MariBank tests digital banking strategy in the Philippines
Singapore's digital bank MariBank implements its Asian expansion plans.
1The gap discovered in Singapore
One in three Singaporean business owners uses personal bank accounts to avoid high transaction fees, causing tax and legal issues. MariBank CEO Natalia Goh notes that while local and international banks are strong, some needs remain unmet. MariBank offers a business account with zero transaction fees and a single app that switches between personal and business banking.
2Sea's natural extension
MariBank was established in 2023 as a wholly owned subsidiary of Sea, Southeast Asia's largest tech company. CEO Goh sees MariBank as a 'natural extension' of Sea's Shopee and Monee platforms. Sea's existing businesses provide deep insights into consumer online behavior. MariBank is one of five digital banks in Singapore operating entirely online under 2019 regulations.
3The profitability challenge
Most digital banks in Singapore are not yet profitable. Among retail-focused digital banks, only Trust Bank is profitable. MariBank Singapore reported a S$55.6 million loss in 2025, while GXS Bank posted a S$208 million loss. Digital banks had to demonstrate a credible path to profitability within five years of launch during the application process.
4Expansion into the Philippines
MariBank and GXS are targeting less-banked markets like Malaysia and the Philippines. MariBank acquired rural bank Banco Laguna last year. The Philippine central bank upgraded MariBank's license to a full digital bank. The percentage of Filipinos with bank accounts rose from 29% in 2019 to 56% in 2021 during the pandemic.
5Adapting to a cash-centric market
MariBank Philippines must adapt to a market where physical cash remains prevalent. According to Worldpay's 2026 report, 42% of POS payments in the Philippines are cash-based. MariBank is testing cash-in, cash-out partnerships with local retailers, something unnecessary in Singapore. CEO Goh notes the Philippines is moving toward cashless but still has cash needs.
6Shopee brand advantage
Though still in its 'growth stage' in the Philippines, MariBank believes it can scale quickly thanks to Sea's other services like Shopee. Goh says consumers' familiarity with Shopee helps introduce MariBank. While not sharing user numbers, Goh states the bank is on a 'really good growth trajectory.' MariBank uses Shopee data to underwrite loans in a market with limited credit history.
7Regional digital banking vision
MariBank CEO Goh says the Philippines is the first step toward building a Singapore-headquartered regional digital bank group. She calls Singapore's sophisticated banking market the hub for innovation and strategy, adding MariBank remains open to further expansion without naming specific markets. The ultimate goal is making banking services more accessible.
8ASEAN digital banking opportunity
Digital banking licenses in Southeast Asia encourage greater participation and innovation. MariBank CEO Goh emphasizes increased accessibility of banking services in ASEAN countries. Asia's first digital banks emerged in Hong Kong, China, and South Korea. MariBank's Philippine experience serves as a testing ground for expansion into other regional markets.