Alibaba Cloud, the digital technology and intelligence backbone of the Alibaba Group, together with the Philippines’ FinTech Alliance.ph, the leading digital business association players in the country’s digital finance industry, announced today the launch of the Fintech Industry Sandbox program, a new initiative designed to increase local financial institutions’ access to inclusive digital finance.
The program, the first of its kind, in support of the massive digitization initiatives of the country’s regulators in the Philippines: the Securities and Exchange Commission and the Bangko Sentral ng Pilipinas, enables local companies in the financial sector to explore the use of the advanced cloud computing products and FinTech services from Alibaba Cloud in a risk-free testing environment.
Under the program, each eligible Philippine business will receive up to $10,000 in cloud vouchers, which can be used to adopt proven Alibaba Cloud solutions, as well as access to additional cloud training, technical expertise and industrial and regulatory compliance advice.
“We created this program with Alibaba Cloud to support emerging digital technologies, which help address today’s challenges in the financial industry. With more financial companies joining this program, we are pleased to see the acceleration of access to inclusive digital finance in the country,” said Lito Villanueva, Founding Chairman of FinTech Alliance.ph and Chief Innovation and Inclusion and Executive Vice President of RCBC. (Rizal Commercial Banking Corporation).
“Alibaba Cloud and FinTech Alliance are working hard to create a business-friendly environment for local FinTech companies to deploy digital finance solutions tailored to their needs, and this program is an important step towards that goal. companies in the Philippine FinTech sector and further contribute to their development,” said Allen Guo, Country Director for the Philippines, Alibaba Cloud Intelligence.
Starting this month, the program will accept applications from BSP-supervised financial institutions that are registered with the SEC and meet the eligibility criteria. Interested organizations can send their applications to [email protected]
As the leading public cloud service provider in Asia-Pacific, Alibaba Cloud is one of the founding members of the FinTech Alliance.ph, offering its expertise in cloud technology and providing solutions around elastic computing services, database, security, storage and network. It also develops machine learning and data analytics capabilities to address challenges and unlock opportunities for businesses in the FinTech space.
For example, Alibaba Cloud provides a combination of FinTech solutions to GCash, a leading mobile wallet company, to handle large volumes of digital transactions with minimal disruption and high-cost efficiency. The company also works with UBX, the FinTech venture capital studio and fund spin-off from UnionBank of the Philippines, to provide eKYC (Electronic Know-Your-Customer) solutions. These products are designed to help local financial institutions increase their efficiency and security by digitizing the identity verification process.
.Driven by the demand for digital solutions and the need for greater financial inclusion, the Philippine FinTech sector has grown rapidly in recent years. The central bank of the Philippines predicts that the share of digital transaction value will reach at least 50% by 2023.