Two former air force generals are bringing a rural bank in the Philippines into the cloud, paving the way for the first bank in the Philippines that fully runs on a paperless, Internet-based core-banking platform.
Cantilan Bank Inc., one of the largest rural banks in southern Philippines with 42 branches and extension offices, is switching to Instafin, the core-banking software of Croatia-based financial technology company Oradian, with the help of a $150,000 grant from the Asian Development Bank.
“With this technology, you just need an Internet connection. You don’t have to maintain your data center. Everything will be in the cloud. All you have to do when you open a branch is bring a laptop, as long as you have a facility ready,” Cantilan Bank Inc. president Charles Hotchkiss, a retired brigadier general and commander of the 600th Air Base Wing of the Philippine Air Force, says in an interview in Makati City.