Zheng Yu Dong announced that he will be stepping down as CEO of MariBank, a digital bank licensed by the Monetary Authority of Singapore (MAS) and a wholly-owned subsidiary of Sea Group, after a five-year tenure.
According to a LinkedIn post, Zheng will continue to serve as an advisor to both MariBank and Sea.
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.
MariBank reported S$503.8 million in deposits and balances from customers in 2023, a massive increase from just S$2 million in the previous year. The digital bank reported a loss of S$52.17 million in 2023, up from S$40.4 million in the previous year.
The Sea Group also has a digital bank in Indonesia which has already reached profitability. Meanwhile, in the Philippines, SeaBank operates as a rural bank with a digital banking app which has also achieved profitability.
Zheng highlighted the early achievements at Sea, including the launch of BNPL and unsecured loan solutions for the Shopee ecosystem.

He concluded,
“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.”
This article was updated on 16 July 2024 at 2.30pm to reflect that SeaBank Philippines is not a digital bank but a rural bank with a digital banking app