Sea’s MariBank wants to export its Singapore digital banking playbook: First stop, the Philippines

MariBank, a digital bank owned by Sea, a major Southeast Asian tech company, aims to expand its business model to the Philippines after debuting in Singapore. The bank offers a business account with zero transaction fees and a unified app for personal and business banking needs. Natalia Goh, MariBank's CEO, believes there is potential for innovation in banking services that are currently underserved.

Goh notes that Sea's existing businesses provide valuable insights into consumer behavior online, making banking a logical next step for the company. MariBank is one of five Singaporean digital banks established after a 2019 ruling allowing the monetary authority to issue standalone digital banking licenses. The company has experienced losses in its initial years, but is working towards profitability within the next five years, as required during the licensing process.

MariBank recently expanded to the Philippines after acquiring Banco Laguna, and received an upgrade to a full-fledged digital bank license from the Philippines' central bank. With cash still being a significant payment method in the Philippines, MariBank is piloting cash-in, cash-out partnerships with local retailers. The company hopes to use Sea's data to help assess creditworthiness in the market where formal credit history is limited.

Goh envisions Singapore as the hub for innovation, talent, and strategy for MariBank's regional expansion.