ALIBABA Cloud, the digital technology and intelligence backbone of Alibaba Group, recently rolled out a new fintech support program aiming to get share in the local market.
In a recent online briefing, Leo Liu, General Manager of the Philippines, Hong Kong and Macau SAR at Alibaba Cloud Computing Co. Ltd., told reporters the program will offer clients (local financial technology companies) access to “advanced cloud technologies, free technical training and professional consultations.”
According to Liu, each eligible company will receive up to $10,000 in cloud coupons, which can be redeemed against Alibaba Cloud products and services as well as support from Alibaba Group’s ecosystem.
He said that eligible companies will benefit from updated technology solutions from Alibaba Group’s ecosystem and its affiliated company Ant Group Co. Ltd.—including those that facilitate e-commerce and payment processes—to help participating companies “maximize emerging opportunities in the Philippines.” Moreover, Liu said Alibaba Cloud will link up fintech companies with local and global investors and accelerators to help grow their businesses.
Liu said Alibaba Cloud’s program aims to “speed up the digital transformation of businesses via secure, reliable and scalable cloud solutions, while helping boost financial inclusion in the country.”
Operational efficiency
DURING the summit hosted by the Singapore-headquartered Alibaba Group subsidiary, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said that “through digitalization, consumers will enjoy financial products that are convenient, affordable and fit for purpose.”
“It will also help financial institutions broaden their client base and improve their operational efficiency,” Diokno added.
According to Liu, the firm “is excited to witness what the future holds for the digital industry and particularly the fintech sector in the Philippines.”
“We are already seeing transformation and strong expansion in these areas, and we aim to further stimulate this through initiatives like the Fintech One program,” he added.
Earlier this year, Alibaba Cloud introduced a FinTech Industry Sandbox Program in partnership with the Philippines’s FinTech Alliance.ph. The partnership will enable financial businesses to explore the use of advanced cloud computing products and fintech services from Alibaba Cloud in a risk-free testing environment.