MariBank is using the Philippines as its first major step towards exporting Sea’s Singapore digital banking model, building on the country’s growing digital payments market and large underbanked population. Its success will depend on how well it can adapt its products to local needs while competing with established digital banks and turning rapid customer growth into sustainable profits.
It was recently announced that through MariBank, Sea is seeking to take the experience it has built in Singapore and use it to develop a wider digital banking business across Southeast Asia. The Philippines is the first major test of this plan.
MariBank began operations in Singapore in 2023 and is part of Sea’s wider digital ecosystem, which includes Shopee and Monee. The bank was designed to make use of Sea’s large base of digital consumers and the data generated through its online businesses. MariBank chief executive Natalia Goh describes banking as a natural extension of Sea’s existing digital services, as the group already has a strong understanding of how consumers shop, pay and interact online.
Rather than exporting the Singapore product exactly as it is, the bank plans to take the knowledge, technology and product ideas it has developed in Singapore and adjust them for the Philippine market. Goh told Fortune that the bank plans to localise its products by lowering ticket sizes and changing features to suit Filipino customers.
A new chapter for MariBank Philippines
MariBank entered the Philippine market through Sea’s acquisition of a rural bank, Banco Laguna. It initially operated as a rural bank while building its digital banking business. In July 2026, the Bangko Sentral ng Pilipinas approved its move to a full digital banking licence.
The bank received its certificate of authority on 8 July 2026 and began operating under the digital banking licence on 18 July. This made MariBank the Philippines’ seventh licensed digital bank, joining Maya Bank, GoTyme Bank, Tonik Digital Bank, UnionDigital Bank, UNObank and Overseas Filipino Bank. The BSP currently allows up to 10 digital banks, leaving room for three more institutions.
This change gives MariBank a stronger platform from which to expand its services across the country. The bank has said that the new classification will allow it to continue innovating and reach more Filipinos, while existing customers do not need to take action because their accounts remain in place.
MariBank already has a sizeable consumer base. Its Philippine app had passed five million downloads by June 2026, while the bank’s own app description said it had seven million Filipino customers. It offers savings, payments, debit cards and credit products through its mobile platform.
For context, As of September 2025, the six digital banks operating at the time collectively held around ₱119.5 billion in deposits and served about 20.4 million customers. This was a substantial increase in scale for a sector that was still relatively young.
The sector has also grown rapidly in terms of banking resources. BSP data showed that digital banks had ₱130.4 billion in total resources by March 2025, compared with the much larger resource base of the traditional banking sector.
The market is divided among banks with different strategies. Maya has built a broad financial ecosystem around payments, savings, credit and other financial services. GoTyme has combined digital banking with physical kiosks and retail partnerships. Tonik has focused heavily on digital savings and consumer lending, while UnionDigital and Overseas Filipino Bank have developed their own niches.
Why the Philippines is attractive
The Philippine financial market presents a clear gap between growing digital activity and the number of people who remain outside the formal banking system.
The latest Social Weather Stations survey commissioned by the BSP found that 58% of Filipino adults owned a formal financial account in the first quarter of 2026. This was up from 48% in the first quarter of 2025 and 51% in the 2025 BSP Consumer Finance and Inclusion Survey. However, the figures also show that a large part of the population remains outside the formal financial system.
The 2025 BSP Consumer Finance and Inclusion Survey also showed progress among younger Filipinos. Account ownership among people aged 15 to 19 rose to 34% in 2025, compared with 27% in 2021. Bank account ownership among women also increased to 25%, from 20% in 2021.
Furthermore, BSP’s latest e-payments measurement report found that digital payments accounted for 57.4% of total monthly retail payment volume in 2024. This was up from 52.8% in 2023. Merchant payments were the largest category, accounting for 66.4% of monthly digital payment volume. Person-to-person transfers and business-to-business supplier payments were also major contributors.
More recent payment data shows that the growth has continued. InstaPay processed 4.7 billion transactions worth ₱11.6 trillion during 2025, up from 1.4 billion transactions worth ₱7.3 trillion in 2024. By December 2025 alone, InstaPay processed 698.1 million transactions worth ₱1.3 trillion.
PESONet also continued to grow. In December 2025, it processed 10.6 million transactions worth ₱1.35 trillion. Monthly transaction volumes during 2025 were generally between 9.5 million and 10.6 million.
The BSP’s January 2026 research also found a link between the growth of digital payments and lower demand for cash over the longer term. The study found that broader digital payment activity has a negative long-run relationship with cash demand, although the relationship differs depending on the type of payment and denomination of cash.
For MariBank, this creates two opportunities. The first is to attract customers who are still outside the banking system. The second is to encourage people who already use e-wallets or digital payment services to move more of their savings, payments and borrowing into a banking relationship.
But the Philippines is not yet cashless
Despite the rapid growth of digital payments, cash remains important.
Fortune, citing Worldpay’s 2026 Global Payments Report, reported that cash still accounted for 42% of point-of-sale payments in the Philippines. This is one of the clearest differences between MariBank’s home market and its new target market.
This illustrates why localisation will be important to MariBank’s strategy. A completely digital bank still needs to connect with a financial system in which physical cash remains part of everyday life. Customers may want to save digitally but receive cash from an employer, family member or customer. Small businesses may accept digital payments but still need access to cash. A successful digital bank therefore needs to connect both worlds.
Using Sea’s data to expand lending
One of MariBank’s most interesting advantages is its access to data from Sea’s other businesses.
Traditional credit scoring can be difficult in the Philippines because many consumers have limited formal credit histories. MariBank is using information from Shopee to help assess the creditworthiness of customers who may not have a long record with banks or formal lenders.
Goh told Fortune that the Philippines has a weaker formal credit data environment because many people do not already have credit products. MariBank can therefore use data generated through Shopee to help assess customers.
This could become an important part of the bank’s growth strategy. Digital data can allow a bank to understand a customer beyond a traditional credit report. Shopping behaviour, payment activity and other forms of digital activity may help the bank make lending decisions for customers who would otherwise be difficult to assess.
Moving beyond savings and payments
MariBank’s next stage is likely to be broader than deposits and payments.
The bank currently has room to expand its product range in the Philippines. According to Fortune, it has not yet launched investment and overseas remittance products for its Philippine customers. Goh described the Philippine business as still being in its growth stage.
This leaves several areas for future growth. Lending is already part of the bank’s strategy, supported by Sea’s data. Investments could give customers another reason to keep their money within the MariBank ecosystem. Overseas remittances could be particularly important in the Philippines because of the country’s large overseas Filipino population and the strong role of remittances in household finances.
The bank’s wider strategy also points towards a more complete financial ecosystem. Its current Philippine offering includes savings, transfers, cashback, debit cards and credit. Its Singapore business also serves small businesses, including with a business account that has no transaction fees and allows customers to switch between personal and business banking within one app.
This could provide a model for future Philippine products, particularly for micro and small businesses that need simple banking services but may not be well served by traditional banks.
The challenges ahead
MariBank’s opportunity is large, but the competitive pressure is equally strong.
The first challenge is customer acquisition. Digital banks have already attracted more than 20 million customers collectively, meaning MariBank is competing for users who may already have several banking and e-wallet accounts. High interest rates, cashback and free transfers can attract customers, but these benefits can be expensive if they do not lead to deeper and longer-term relationships.
The second challenge is profitability. MariBank Singapore recorded a loss of S$55.6 million in 2025, compared with a S$51.3 million loss in 2024. Sea injected a further S$75 million into the Singapore bank in January 2026 to support its growth.
The third challenge is trust. Digital banking is growing quickly, but concerns over scams, failed transactions, data security and fraud can discourage people from using digital financial services.
The BSP is responding by strengthening the national payment system. In July 2026, it and the Philippine Payments Management, Inc. launched Direct Debit PH, InstaPay Cash-In and InstaPay for Business, aimed at making digital payments more accessible and useful for consumers and businesses.
For MariBank, this improving infrastructure is an advantage. But it also means that customers will increasingly expect digital banking services to be fast, reliable and safe.
