MariBank Accelerates Regional Push as Singapore Digital Banks Face Strict Profitability Timeline

MariBank, the digital banking subsidiary of Southeast Asian technology giant Sea Ltd, is facing a narrowing three-year window to achieve profitability under Monetary Authority of Singapore rules, driving an aggressive expansion into higher-margin regional markets like the Philippines.

The Singapore-headquartered lender reported a net loss of 55.6 million Singapore dollars ($43.4 million) in 2025, widening from a 51.3 million Singapore dollar loss the previous year. To support its scaling efforts before its five-year regulatory runway expires, parent company Sea injected 75 million Singapore dollars ($58.6 million) in fresh capital in January.

Under the Monetary Authority of Singapore framework established after the 2019 issuance of digital banking licenses, standalone digital full banks must demonstrate a clear path to profitability within five years of launching while progressively building up minimum paid-up capital to 150 million Singapore dollars. MariBank, which officially launched in 2023 under former chief executive Zheng Yudong before current chief executive Natalia Goh assumed leadership in 2024, must hit profitability by 2028.

Domestic competition among Singapore’s five licensed digital banks remains intense, with lenders struggling to build profitable credit portfolios in a small, highly banked market. Among consumer-focused digital lenders in the city-state, only Trust Bank—backed by Standard Chartered Bank and FairPrice Group—has achieved profitability, recording its first profitable month in March. Meanwhile, Singtel and Grab’s joint venture, GXS Bank, reported a 208 million Singapore dollar loss last year, slightly narrowing its 214 million Singapore dollar loss from 2024.

To accelerate growth beyond Singapore’s saturated market, MariBank is expanding across Southeast Asia. Following its initial acquisition of rural lender Banco Laguna in the Philippines, the Bangko Sentral ng Pilipinas recently upgraded MariBank’s operating license to a full-fledged digital bank. The move comes as financial inclusion in the country expanded rapidly, with the share of banked adults rising from 29% in 2019 to 56% in 2021.

“The idea is, with the product knowledge that we build up in Singapore, we can bring it across and deploy that in the Philippines,” Goh said. “We can localize it to the Filipino market, by lowering ticket sizes and changing the features a little.”

Operating in the Philippines requires adapting to a cash-reliant economy where point-of-sale cash transactions still account for 42% of payments, according to Worldpay’s 2026 Global Payments Report. To bridge this gap, MariBank is testing physical cash-in and cash-out partnerships with local retail outlets—a network structure unnecessary in Singapore’s largely cashless ecosystem.

Because traditional credit bureau infrastructure in the Philippines remains limited for unbanked consumers, MariBank leverages e-commerce data from Sea’s Shopee marketplace to evaluate consumer creditworthiness and underwrite loans. The bank is also tapping into existing brand recognition from Shopee and payment gateway Monee to acquire users, though Goh declined to disclose specific customer totals in the country.

At home in Singapore, MariBank is targeting underserved commercial segments to establish domestic revenue. Company research revealed that one in three Singaporean small business owners utilizes personal bank accounts for corporate transactions to avoid traditional banking transaction fees, creating tax compliance challenges and obscure profit calculations.

“Our local banks are good, and international banks also have a strong presence here,” Goh said. “But there are certain banking needs that are still underserved.”

To capture this market, MariBank introduced a dedicated business account offering zero transaction fees and integrated personal-and-business switching within a single mobile application.

Parallel to MariBank’s moves, competitor GXS has expanded into Malaysia through GXBank, highlighting a sector-wide push by Singapore digital lenders to convert regional scale into sustainable bottom-line profitability.