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Local fintech will benefit from a mentorship program run by a digital firm.

MANILA, Philippines — A mentorship program aimed at assisting start-up enterprises in their digitization efforts to expand their operations will benefit local financial technology (fintech) firms.

Alibaba Cloud national manager for the Philippines Allen Gou said in a video briefing on Tuesday that the “Fintech ONE” program aims to help small fintech enterprises provide their products and services more smoothly.

“Digital financial services can reach more of the country’s unbanked Filipinos by leveraging Alibaba Cloud’s IT (information technology) infrastructure and creative fintech products,” he said.

The company will award qualifying fintech startups with up to USD10,000 in cloud vouchers that can be redeemed for Alibaba Cloud goods and services as part of the Fintech ONE initiative.

He noted that Alibaba Group’s digital technology and intelligence backbone, which began domestic operations in January 2019, will also provide advising and technical services to eligible start-ups.

Gou said that they are also working with regulators on the endeavor to further digitalize the country’s payment system.

He stated that they are in discussions with various parties to exchange best practices that will help local players.

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