The Bangko Sentral ng Pilipinas (BSP) has granted MariBank a digital banking license, allowing the institution to upgrade from a rural bank to a full-fledged digital bank, according to a circular dated July 22 from the BSP's Monetary Board, as reported by Philstar Biz.
MariBank, previously operating as a rural bank, will now compete in the growing digital banking sector in the Philippines, where the BSP has been promoting financial inclusion through digital innovations. The approval brings the total number of licensed digital banks in the country to six.
The move aligns with the BSP's Digital Payments Transformation Roadmap, which aims to shift 50% of retail payments to digital channels and onboard 70% of Filipino adults into the formal financial system by 2023. Further details on MariBank's operational timeline and services have yet to be announced.