MariBank launches instant cash-out investment account with Lion Global
DIGITAL bank MariBank and its fundhouse partner Lion Global Investors have launched Mari Invest, an investment account with an instant cash-out feature.
This is the first such product in Singapore to be offered by a bank, said MariBank on Tuesday (Oct 3).
MariBank is the digital banking arm of Sea, while asset manager Lion Global Investors is a wholly-owned subsidiary of OCBC.
According to MariBank, Mari Invest is designed to “make investing simple” by removing traditional barriers to investing such as high minimum investment amounts, sales or platform charges, and lengthy lock-in periods with long redemption timelines.
The investment account does not have sales or platform charges, nor does it impose lock-in periods or penalties for withdrawals.
Investors may start investing from S$1 and can withdraw up to S$10,000 of their investments daily, subject to availability.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Products available through Mari Invest include the Lion-MariBank SavePlus fund, which is actively managed by Lion Global and comprises mainly Monetary Authority of Singapore (MAS) bills and bond funds. The fund is distributed digitally and offered exclusively to MariBank customers.
By also offering access to products such as MAS treasury bills, money market funds, and bond funds, MariBank said the investment account provides an opportunity to “participate in potentially higher returns while keeping overall portfolio risk low”.
Zheng Yudong, MariBank’s chief executive, said Mari Invest offers consumers “a simple way to manage their wealth with relatively low risk”.
“The combined offering with MariBank, a digital bank, makes it extremely convenient and seamless for investors as it will be deeply integrated with MariBank’s banking solutions,” added Lion Global chief executive Teo Joo Wah.
Users of MariBank’s flagship savings product, Mari Savings Account, have the option of seamlessly transferring funds from their savings account to their Mari Invest accounts.
Both the investment and savings accounts are available to eligible users in Singapore, who may sign up for their accounts by downloading the MariBank app on Apple or Google’s app stores.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Startups & Tech
Vietnam education startup Prep bags US$7 million in Series A funding
Booking says room reservations to slow amid Middle-East conflict
Cruise operator Viking prices IPO within range to raise US$1.54 billion: source
Health-tech startup Thrixen bags US$7 million from 22Health Ventures, Aldevron co-founder
Goodbye Garage, hello Tech in Asia: How BT’s startup coverage is evolving
Mergers, closures, diversification: What is happening to Singapore’s cultivated meat sector?