MariBank Philippines, Inc. has been granted a digital bank license by the Bangko Sentral ng Pilipinas (BSP), making it the seventh digital bank authorized to operate in the Philippines.

According to a BSP circular letter dated July 22, the central bank issued MariBank a certificate of authority to operate as a digital bank on July 8, formally upgrading its previous rural bank license. The Securities and Exchange Commission had earlier approved the bank's amended articles of incorporation and bylaws as a digital bank on June 16. MariBank began operating under its new digital bank status on July 18.

"This license reflects the trust our customers have placed in us from the very start," MariBank Philippines' Siew Ghee Kung Lim said in a statement on Thursday. "Our goal has always been to build a bank that actually works for Filipinos by being simple, reliable, and rewarding. That doesn't change. The reclassification only positions MariBank to continue innovating and reach more Filipinos over time."

BSP Deputy Governor Mamerto E. Tangonan said MariBank's full entry into the digital banking sector will support the country's broader push toward cashless payments.

"MariBank has been an early supporter of the Bangko Sentral's digital payments agenda, having been among the first financial institutions to offer free fund transfers," Mr. Tangonan said. "Now, as a fully operational digital bank, I am confident that MariBank will deliver an even stronger value proposition—driving innovation and competition while benefiting both consumers and the broader banking industry."

On July 9, MariBank began offering unlimited free InstaPay and PESONet fund transfers, removing previous monthly limits. This move followed a BSP directive for financial institutions to lower their digital fund transfer charges.

MariBank was originally licensed as a rural bank, first registered as The Rural Bank of Pagsanjan, Inc. in 1965. The institution underwent several rebrands before becoming MariBank Philippines, Inc. (A Rural Bank) following its integration with MariBank Singapore Private Ltd. in April 2025. It subsequently operated primarily as a digital-first rural bank.

MariBank is the first institution to receive one of the four additional digital banking licenses that the BSP opened for applications last year to expand the sector. The expansion comes as the Philippines continues to pursue its financial inclusion agenda under the BSP's Digital Payments Transformation Roadmap, which seeks to broaden access to formal financial services in a country where a significant share of adults remain unbanked or underbanked. The arrival of an additional digital bank intensifies competition in a sector already populated by well-backed players, putting pressure on incumbents and digital entrants alike to compete on fees, product breadth, and user experience.

The six other digital banks currently operating in the Philippines are GoTyme Bank Corp., Maya Bank, Inc., Overseas Filipino Bank, Inc., Tonik Digital Bank, Inc., UnionDigital Bank, Inc., and UNObank, Inc.

— Katherine K. Chan