But how does this stack up against the rest of Singapore’s digital banking cohort?
MariBank’s new remittance service, MariBank Overseas Transfers, allows users to send funds in 10 currencies to 13 countries, including major corridors like China (via Alipay, UnionPay, and wire), Indonesia, and the US. Importantly, it is offered with zero transfer fees (as part of a launch promotion) and competitive FX rates. For SMEs, there is the added benefit of receiving the full transferred amount with no hidden charges, a crucial edge for businesses managing tight margins and overseas payments.
With most transfers processed within one to three business days, MariBank aims to streamline cross-border cash flows for both individuals and enterprises. This launch also comes on the heels of its Mari Invest Income offering from earlier this year, showing a clear trajectory of product expansion tailored to real customer needs.
Singapore’s digital banking scene, licensed and regulated by the Monetary Authority of Singapore (MAS), is made up of five players:
- MariBank (Sea Group)
- GXS Bank (Grab + Singtel)
- ANEXT Bank (Ant Group)
- Green Link Digital Bank (Greenland Group + Linklogis)
- Trust Bank (Standard Chartered + FairPrice Group)
Of these, only MariBank and GXS Bank hold Digital Full Bank licenses, allowing them to serve both retail and business clients. The rest, ANEXT and Green Link, hold Digital Wholesale Bank licenses, targeting SMEs only, while Trust Bank, though operating online, holds a traditional full bank license.
Despite this diversity, none of the other digital banks currently offer a full-fledged remittance solution for both retail and business segments.
This means MariBank now holds a first-mover advantage, not just among digital banks but in addressing a common yet underserved pain point: affordable and accessible international money transfers.
MariBank’s move is more than a feature drop, it reflects an understanding of the broader ecosystem. Surveys conducted by the bank reveal that:
- Over 70% of SMEs in Singapore have remittance needs, and cost is a primary concern.
- For consumers, “no transfer fees, no agent fees, no hidden fees” remain the top priorities when choosing a remittance provider.
Traditional banks, while offering international transfers, often charge hefty fees or offer suboptimal FX rates. Fintech remittance services like Wise and Revolut address this to a degree, but MariBank’s integration of remittance within a core banking app, alongside savings, credit, and investment products, marks a step toward holistic financial service under one digital roof.
With the addition of MariBank Overseas Transfers, the bank is edging closer to becoming a full-service digital bank. In just over a year, it has gone from a simple savings platform to offering:
- Investment products (Mari Invest)
- Business banking (Mari Business Account)
- Credit cards
- And now, cross-border remittances for both consumers and SMEs
This evolution positions MariBank as the most rounded digital bank in Singapore today in terms of product breadth, especially for users seeking both personal and business solutions.
MariBank’s latest product should serve as a wake-up call for other digital banks. With the next frontier of banking leaning toward embedded finance, real-time international transfers, and hyper-localization, MariBank is demonstrating how digital banks can leapfrog traditional offerings by staying nimble and customer-focused.
For users, especially SMEs and young professionals with cross-border financial needs, the message is clear: MariBank is not just playing digital catch-up. It is building a new benchmark.
MariBank’s remittance launch is not just a new feature, it is a strategic expansion that underscores the power of listening to user needs in real time. As the first digital bank in Singapore to offer overseas transfers to both retail and business clients, MariBank is quietly but confidently redrawing the blueprint for what a digital bank in Southeast Asia can – and should – look like.