Earlier this year, Cantilan Bank became the first financial institution in the Philippines to fully leverage cloud computing technology. After an 18-month pilot the rural bank transferred its core banking services and data onto a community cloud service. This milestone was the result of a cautious but forward-looking application of the Central Bank’s “test-and-learn” approach to financial sector innovations. This informative blog from CGAP explores the lessons for regulators in other emerging markets where financial services providers are looking at cloud computing as a way to improve data security, reduce costs and grow their businesses, thereby contributing to financial inclusion.
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