MariBank Becomes 7th Licensed Digital Bank in Philippines

MANILA, Philippines — MariBank Philippines Inc. has officially become the country’s seventh licensed digital bank, leaving three slots under the Bangko Sentral ng Pilipinas (BSP)’s ceiling of 10 digital banks. The Monetary Board approved MariBank’s request to upgrade its banking license on Feb. 19, according to a circular letter issued by the central bank. The Securities and Exchange Commission approved the bank’s amended articles of incorporation and bylaws on June 16, while the BSP issued its certificate of authority to operate as a digital bank on July 8. MariBank formally commenced operations under its digital banking license on July 18. The conversion brings the bank into the same regulatory category as GoTyme Bank, Maya Bank, Overseas Filipino Bank, Tonik Digital Bank, UnionDigital Bank and UNObank, which comprised the country’s six licensed digital banks before MariBank’s entry. BSP Deputy Governor Mamerto Tangonan said MariBank’s conversion could help strengthen competition in the rapidly expanding digital banking industry. “MariBank has been an early supporter of the BSP’s digital payments agenda, having been among the first financial institutions to offer free fund transfers,” Tangonan said. “Now, as a fully operational digital bank, I am confident that MariBank will deliver an even stronger value proposition, driving innovation and competition while benefiting both consumers and the broader banking industry,” he said. Before the upgrade, MariBank already operated using a primarily digital model despite holding a rural bank license. MariBank said the transition would not require any action from existing depositors, who would continue to have access to the same banking services. Deposits remain insured by the Philippine Deposit Insurance Corp. up to the maximum coverage of P1 million per depositor. “This license reflects the trust our customers have placed in us from the very start,” MariBank Philippines president Siew Ghee Kung Lim said. “Our goal has always been to build a bank that actually works for Filipinos by being simple, reliable and rewarding. That doesn’t change. The reclassification only positions MariBank to continue innovating and reach more Filipinos over time,” Lim said. MariBank, formerly known as SeaBank Philippines, is a subsidiary of Singapore-based MariBank Singapore Private Ltd. The entry of MariBank marks the first addition to the digital bank roster since the BSP lifted its licensing moratorium at the start of 2025. The central bank may allow a maximum of 10 digital banks to operate in the country. The limit covers both newly established digital banks and existing lenders seeking to convert their licenses. With MariBank taking the seventh slot, the BSP can accommodate up to three more digital banks. However, the availability of slots does not guarantee approval. The central bank has said applicants must undergo a rigorous assessment of their business models, value propositions and resources on top of standard requirements covering capital, ownership, management and operating plans.