MANILA - Alibaba Cloud on Wednesday said it is working with Fintech Alliance.ph to launch a sandbox program that would support the growth of digital finance in the Philippines.
The sandbox program is focused in increasing access to cloud computing and fintech for local finance firms, Alibaba Cloud said in a statement.
“We created this program with Alibaba Cloud to support emerging digital technologies, which help address current challenges in the financial industry," said Lito Villanueva, founding chairman of the FinTech Alliance.ph, and Chief Innovation and Inclusion Officer and Executive Vice President of RCBC.
Under the program, eligible local businesses will receive up to $10,000 in cloud coupons that can be used to adopt Alibaba Cloud's solutions, access to complementary cloud training, technical and industry expertise and regulatory compliance guidance, the company said.
This month, the program will start accepting applications from Bangko Sentral ng Pilipinas-supervised financial institutions, who are registered with the Securities and Exchange Commission and have met the eligibility criteria.
“Alibaba Cloud and the 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 this goal," Allen Guo, Alibaba Cloud Intelligence country manager for the Philippines, said.
Alibaba Cloud provides expertise in cloud technology as well as solutions in database, security, storage and network services, among others. The company is a founding member of Fintech Alliance.ph.
The groups said the program is in line with the BSP's digitalization roadmap which aims to increase the share of digital payments to 50 percent by next year.