Oradian services first regulated bank with its cloud technology that drives financial inclusion

7 February 2019 – Bangko Sentral NG Pilipinas (BSP) hosted a ceremony at their headquarters to announce a national milestone: Cantilan Bank becomes the first regulated financial institution in the Philippines to go to the cloud. Cantilan is officially the pioneer of digital financial services in their industry, with Oradian’s platform , community and know-how backing them.

A successful pilot launched in 2017

In July 2017, the ADB and Cantilan Bank launched the 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.

“This pilot is a success in that we are enabling more individuals in remote and rural areas of the Philippines to access digital financial services, and because our collective efforts will result in boosting global financial inclusion.” said Lotte Schou-Zibell, Chief of Finance Sector Group at ADB.

In collaboration with Cantilan Bank, Oradian delivered its cloud-based core banking system, technical training and global best practice to all of Cantilan Bank’s 44 branches across 12 provinces in the rural regions of Mindanao and Visayas. With Oradian’s services, Cantilan Bank has extended its reach beyond its brick and mortar branches by offering digital financial services.

Kelly Hattel, Senior Financial Sector Specialist, Southeast Asia Department of ADB added, “Increasing the capacity of financial service providers is a key objective of ADB’s Inclusive Finance Development Program. We want to leverage the success of this pilot to encourage other financial institutions to look at how technology can be used to strengthen their core operations, better meet the needs of their clients through digital products and services and grow their outreach especially in rural areas to the previously unbanked throughout the Philippines.”

According to Melchor Plabasan, Officer-In-Charge of Technology Risk and Innovation Supervision Department (TRISD) at the BSP, “As the regulator of many financial institutions and an advocate of responsible digital innovation, we recognise the opportunities that cloud-based technology can create. We recommend others in emerging markets to adopt digitisation strategies that will revolutionise financial services and deepen financial inclusion.”

“We worked closely with Cantilan Bank to digitise their operations and processes and enable their business to run on one platform – across all branches. Regulatory reporting is simplified and more efficient with the dynamic reporting platform. Now that all Cantilan Bank’s processes and data are consolidated, they can focus more resources on their clients and serving their needs. One of the most important aspects of Cantilan Bank using Instafin is the improved strategic decision-making capability enabled by the data that is readily available in real-time.” stated Julian Oehrlein, Head of Product and Co-Founder of Oradian.

Access to global best practice in remote regions of the Philippines

In collaboration with Cantilan Bank, Oradian delivered its cloud-based core banking system, technical training and global best practice to all of Cantilan Bank’s 44 branches across 12 provinces in the rural regions of Mindanao and Visayas. With Oradian’s services, Cantilan Bank has extended its reach beyond its brick and mortar branches by offering digital financial services.

Cantilan Bank is reaping the business benefits of improved efficiency and informed decision-making with real-time data access. Oradian’s cloud-based banking system offers enhanced security and enables growth without the burden of incremental costs associated with on-premise systems. Banks moving their services into the cloud are in a better position to serve their most remote clients.