Singapore-based blockchain firm BCB Blockchain has signed a memorandum of agreement (MoA) with a branch of the Philippines’ Department of Science and Technology (DOST) to support the development of local smart cities.
Per a Nov. 23 press release, BCB Blockchain contributed $300,000 to support incubators and startup accelerators in the Philippines by signing an MoA with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD).
See related: “Philippines Bank Completes Blockchain Cross-Border Payment Pilot“
Building smart cities and applications
The joint initiative intends to facilitate the development of local startups focused on the creation of smart city projects and applications. Additionally, the company has reportedly partnered with a range of local educational establishments to provide its expertise and contributions to research and development, promotional activities, hackathons, collaborative endeavors and other projects for smart city or blockchain development. Douglas Gan, CEO of BCB Blockchain, said:
“By providing DOST, universities and TBIs the resources and technical knowledge that BCB Blockchain has, we expect them to deepen their competencies in the area of designing and developing applications and projects for smart cities. We will guide and provide them the access to hands-on workshops, funding, materials, events and technical support.”
Philippines embraces emerging technologies
This summer, the Department of Information and Communications Technology (DICT) of the Philippines signed an MoA with United States-based blockchain firm Monsoon Blockchain Storage, wherein Monsoon was set to act as a blockchain consultant and advisor to DICT, offering services such as cost-benefit and socio-economic analyses regarding blockchain solutions in the Philippines.
In the meantime, Philippine Senator Grace Poe said that local lawmakers should not be in a hurry to pass financial technology regulation. Poe stated:
“To most of our countrymen, this is alien to them, but in fact some of them have been availing of it through online lending. And without the proper information and education, a lot of them are actually victimized.”