MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

Zheng Yu Dong, the founding CEO of MariBank, a digital bank licensed by the Monetary Authority of Singapore (MAS) and a wholly-owned subsidiary of Sea Group, has announced his decision to step down from the CEO role after a five-year tenure.

According to a LinkedIn post by Zheng, he will continue to serve as an advisor to both MariBank and Sea Group, the parent company.

Sea Group has secured two digital banking licenses – one in Singapore to establish MariBank, and another in Malaysia for the yet-to-be-launched YTL-Sea Digital Bank Project.

Under Zheng’s leadership, MariBank has reported significant growth in its customer deposits and balances. In 2023, the digital bank recorded S$503.8 million in deposits and balances, a massive increase from just S$2 million the previous year. However, MariBank also reported a loss of S$52.17 million in 2023, up from S$40.4 million in the prior year.

Zheng highlighted the early achievements at Sea, including the launch of BNPL and unsecured loan solutions for the Shopee ecosystem. In his farewell message, Zheng expressed his pride in the team’s accomplishments, stating:

“As the founding, and first member of Sea’s banking team, I had the good fortune to grow, lead, and learn from an exceptionally committed and talented team. Nearly everything we did, fin or tech, we did from scratch.

We have built, on the one hand, a variety of innovative banking products; and on the other hand, a virtually in-house built tech system to support agility, availability and security of the digital banks. I am extremely proud of what we have achieved together.”

In addition to MariBank, Sea Group also has two other digital banks in Indonesia and the Philippines, which have already reached profitability.

Zheng’s departure as the CEO of MariBank marks a significant transition for the digital bank, but his continued involvement as an advisor suggests he will remain a key figure in shaping the future of Sea Group’s banking ventures.

For More Details Visit: Zheng Yu Dong Steps Down as MariBank CEO, Stays on as Advisor – Fintech Singapore (fintechnews.sg)

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