Cloud-based Core Banking in the Philippines
This brief focuses on success factors and lessons learned during a pilot study on cloud-based core banking technology in the Philippines.
In June 2017, ADB and Cantilan Bank Inc. (CBI) signed an agreement to conduct a pilot study on cloud-based core banking technology. The pilot was supported by the central bank of the Philippines, the Bangko Sentral ng Pilipinas (BSP), which placed the pilot in a regulatory sandbox while related regulation and processes were updated.
In January 2019, CBI became the first BSP-regulated bank in the Philippines to fully rely on a cloud-based Software as a Service (SaaS) system as their core banking system.