Cloud-Based Core Banking in the Philippines: A Rural Bank Pilot Project 2021

Abstract

In June 2017, the Asian Development Bank and Cantilan Bank Inc. agreed to conduct a pilot project on cloud-based core banking technology. The Bangko Sentral ng Pilipinas supported the pilot and placed it in a regulatory sandbox while related regulation and processes were updated. In January 2019, Cantilan Bank became the first in the Philippines to be regulated by the central bank for fully relying on a cloud-based software as a service system for core banking.