MariBank digital banking eyes Philippines as launchpad for regional expansion

Singapore‑based Sea’s unit MariBank is betting on its MariBank digital banking playbook to crack the Philippines, a market where cash still powers 42% of POS transactions. A recent MariBank survey shows one‑third of Singapore SMEs use personal accounts to dodge steep fees, creating tax headaches. “Our local banks are good, but certain needs remain underserved,” CEO Natalia Goh told Fortune.

MariBank digital banking strategy in the Philippines

The bank launched in 2023, backed by Sea’s e‑commerce and payments ecosystem. After acquiring rural bank Banco Laguna, the Philippine central bank upgraded its licence to a full digital bank last month.

“We can localise the product, lower ticket sizes and tweak features for Filipino users,” Goh said.

The Philippines saw banked adults rise from 29% in 2019 to ↑ 56% in 2021, according to the Philippine Information Agency. Yet cash retains a strong foothold; Worldpay’s 2026 Global Payments Report notes cash accounts for ↓ 42% of POS spend. To bridge the gap, MariBank is piloting cash‑in/cash‑out links with neighbourhood retailers – a step not required in Singapore’s near‑cashless market. Financially, the Singapore arm posted a ↓ 55.6 million SGD loss in 2025, marginally deeper than the prior year. The bank’s three‑year runway to profitability was set by the Monetary Authority of Singapore; Sea injected 58.6 million USD in January to accelerate scale. Competitors such as Trust Bank have already turned a profit, while GXS recorded a 208 million SGD loss last year. Both firms are eyeing under‑banked neighbours; GXS backs Malaysia’s GXBank, and MariBank is leveraging Shopee data to underwrite loans where formal credit histories are thin. “Shopee’s brand recognition gives us a natural entry point,” Goh noted, refusing to disclose user counts but affirming a “strong growth trajectory.” Looking ahead, Goh envisions a regional digital banking hub anchored in Singapore, with the Philippines as the first step. “Our aim is simple: make banking reliable and rewarding,” she concluded. For broader context, see Reuters and Bloomberg.