Cloud-Based Core Banking in the Philippines: A Rural Bank Pilot Project
In the Philippines, Cantilan Bank was the first to be regulated by the Bangko Sentral ng Pilipinas (BSP) for fully relying on a cloud-based, software as a service (SaaS) system for core banking.
This breakthrough was an outcome of the pilot project on cloud-based core banking technology by ADB and Cantilan Bank, with support from the country’s central bank. The success of the pilot in 2019 kicked off the transition of other financial institutions in the country. As of mid-2021, over 40 banks in the Philippines have received approval from the BSP to switch to cloud-based core banking to gain operational improvements and expand their client base.