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Singapore Businesses Mix Personal, Company Finances
4 Aug
Summary
- One in three Singaporean business owners use personal accounts for company banking.
- This practice stems from a desire to avoid high transaction fees.
- MariBank offers a business account with zero transaction fees and a dual app.
One in three business owners in Singapore continue to use personal bank accounts for company transactions, a practice driven by the need to avoid high bank fees. This has led to complications during tax season, making it difficult to track profits and deductions accurately.
MariBank, a digital bank launched in 2023 by Sea, aims to fill this gap with its new business account. The account features zero transaction fees and a single application that allows users to seamlessly switch between personal and business banking functions.
This initiative aligns with Sea's broader digital ecosystem, which includes e-commerce site Shopee and payment platform Monee. MariBank operates as one of five digital banks established in Singapore following a 2019 ruling, joining others like Trust Bank and GXS Bank.
Despite the innovation in digital banking across Southeast Asia, profitability remains a challenge. As of March, Trust Bank was the only profitable retail-focused digital bank among Singapore's new entrants, highlighting the ongoing path to sustainable financial success for these institutions.
