.
