BCB, a Singaporean Blockchain protocol that develops and supports smart city solutions, has entered a partnership with the Department of Science and Technology (DOST) branch in the Philippines. According to a news release published on November 23, both parties have already signed a MoA (memorandum of agreement).
As per the official announcement, BCB Blockchain and the Philippines’ Council for Industry, Energy, and Emerging Technology Research and Development (PCIEETRD) would work together on developing smart cities and Blockchain-based applications. As part of the deal, BCB has already released $300,000. The fund would be used in supporting startup accelerators and incubators in the Philippines.
To ensure that local startups would be more inclined to create applications and projects that are geared towards the establishment of smart cities, BCB has reached out to local establishments that can provide additional knowledge and expertise. There are educational institutions that would also help in conducting research and in promoting hackathons and other activities.
CEO Douglas Gan of BCB said in an interview that by providing technical knowledge to the new partner, the designated branch in the Philippines would be more competitive in terms of designing projects and building applications for smart cities. Gan also guaranteed that BCB Blockchain would offer extensive support such as funding, workshops, and event hosting throughout the process.
Aside from partnering with BCB Singapore, the Department of Information and Communications Technology (DICT) of the Philippines also locked a partnership with Monsoon Blockchain Storage, a Blockchain startup based in the United States. Notably, the latter would serve as DICT’s tech advisor. Furthermore, the company would offer socio-economic analyses and cost-benefit services that would enhance the development of Blockchain-based solutions in the country.
Grace Poe, incumbent senator of the Philippines, stressed that lawmakers in the country should not rush in developing fintech regulations. She noted that the majority of Filipinos do not know the technology, so they must be provided with proper education first.