"Fintech Summit 2022" unveiled a new programme to help the digital transformation of financial institutions in the Philippines by Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group.
Those who participate in the "Fintech ONE" programme will have access to innovative cloud technologies, free technical training and professional consulting from the Philippines' financial technology sector. Up to USD10,000 in cloud vouchers for Alibaba Cloud goods and services and support from Alibaba Group's ecosystem will be given to each company that qualifies.
With the support of Alibaba Group's ecosystem and its associated firm, Ant Group, participating companies will be able to take advantage of rising prospects in the Philippines by accessing technology solutions that ease e-commerce and payment procedures. Alibaba Cloud will also enable financial companies connect with investors and accelerators from around the world.
According to local government laws that encourage the fintech industry, Alibaba Cloud's "Fintech ONE" initiative helps businesses accelerate their digital transformation with secure, dependable, and scalable cloud solutions while also increasing financial inclusion in the country.
Consumers will be able to access financial solutions that are convenient, inexpensive, and tailored to their needs as a result of digitalization." According to Banko Sentral ng Pilipinas Governor Benjamin Diokno, "it will also assist financial institutions expand their consumer base and improve their operating efficiency."
We are eager to see what the future holds for digital technology and the Philippines' fintech sector. Leo Liu, General Manager of the Philippines, Hong Kong, Macau SAR, Alibaba Cloud Intelligence, said, "We are already seeing transformation and significant expansion in these regions, and we intend to further accelerate this through initiatives like the Fintech One programme."
In collaboration with the Philippines' FinTech Alliance.ph, Alibaba Cloud launched a FinTech Industry Sandbox Program earlier this year. The programme provides a risk-free testing environment for Alibaba Cloud's sophisticated cloud computing technologies and fintech services.
By being a reputable cloud service supplier, we help fintech organisations provide their end users with goods and services that run smoothly. According to Allen Guo, Country Manager for the Philippines at Alibaba Cloud Intelligence, "digital financial services can reach more of the Philippines' unbanked Filipinos" with Alibaba Cloud's IT infrastructure and creative fintech products.
Because of its leading position in Asia Pacific for public cloud service providers, Alibaba Cloud offers its cloud technology expertise to provide appropriate products, such as elastic computing and database services, as well as security, storage, and network services as well as machine learning and data analytics capabilities, to address industry issues and challenges. GCash and UBX are just a couple of the companies it works with. To add, due to Alibaba Cloud's fintech technologies, GCash can process massive volumes of digital transactions quickly and cost-effectively. GCash's Chief Information Security Officer, Mark Frogoso, said the relationship with Alibaba Cloud proved its worth during the pandemic.
Since then, our active users and transactions have grown dramatically since Filipinos have been looking for new ways to pay for goods and services." We've been able to stay up with customer growth while still providing them with top-notch service thanks to Alibaba Cloud's solutions, according to Frogoso.
It is Alibaba Cloud's goal to help increase the efficiency and security of UBX's identity verification process by providing an eKYC solution. It's now easier than ever for developers to incorporate cutting-edge technology into their goods and services thanks to Alibaba Cloud's eKYC solution, UBX's President and CEO John Januszczak stated.
