MariBank now a licensed digital bank in PH

MariBank is now an official digital bank in the Philippines.

In a circular letter dated July 22, the Bangko Sentral ng Pilipinas announced that it has issued MariBank Philippines, Inc. a certificate of authority to operate as a digital bank in the Philippines on July 8.

The development came after the Securities and Exchange Commission approved the bank’s amended articles of incorporation and bylaws as a digital bank on June 16.

BSP added that MariBank started operating as a digital bank on July 18. 

For their part, Maribank told their customers that their goal was to build a "simple, reliable, and rewarding" bank that works for Filipinos.

"The reclassification only positions MariBank to continue innovating and reach more Filipinos over time," they said.

According to them, deposits remain PDIC-insured, and that their account remains secure.

"No action is required on your part," they said.

Owned by Sea Limited—the parent company of Shopee and Garena—MariBank was previously known as SeaBank and originally founded as Banco Laguna.

MariBank is now the seventh digital bank in the Philippines, along with GoTyme Bank Corp., Maya Bank, Inc., Overseas Filipino Bank Inc., Tonik Digital Bank Inc., UnionDigital Bank Inc., and UNObank Inc.

Recently, it was included in Forbes’ list of the World's Best Banks in the Philippines.

Since updating its transaction policy on June 1, it has been offering 50 free InstaPay and PESONet transfers per month.