The Asian Development Bank (ADB) and Cantilan Bank, in partnership with Oradian, have launched a pilot project on cloud-based core banking technology in the southern Philippines. Backed by a $150,000 ADB grant, Cantilan Bank will use Oradian’s cloud-based banking technology to demonstrate how digital services can unlock financial opportunities for the unbanked and underserved segments of the population.
“Financial technology is revolutionizing finance. Recent innovations in digital and mobile phone technology have made it easier to expand access to financial services to people and small businesses in hard-to-reach areas,” said Lotte Schou-Zibell, Technical Advisor for Finance at ADB. “Digital financial services offer new opportunities to save, make a payment, get a small business loan, send a remittance, or buy insurance. These services have the potential to serve as a pathway for the poor and underserved to leap over traditional barriers to financial inclusion.”