MariBank is the Philippine banking arm of Singapore-based MariBank, which belongs to Sea Limited, the technology group behind e-commerce platform Shopee
MANILA, Philippines – MariBank has officially become a licensed digital bank after the Bangko Sentral ng Pilipinas (BSP) approved its reclassification from a rural bank, formalizing a business model that had already been operating almost entirely through digital channels.
For existing customers, however, little changes. Customers do not need to take any action following the reclassification. (READ: [Finterest] Is a digital bank safe, and how can you best use it?)
MariBank said clients can continue using the app and services as before, with deposits of up to P1 million remaining insured by the Philippine Deposit Insurance Corporation (PDIC). The bank also remains under BSP supervision.
The change is largely regulatory. Before securing its digital banking license, MariBank operated under a rural bank license while offering app-based banking products nationwide. As a rural bank, it had to operate a physical banking presence in Laguna. With the new digital license, Maribank may operate without branches that offer banking services, though it must still maintain a head office in the country. MariBank can also now officially market itself as a digital bank.
