Singapore tech firm pledges P15M to support PHL startups, tech incubators

Singapore-based technology firm BCB Blockchain on Wednesday announced its commitment to provide P15 million in funding to support technology business incubators (TBIs) and startups in the Philippines.

Singapore-based tech firm BCB Blockchain signs a memorandum of agreement with the DOST to provide P15-million funding to support technology business incubators and startups in the Philippines. @gmanews pic.twitter.com/Uz71vVRu0K

— Ted Cordero (@Ted_Cordero) November 20, 2019

Company CEO Douglas Gan announced the pledge during the 3rd National Technology Business Incubator Summit in Quezon City.

Gan and the Department of Science and Technology's Philippine Council for Industry, Energy, and Emerging Technology Research and Development (DOST-PCIEERD) Executive Director Raul Sabularse signed a memorandum of agreement (MOA) during the TBI Summit.

“It is an honor for me to announce today our P15-million support for the startups that come from the DOST TBI network,” Gan said.

“The MOA signifies BCB Blockchain's commitment to provide DOST, Philippine Universities and TBIs the resources and technical knowledge that BCB Blockchain has,” he added.

“Together with DOST, TBIs and the [PCIEERD], we will join forces in accelerating the blockchain development in the Philippines as well as the development of local startups using BCB's P15-million funding as well as our technology to create smart city projects and applications,” he said.

BCB Blockchain has also entered into partnerships with universities and startup tech incubators across the country.

“We will guide and provide them the access to hands on workshops, funding, materials, events and technical support,” Gan said.

Partner-universities include Far Eastern University, De La Salle University Manila, the Technological Institute of the Philippines, Adamson University, Holy Angel University, Batangas State University, Technological University of the Philippines-Visayas, University of Southern Philippines, Caraga State University, Mindanao State University, Iligan Institute of Technology, Siliman University, and the QBO Innovation Hub.

BCB Blockchain earlier said it is investing a “significant amount” in the Philippines as part of its $10-million expansion investment in Southeast Asia. 

Blockchain is a digital record or public ledger of transactions maintained by a network of computers.

“Blockchain is a technology that allows transparency so it is a public ledger that records everything,” Gan said.

“It’s similar to cloud, but blockchain is a public environment so anyone can see it,” he added. — BM, GMA News