Surigao del Sur-based bank joins digital service revolution to reach unbanked

The Cantilan Bank (CanBank) is expanding its digital footprint through the launch of its app iCAN targeting unbanked Filipinos. CanBank, established in 1980 in Surigao del Sur, said in a statement iCAN would introduce features such as fund transfer, bills payment, prepaid phone reloading and QR code payment to its customers in over 100 communities.

The lender has a network of 46 branches across 12 provinces in Mindanao and Visayas.

CanBank said the Bangko Sentral ng Piipinas recently granted the licenses and approvals for the lender to operate as an Electronic Money Issuer Bank. This allows the bank to provide agency banking and offer a cloud-based electronic payment and financial service.

Moreover, the bank’s clients will be able to access mobile banking, e-wallet and cash agency services all in one app.

CanBank cited the assistance provided by the Asian Development Bank and International Finance Corp. in its expansion in digital finance.

“CanBank intends to maximize its digital and cloud-based omnichannel platform to effectively increase end-client access to a variety of digital financial services during the pandemic crisis through partnerships with regional digital innovation champions,” it said in the statement.

CanBank is chaired by Lt. Gen. William Hotchkiss III, a former director general of the Civil Aviation Authority of the Philippines. The rural bank has total assets of P2.3 billion at the end of December 2020, according to its statement. INQ

Project Rebound is an advocacy campaign that seeks to help Filipinos overcome the crisis through relevant and timely information they can use to make informed decisions. It is supported by Coca-Cola Beverages Philippines, Inc., MediCard Philippines, Inc., PMFTC Inc., and Toyota Motor Philippines Corporation.