Singapore has a number of advantages in the cross-border e-commerce industry, such as: geography, transportation, logistics, financial payment system, tax incentives, infrastructure, etc., which provide a favorable environment for e-commerce operations.
Recently, we helped a client’s company successfully open a corporate account with MariBank Digital Banking and go live on Shopee.
I. What are the advantages of MariBank?
MariBank is Sea
Group’s digital bank in Singapore.
They provide banking solutions for retail consumers and SMBs. For Shopee sellers, MariBank will automatically add a Mari Business Account as an associated payment method for your Shopee store.
This facilitates smoother financial tracking for Shopee businesses and reduces the hassle of manual withdrawals. As an authorized and regulated entity by the Monetary Authority of Singapore (MAS), MariBank operates under an all-digital banking license to ensure compliance of its financial services.
According to public information, Sea Group is a leading Internet technology company in Southeast Asia, headquartered in Singapore. Its business covers three major areas, namely gaming, e-commerce and digital payment, with three core brands, Garena (gaming platform), Shopee (e-commerce platform) and SeaMoney (financial services).
II.F successfully opened an account with MariBank digital bank
Recently, we helped Company F to successfully open a company account with MariBank Digital Banking in Singapore and successfully launch its operations on the Shopee platform.
Company F, which specializes in cross-border e-commerce products such as ceramics and tea, chose to register its company in Singapore precisely because of the country’s many advantages in the field of cross-border e-commerce.
Singapore not only possesses an excellent geographical location for easy connection to Asian and global markets, but also has an efficient transportation and logistics system. In particular, MariBank Digital Bank, with its easy account opening process and powerful financial payment system, enables cross-border e-commerce companies to handle international payments and settlements more efficiently.
In addition, the tax incentives and measures to support the development of cross-border e-commerce offered by Singapore provided Company F with a favorable operating environment. Through these advantages, Company F was able to better expand its international market and enhance its competitiveness on platforms such as Shopee.
After successfully completing the bank account opening, Company F successfully expanded its business to the Southeast Asian market and achieved initial business results. This case demonstrates the unique charm and advantages of Singapore as a hub for cross-border e-commerce development.
Third, MariBank digital bank account opening strategy
1. Maribank Business Account (Corporate Account)
①Have the following types of registered businesses
Sole proprietorship;
Private limited company (no corporate shareholders);
Partnership (no corporate partners);
Limited liability partnership (no corporate partners);
② Shareholder ratio and identity requirements
All owners, directors, partners and substantial shareholders holding 25% or more of the shares must be Singapore citizens or permanent residents.
NOTE:The primary applicant applying for a Mari Business Account on behalf of a business must have a valid Singpass account to begin the application.
2. Maribank savings accounts (individual accounts)
① Qualifications of Applicants
Singapore Citizen, Singapore Permanent Resident, or Foreigner with a valid pass, aged 16 years or above.
Note:Please ensure that your Singapore residential address is updated on Singpass before applying.
②EP or other permits
Singapore EP or other long term pass holders can also apply for a MariBank Personal Account but will need to have a Singapore phone number and Singpass (updated Singapore long term address).
Fourth, Singapore to do cross-border e-commerce advantages
Singapore has significant competitive advantages in cross-border e-commerce, as detailed below in three areas:
1、Location and logistics advantages
Located in the center of the Asia-Pacific region, Singapore is one of the global logistics hubs. Its port is the second busiest in the world, and airfreight is among the top three in the world (Global Airfreight Hub Rankings, 2019).
This geographical advantage makes Singapore an ideal hub for connecting multiple markets in Asia, Europe and North America. According to the Singapore Economic Development Board (EDB), Singapore’s logistics costs are lower than the global average, and the customs process is efficient, with an average clearance time of only 1-2 days.
2. Official support and market environment
Singapore has given strong support to the development of cross-border e-commerce. Through the Digital Transformation Program, the Government provides enterprises with financial subsidies, tax incentives and technical support.
At the same time, Singapore has signed the Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), which has led to a further reduction in trade barriers for cross-border e-commerce. According to Singapore’s Ministry of Trade and Industry, cross-border e-commerce transactions will account for about 5% of Singapore’s GDP in 2021.
3. Technology and payment infrastructure
Singapore has a highly advanced digital infrastructure and is one of the global leaders in technology innovation. Its internet penetration rate is over 98% (Communications Development Authority of Singapore 2022 data) and mobile payments are widely used, with platforms such as PayNow supporting convenient cross-border payments.
In addition, Singapore’s thriving fintech ecosystem has attracted a large number of international fintech companies and cross-border e-commerce platforms to settle in the country, such as Amazon and Alibaba.
As a result, Singapore not only technically has the efficient tools needed for cross-border e-commerce, but also provides a stable financial environment for businesses.
These advantages have made Singapore a leader in cross-border e-commerce, attracting the attention of global merchants and investors.
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What else do you want to know about overseas bank account opening, company registration, license application, trademark registration, identity planning?
Note:References from Maribank, Singapore EDB, CPTPP, RCEP, synthesized, reproduced with attribution.
*Final account opening details are subject to the bank’s announcement.
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