Connect with us

Hi, what are you looking for?


Alibaba Cloud hopes to boost financial inclusion in PHL


TO HELP boost financial inclusion in the Philippines, Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, unveiled on Tuesday a new support program for local financial services companies.

“By leveraging Alibaba Cloud’s IT infrastructure and innovative fintech (financial technology) products, digital financial services can reach more of the country’s unbanked Filipinos,” Allen Guo, country manager for the Philippines of Alibaba Cloud Intelligence, said during a virtual press briefing.

The “Fintech ONE” program hopes to further support the digital transformation journeys of financial services companies in the country, according to the technology company.

Only 29% of adult Filipinos are part of the banked population, leaving some 51.2 million individuals unbanked, the 2019 Financial Inclusion Survey showed.

The Bangko Sentral ng Pilipinas wants 70% of Filipino adults to have accounts in financial institutions by 2023.

Under Alibaba Cloud’s Fintech ONE program, participating fintech companies in the country will be offered access to advanced cloud technologies, free technical training, and professional consultations.

“Each eligible company will receive up to $10,000 in cloud coupons which can be redeemed against Alibaba Cloud products and services as well as support from Alibaba Group’s ecosystem,” the company said.

“Eligible companies will benefit from streamlined access to technology solutions from Alibaba Group’s ecosystem and its affiliated company Ant Group — including those that facilitate e-commerce and payment processes — to help participating companies maximize emerging opportunities in the Philippines,” it added.

The technology company will also help fintech companies in engaging with local and global investors and accelerators to help them grow their businesses.

The company, which offers a complete suite of cloud services to customers worldwide, currently works with various fintech players including GCash and UBX.

“Alibaba Cloud provides a mix of fintech solutions to GCash to handle large volumes of digital transactions with minimal interruption and high-cost efficiency,” it said. — Arjay L. Balinbin

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...


Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...


Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...


REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...


Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.