AIDING SMALL FINTECH FIRMS. Philippines' financial technology (fintech) companies and start-ups are set to benefit from Alibaba Cloud's mentorship program to help them expand and improve their operations. Alibaba Cloud country manager for the Philippines Allen Gou said eligible firms will receive up to USD10,000 in cloud coupons, which can be redeemed for Alibaba Cloud products and services. (Photo from Alibaba Cloud)

MANILA – Local financial technology (fintech) firms are set to benefit from a mentorship program that aims to help start-up companies in their digitalization bid to expand their operations.
 
In a virtual briefing on Tuesday, Alibaba Cloud country manager for the Philippines Allen Gou said the  “Fintech ONE” program intends to aid small fintech companies to operate seamlessly in delivering their products and services.
 
“By leveraging Alibaba Cloud’s IT (information technology) infrastructure and innovative fintech products, digital financial services can reach more of the country’s unbanked Filipinos,” he said.
 
Under the Fintech ONE program, the company will provide eligible fintech firms up to USD10,000 in cloud coupons that can be redeemed for Alibaba Cloud products and services.
 
The digital technology and intelligence backbone of Alibaba Group, which started its domestic operations in January 2019, will also provide consulting and technical services to the qualified start-ups, he added.
 
Gou said they are also coordinating with regulators vis-à-vis the push to further digitalize the payment system in the country. 
 
He said they are in talks with other stakeholders to share best practices that will benefit local players. (PNA)