Cloud technology is fuelling financial inclusion in rural communities
According to the World Bank, roughly 1.7 billion individuals still lack access to basic banking services. As such, rapid technological advancement across frontier markets, such as digital and mobile technologies, has incited a host of visionary financial institutions to implement cloud-based software to help proliferate basic banking services. By moving their services into the cloud, banks would be in a stronger position to serve remote client and help solve the challenge of financial inclusion.
In July 2017, the ADB and Cantilan Bank launched its pilot project in the southern Philippines to demonstrate how cloud technology can unlock financial opportunities for the unbanked segments of the Filipino population. Oradian is the first Software-as-a-Service (SaaS) provider to deliver on ADB and BSP’s strategy, by integrating its flagship cloud-based banking platform, Instafin, into Cantilan Bank’s core banking system.