MariBank Reports S$10.1 Million Income in 2023, But Losses Widen to S$51.9 Million

[qcy888]

Jialat.

https://fintechnews.sg/98578/digita...e digital bank saw its,year to S$51.9 million.

MariBank, a digital bank licensed by the Monetary Authority of Singapore and a wholly-owned subsidiary of Sea Group, reported a significant rise in income for 2023, yet its losses also increased, as reported by DealStreetAsia.

The digital bank saw its total income for the year ending 31 December 2023, surge over sixfold to S$10.1 million (approximately US$7.49 million) from S$1.6 million the previous year.

Despite this increase, the MariBank‘s total comprehensive loss widened by 28% year-on-year to S$51.9 million.


Staff costs were the largest expense for MariBank, totaling S$33.3 million in 2023, up 60% from S$20.8 million in 2022. Salaries and bonuses accounted for S$21.8 million.

 

[djkopikat]

Mari not enough...

 

[2_sillies_trap]

Jialat.

https://fintechnews.sg/98578/digital-banking-news-singapore/maribanks-s51-9-million-loss/#:~:text=The digital bank saw its,year to S$51.9 million.

depositing into maribank to receive some of that charity money naos!!!!

 

[Lemonpeach]

All these digital bank, no chance to grow. Just look at examples in the US, Europe. Many folded up. With a small SG market, expect all of them to be acquired by financial institutions eventually.

 

[andyhtc]

I just signed up for it's virtual credit card through Shopee...

 

[Kiwi8]

Wah... Will they eat up the deposits in MariBank to cover their losses?

 

[Limexx]

Wah... Will they eat up the deposits in MariBank to cover their losses?

Oh damn, they might. Better withdraw my money from maribank now

 

[m0n0n0ke]

Oh..hohoho.....gggg

 

[coolmyth]

This bank got the $75k protection?

 

[PaperRay]

This bank got the $75k protection?

got
https://www.sdic.org.sg/di_scheme_members/

btw is 100k liao

 

[fandango]

bleeding money.

 

[XcoVar]

Big red flag, I wouldn't want my money near this crap.

 

[Forever84]

I thought all very hyped over opening digital bank like can make many money like that

End up just apply same money burning business model

 

[Acetone]

lol…. Would be funny if they uplorry

 

[menthol28]

How they can give salary and bonuses to $33m in 2023 when the bank isn't making money is really crazy... And it's just a few years in operation
Using depositors' money to pay salaries and then declare insolvency?

 

[blue666]

Wash money arh?????

Or tax optimization????

Forest Liu is a very smart man

 

[idolcritic]

Nvm can just leetrench staff to keep costs down

 

[anthonygreenisreal]

not bad leh, mari invest let’s me earn extra money.

 

[menthol28]

Wash money arh?????

Or tax optimization????

Forest Liu is a very smart man

Money laundering in fact will earn them money, throwing money down the SEA then will incurred losses

 

[4Dluckystrike]

Profit driven organization especially financial companies that make losses shouldnt be giving bonus when in red..

its poor governance ..