Alibaba continues to expand its reach in Asia.
Alibaba Cloud said on Wednesday that it is going to launch a sandbox program to help the development of fintech in the Philippines with Fintech Alliance.ph. According to Alibaba Cloud, the sandbox program will be focused on increasing Cloud computing and fintech access for local fintech firms.
The program will provide up to USD 10,000 to eligible Philippine businesses in Cloud coupons. The coupons can be used to adopt Alibaba Cloud's proven solutions, as well as access to complementary cloud training, technical and industry expertise and regulatory compliance guidance.
Lito Villanueva, Founding Chairman of Fintech Alliance.ph, said "We created this program with Alibaba Cloud to support emerging digital technologies, which help address current challenges in the financial industry. With more financial companies joining this program, we are glad to see the acceleration of access to inclusive digital finance in the country."
Alibaba Cloud announced in June 2021 that it will build Philippines' first data center. The data center will expand Alibaba Cloud's already extensive reach in Asia. As a founding member of Fintech Alliance.ph, Alibaba Cloud offers expertise in Cloud technology, database solutions, security, storage, and network services. As of this month, the program will begin accepting applications from Bangko Sentral Pilipinas-supervised financial institutions, who have met the eligibility criteria.