Alibaba Cloud’s new fintech support program hopes to provide finance-related companies with the tools to take their digital transformation a notch higher than it is now. Fintech ONE offers companies up to $10,000 in cloud coupons that they can use to redeem Alibaba Cloud products and services.
“We launched this program because we saw the rapid growth of digital payments in the past years, especially during the pandemic,” said Allen Guo, country general manager for the Philippines of Alibaba Cloud, during the virtual media briefing held before the opening of the company’s Fintech Summit 2022 conference. “There is also the rise in e-commerce which is becoming part of Filipinos’ way of life.”
Alibaba Cloud is the digital technology and intelligence backbone of China’s Alibaba Group. It started its operations in the Philippines in 2019, built and opened its first data center amid the pandemic, and forged partnerships with local enterprises.
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It hopes that through the Fintech ONE program companies, specifically those that offer digital payments services and are engaged in e-commerce will be able to fast-track their digital transformation journeys.
“We want to support local companies through Alibaba Cloud’s capabilities,” Guo said. “We felt the need to also to share our digital values and technical knowledge, especially to the local fintech companies, as well as startups.”
Earlier this year, Alibaba Cloud launched a FinTech Industry Sandbox Program in partnership with the Philippines’ FinTech Alliance.ph. The program enables local financial businesses to explore the use of advanced cloud computing products and fintech services from Alibaba Cloud in a risk-free testing environment.
Alibaba Cloud offers its expertise in cloud technology to provide appropriate products, including elastic compute, database, security, storage and network services and machine learning and data analytics capabilities, to address issues and challenges in the sector. It works with various fintech players including GCash and UBX.
Alibaba Cloud provides a mix of fintech solutions to GCash to handle large volumes of digital transactions with minimal interruption and high-cost efficiency. For Mark Frogoso, GCash’s Chief Information Security Officer, its partnership with Alibaba Cloud showed its true value when the pandemic disrupted the global economy.
For UBX, Alibaba Cloud provides an Electronic Know-Your-Customer (eKYC) solution designed to help boost their efficiency and security through digitalising the identity verification process.
“Through digitalization, consumers will enjoy financial products that are convenient, affordable and fit for purpose. It will also help financial institution broaden their client base and improve their operational efficiency,” said BSP Governor Benjamin Diokno during the summit.