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 the perfect place for FinTech thanks to its digital maturity and demand for financial products. More than 50 million people are still excluded from traditional financial products and 173 million mobile connections now exist — that’s more than 1.5 per person.
To operate in the Philippines, there are also challenges for FinTechs to face — and this is where Alibaba Cloud can help. Our local expertise is second to none. Compared to other operators, we have the most data centers in Asia, covering 17 regions and with 58 Availability Zones in Asia Pacific. We also can provide your FinTech with the best advice, tailored to the challenges local to the Philippines.
Here’s everything you need to setup and succeed as a FinTech eager to operate in the Philippines:
Step #1: Gain Compliance
FinTechs must comply with a range of global, regional and industrial standards. Local restrictions, in particular, often add another layer of complexity, delaying your time to market.
At Alibaba Cloud, our comprehensive compliance program can help you gain compliance with ease. We’ve worked with a range of FinTechs around the world and also have specialist local teams to help you tick every box.
For example, to demonstrate our compliance with the guidelines issued by the Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), we work with a reputable and independent auditor to inspect our compliance against the applicable requirements.
Step #2: Seamlessly Scale
Financial services is a dynamic and competitive market where businesses must scale to meet market demands. With an on-premises solution, such agility is difficult to achieve, often resulting in FinTechs paying for underused resources, just in case there is a peak in demand.
The cloud, however, delivers seamless scalability and reliability. At Alibaba Cloud, our Auto Scaling service automatically adjusts the number of available Elastic Container Service (ECS) instance, based on demand. CloudMonitor is another great service, monitoring your resources so you can analyze their usage and health status. It works together with Auto Scaling. So, if an unhealthy instance is detected via CloudMonitor, Auto Scaling automatically replaces it to ensure an uninterrupted service.
Step #3: Manage Your Network
FinTechs require a minimum level of network latency, especially when dealing with payment-related transaction activities and cross-border financial services. Alibaba Cloud provides a wide range of services to achieve this.
These solutions include our hot-standby VPN Gateway, which provides a failover of less than a few seconds, session continuity and zero service downtime. Our Virtual Private Cloud (VPC) and Express Connect also provide private connectivity between your Alibaba Cloud instances and on-premises data centers. What’s more, Cloud Enterprise Network (CEN) provides a hybrid and distributed global network, allowing your business to seamlessly scale into different regions.
The cloud also provides flexible network pricing models, so you can choose between pay-as-you-go and subscription packages to find the most cost-effective solution for your business.
Step #4: Protect Your Business
FinTechs must protect sensitive financial and personal data. In the cloud, encryption and other protective measures are now available as standard, alongside a range of backup and recovery services.
At Alibaba Cloud, our security architecture is composed of three layers — application, data and platform security. This is a comprehensive approach. Our application security measures, for example, provide a frontline defence for your online applications, with services including our Web Application Firewall (WAF),
Our Data Security on the Cloud solution also provides end-to-end data encryption, access management and control and key management services across your IT infrastructure, while solutions like our Managed Security Service provide protection at the physical layer.
The Complete Guide to FinTech in the Philippines
FinTech in the Philippines is an expanding market, where demand is growing and digital adoption rates are high. At Alibaba Cloud, we can provide your FinTech with the technical expertise and local knowledge to set up, launch and succeed in the Philippines. To find out more, download The Complete Guide to Fintech in the Philippines whitepaper today.