Cantilan Bank has selected in the Philippines has selected software-as-a-service (SaaS) company Oradian to move its services into the cloud.
The move, aligned with the Central Bank of the Philippines (BSP) digitalisation strategy, will enable Cantilan Bank to offer financial services to unbanked people residing in the remote areas of South-East Asia.
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It also makes Cantilan Bank the first regulated financial institution in the Philippines to utilise cloud-based technology.
As a part of the collaboration, the bank has integrated Oradian’s cloud-based banking platform Instafin as its core banking system. It has also been integrated with its entire ATM network.
The overall initiative was supported by the Asian Development Bank (ADB).
Oradian has delivered its cloud-based core banking system and technical capabilities to all of Cantilan Bank’s 44 branches.
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By GlobalDataBSP governor Nestor Espenilla Jr. said: “The pioneering introduction of cloud banking in the Philippines is a key moment in solving the challenges of financial inclusion.
“Cloud technology that meets the requirements of the BSP’s Circular 808 is enhancing the competitiveness of rural banks and enabling them to provide affordable, high quality financial services.”
In July 2017, Cantilan Bank, with the support of the ADB, launched its pilot project in the southern Philippines to assess the effectiveness of cloud technology to offer banking services to the unbanked Filipino population.
Cantilan Bank executive vice-president Tanya Hotchkiss said: “We are committed to our mission of financial inclusion in the Philippines. Cloud technology is proving to fast-track our ability to serve more unbanked individuals throughout Mindanao.”
