MariBank secures BSP digital banking license to expand services

Insider Spotlight

• MariBank has received an official digital banking license from the Bangko Sentral ng Pilipinas, completing its transition from a rural bank classification
• Existing customers will see no changes to their banking experience, while eligible deposits of up to P1 million remain insured by Philippine Deposit Insurance Corp.
• The lender said the new license strengthens its ability to innovate and expand digital banking services for more Filipinos
  
  
  

MariBank has secured an official digital banking license from the Bangko Sentral ng Pilipinas (BSP), marking a key regulatory milestone as it expands its digital-first banking operations in the Philippines.

The approval formally reclassifies MariBank from a rural bank to a digital bank under BSP regulations. Before obtaining the new license, the bank had already been serving customers through a primarily digital banking model while operating under a rural bank license.

The big picture

The transition will not affect existing customers, according to MariBank. The bank said customers can continue using its services without interruption, while the institution remains supervised by the BSP.

Deposits of up to P1 million will continue to be insured by Philippine Deposit Insurance Corp., and customers are not required to take any action following the reclassification.

“MariBank has been an early supporter of the Bangko Sentral’s digital payments agenda, having been among the first financial institutions to offer free fund transfers. 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,” Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan said in a press statement. 

Why it matters

MariBank Philippines president Siew Ghee Kung Lim said, “This license reflects the trust our customers have placed in us from the very start. 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.”

MariBank Philippines, formerly SeaBank Philippines, is a mobile-first digital bank owned by Sea Limited, the Singapore-based technology company behind Shopee, Garena and Monee.

The Philippine operation traces its roots to Banco Laguna, a rural bank that Sea acquired in 2021, allowing the company to enter the country's digital banking market during the BSP’ moratorium on new digital banking licenses. It was later integrated into MariBank Singapore's regional banking group.

The licensing milestone follows a recent recognition for the lender, which was named the top bank in the Philippines in the Forbes 2026 World’s Best Banks list, underscoring its growing presence in the country's digital banking sector. —Vanessa Hidalgo |Ed: Corrie S. Narisma