Philippine-based Cantilan Bank, AFIN launch digital banking service
They aim to deliver cashless financial services to the Philippines’ rural unbanked.
Philippine-based rural lender Cantilan Bank (CANBNK), in partnership with The ASEAN Financial Innovation Network (AFIN), has launched the digital banking service iCAN.
The iCAN mobile banking application targets to deliver cashless financial services to the unbanked community. Services offered under the app include fund transfer, bills payment, prepaid phone reloading, and QR code payment.
Previously, CANBNK has secured three licenses from the local central bank, Bangko Sentral ng Pilipinas (BSP), with the launch of iCAN for electronic payment and financial services, electronic money issue, and agency banking.
CANBNK is reportedly in the midst of getting BSP’s approval to use Amazon Web Services for cloud computing. Once secured, CANBNK will be able to perform mobile banking, e-wallet, and cash agency services under one application.
AFIN was established in 2018 by the ASEAN Bankers Association, International Finance Corporation, a member of the World Bank Group, and the Monetary Authority of Singapore.