Once seen as complementary to traditional banking, digital finance is now
a key financial touchpoint in Southeast Asian markets – driven by a young,
mobile-first population, and high adoption rates.
Just a few years ago, digital finance was mostly incremental automation –
streamlining existing processes, but still relying on offline touchpoints.
Today, it is about building fully digital ecosystems that democratise
access to finance.
Sea – a global consumer internet company – is one of the players in the
region who is pushing the frontiers of digital finance. Monee, its digital
financial services arm, is scaling rapidly across Southeast Asia and
Brazil with accessible and user-friendly financial solutions for the
underserved. Meanwhile, its Singapore-based digital bank, MariBank, is
making strides in the SME space by helping businesses thrive in any
environment.
Meet two Singaporeans helping to shape this exciting digital
transformation.
Bringing inclusive finance to Thailand’s underbanked
Munyee Kang
Consumer Credit Business Lead (Thailand) & Regional Operations Lead,
Monee, HQ Singapore
Bringing inclusive finance to Thailand’s underbanked
The World Bank estimates that 45% of Thailand’s population is
underbanked1, with limited access to services like savings, credit, loans and
insurance.
Underserved communities often lack formal income documentation and credit
history, making it difficult to access traditional banking. Many turn to
shadow banking with high interest rates and poor user experience. However,
a rise in mobile banking and digital financial services has promised to
bring more financial inclusion. And one of the changemakers is Monee.
Believing that digital finance can work even in markets where users have
little credit history, Monee applies a digital process – from targeted
marketing and credit underwriting to activation, disbursement and
collections.
Impacting lives through consumer credit
Impacting lives through consumer credit
When she joined Monee, Munyee Kang was given the opportunity to build the
company’s first flexible payment product in Thailand, SPayLater, from the
ground up.
Kang saw it as more than a product launch. It was “the opportunity to
build something from scratch and take full ownership,” and to create a
solution that could expand credit access to underserved communities.
With many users with no formal banking records or credit history, Kang and
her team faced the challenge of underwriting would-be customers. They
tackled this by working with risk teams to use alternative data in their
credit risk models, in order to extend coverage to more users.
They also digitalised the loan application process with the aim of making
it simple and intuitive for the users. Traditionally done in person, the
loan process was time-consuming and inconvenient. But as SPayLater is
embedded into the Shopee checkout flow, this becomes a fully digital,
user-friendly application which anyone with a smartphone can potentially
access.
Financial literacy remains a challenge for many users. With this in mind,
the product is designed to be transparent and easy to understand, with
features like pre-due reminders and auto-repayment to encourage
responsible usage.
Monee’s mission to help the underserved has kept her focused on building
better financial products. Kang has already seen early wins – a mother
paying for her son’s medical emergency and a grocer expanding her shop are
just two of many users who have benefitted from their efforts. “Without
Monee, they might have turned to unlicensed lenders,” Kang reflects.
SMEs’ funding gap in Southeast Asia
Dominic Chua
Business Lead, SME & Corporate Lending, MariBank
SMEs’ funding gap in Southeast Asia
Many SMEs in Southeast Asia struggle to access financing due to limited
collateral or long approval times. MariBank saw an opportunity to bridge
this gap through digital lending.
Closing the funding gap for small businesses
Closing the funding gap for small businesses
Dominic Chua, who leads SME Business Lending, notes that even successful
small firms can face cash flow hurdles. “Traditional banks often hesitate
to lend to young or less established businesses, but these are the ones
driving innovation,” he shares.
It is also companies with shorter operation history or limited financial
information, and small operators like solopreneurs in Shopee, who will
benefit most from MariBank’s offering.
MariBank’s digital SME credit line now approves loans within minutes and
requires no paperwork, while its term-loan product enables instant
applications with just a bank statement upload. These innovations spurred
a 4.5x increase in loan disbursements year-on-year.
The launchpad of digital finance
For Kang and Chua, working in a high-growth sector is rewarding in more
than one way. Kang acknowledges that being at the right place, at the
right time can have a significant impact on one’s career. Monee’s regional
hub, located at Rochester Commons in one-north, enjoys the advantages of
Singapore’s geopolitical stability and strong regulatory environment, and
attracts top fintech talent from all over the world. “Being based here
means I have the opportunity to drive regional projects while staying
close to home,” says Kang.
For Chua, one case stood out – a home-grown F&B brand that he helped
secure funding for through MariBank to support their expansion when other
banks were reluctant to do so. “That’s the kind of economic impact that
happens when finance becomes inclusive,” he says.
Digital finance is one of Singapore’s fastest-growing sectors, creating
high-paying and future-ready jobs for Singaporeans with the right skills.
The finance sector alone accounted for about 14% of Singapore’s GDP in 20242. Now with over 1,600 fintech firms and rising investments in AI,
blockchain, digital payments and regtech (regulatory technology), the
demand for talent is strong and offers a bright path for Singaporeans
looking to upskill or pivot into tech-driven, impactful careers.
