Cantilan Bank surpassed a new milestone by becoming the first BSP regulated Rural Bank to pioneer cloud-based technology
7 February 2019, Manila – Cantilan Bank became the Philippines’ first financial institution regulated by the Bangko Sentral ng Pilipinas (BSP) to leverage cloud technology to deliver digital financial services. Cantilan Bank’s pioneering of cloud-based technology is supported by financial inclusion company Oradian, backed by the Asian Development Bank (ADB) and in line with BSP regulations and sandbox environment. This milestone aligns with the BSP’s digital transformation journey and enables delivery of digital financial services to unbanked individuals in remote, rural communities.
BSP 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.