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March 01, 2024

Binangonan Rural Bank is first to launch e-money issuance operations

Binangonan Rural Bank has tapped the digital technology and intelligence backbone of Alibaba Group to become the first rural bank in the Philippines to launch e-money issuance operations.

The small bank is leveraging on Alibaba Cloud to reach more of the country’s unbanked through cloud infrastructure solutions and digital technologies.

Alfonso Huang, president of E-pon from Binagonan Rural Bank, said e-money makes it possible for more people to engage in financial transactions online, especially in the new normal.

By leveraging Alibaba Cloud’s IT infrastructure and innovative fintech products, we will be able to provide more unbanked and underserved Filipinos with convenient access to financial services,” Huang said.

Together with local partner Unicloud Technology, Alibaba Cloud will offer its Infrastructure-as-a-Service (IaaS) system, underpinned by robust computing and artificial intellogence capabilities, to host Binangonan Rural Bank’s E-Money digital app dubbed ‘E-pon.’

The move to digitalization will enable BRB to effectively scale its online payment operations and deliver increased flexibility based on their users’ demands, in a secure and cost-effective way.

Binangonan Rural Bank will also leverage a series of innovative cloud-based FinTech products from Alibaba Cloud and Ant Group, including the eKYC (Electronic Know Your Customer) solution and Mobile-Platform-as-a Service (mPaas). This will digitalize its identity verification process and other mobile payment operations.

Alibaba Cloud Intelligence country manager for the Philippines Allen Guo said the company is honored to support digitalization journey of Binangonan Rural Bank.

“We are keen on providing cloud computing solutions to support more Philippine fintech companies to bolster financial inclusivity in the country while bringing seamless and convenient digital experiences to local consumers,” Guo said.

With a local data center launched in the Philippines, Alibaba Cloud is able to provide high availability and strengthen disaster recovery capabilities for local customers.

 

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