To learn more about the benefits of the cloud for FinTechs and operating in the Philippines, download The Complete Guide to Fintech in the Philippines whitepaper today.
The Philippines is poised to become a leader in the FinTech space. With more than 108 million inhabitants, living over 7,000 islands, this unique and highly distributed geography demands an alternative to traditional banks. The Philippines' population is also digitally savvy, with 73 million internet users and 173 million mobile connections – that's more than 1.5 per person.
Demand for financial services is also high. More than 50 million people in the Philippines are still excluded from formal financial products. This makes the country the perfect place to set up and launch a FinTech service – but there are several challenges to overcome. Let's examine these issues now, and how the cloud can help you address them. These include:
1. Regulatory compliance – FinTechs must comply with a range of global, regional and industrial standards. The Philippines is no exception. FinTechs also need the agility to adapt to the ever-changing compliance landscape. This is where the cloud can help.
At Alibaba Cloud, our comprehensive compliance program can help you achieve this with ease. We also have established local teams in the APAC region, including the Philippines, to help become officially licensed or registered with the right authorities. Within the FinTech industry, we also help businesses adhere to industry best practices, including PCI DSS and OSPAR.
2. Information security and privacy – sensitive financial information must be protected and FinTechs must comply with data privacy laws.
Our robust range of security solutions provide comprehensive measures for your application security, data security and platform security. At the data security level, for example, we offer encryption as standard. We also adhere to a range of ISO international security standards.
3. Network availability and latency – a minimum level of network latency is required, especially when dealing with payment-related transactions and cross-border activities.
To achieve this, Alibaba Cloud provides solutions including our VPN Gateway, Virtual Private Cloud (VPC) and Express Connect so you can connect your on-premise data centers and Alibaba Cloud to further boost your network. Using VPC with Express Connect, for example, provides an interconnection bandwidth of 10 Gbit/s.
4. Scalability and reliability –FinTechs are not constrained by legacy technologies, but scalability and reliability are essential to compete in this dynamic market. This is where solutions such as CloudMonitor and Auto Scaling can monitor and automatically adjust your compute resources, based on demand. These are just two examples of how the cloud can seamlessly adapt to your needs, providing you with a cost-effective service and guaranteed high service availability.
5. Infrastructure and experience - At Alibaba Cloud, we also have a strong presence in APAC and the Philippines to help you get your solutions to market. We have the most data centers in Asia and are the only public cloud provider in Malaysia and Indonesia. What's more our Global Infrastructure includes 22 regions and 67 availability zones, providing FinTechs with the perfect platform to launch on a worldwide scale.
Alibaba Cloud works with a range of FinTechs, providing a comprehensive suite of cloud-based products and services. We can help you setup, launch and succeed in any region around the world. To find out more about operating in the Philippines, download The Complete Guide to Fintech in the Philippines whitepaper today.
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