Bingonan Grameen Bank has launched e-Money app

Cloud computing company Alibaba Cloud and local partner Unicloud Technology will host the e-Money digital app e-Pon from Binanganan Rural Bank (BRB).

BRB, the first rural bank in the Philippines to launch electronic money issuance activities, has also tapped the Alibaba Group to digitize its identity verification process and mobile payment operations.

“E-Money makes it possible for more people to engage in online financial transactions, especially in the new normal environment. By leveraging Alibaba Cloud’s IT infrastructure and innovative fintech products, we will be able to provide more bankless and underdeveloped Filipinos with convenient access to financial services, “said Alfonso Huang, President of E-15 from BRB, in a statement.

E-Pon can handle day-to-day banking needs – such as deposits and withdrawals – and serves as a mobile payment gateway for merchants, Mr. Huang said in an e-mail. It will also provide access to loans and investments and payment agreements with government agencies.

Designed by BRB, the app has an e-wallet; A platform for small and medium enterprises to display their shops and products; Financial services tools such as mortgage application and micro-funding functions; And financial investment tools such as project investing and crowdfunding. It is connected to interbank networks like Banknet.

Alan Guo, Country Manager, Alibaba Cloud Intelligence, Philippines, said, “We look forward to providing cloud computing solutions to support more Philippine fintech companies to increase financial inclusion in the country, as well as bring a seamless and convenient digital experience for local customers.”

Other clients of Alibaba Cloud in the Philippines include e-wallet Zackash, livestreaming platform Kumu and Fintech Venture Studio UBX.

The e-Pon app will be available for download from mid-May. – Patricia B. Mirasol