Singapore-based tech firm BCB Blockchain on Friday entered into a partnership with QBO Innovation Hub and Animo Labs to provide startups planning to use blockchain technology a platform and access to financing.
BCB Blockchain, QBO, and Animo Labs signed a memorandum of understanding in Makati City to signify their joint efforts to reach out and engage startups in developing their business using blockchain technology.
QBO is a private-public partnership platform for Filipino startups created through the collaboration of IdeaSpace, J.P. Morgan, Department of Trade and Industry, and Department of Science and Technology to facilitate connections among startups.
Animo Labs is a technology business incubator that aims to provide accessible platform for prototyping and innovation.
It was formed through a partnership between De La Salle University and DOST-Philippine Council for Industry, Energy, and Emerging Technology Research and Development.
“In this partnership with QBO and Animo Labs, we will provide platform and access to funding for startups interested in developing blockchain technologies,” BCB Blockchain CEO and co-founder Douglas Gan said.
“The Philippines has one of the biggest populations in the whole ASEAN and it has people that can speak English. The Philippines has a lot of engineers, talents,” Gan noted.
BCB Blockchain is investing a “significant amount” in the Philippines as part of its $10-million expansion investment in the Southeast Asia, he said.
The MOU signifies the partners’ commitment to work closely in critical areas including, co-incubation of projects, research and development, seminars and trainings, promotional activities, competitions, and collaborative endeavor in blockhain development.
BCB Blockchain will also help QBO and Animo Labs on ways how to use blockchain technology for “smart city” solutions or the use of high tech or smart devices to make city living more efficient.
“We believe that blockchain will play a crucial role in the development of smart cities with increasing number of people living in urban areas. We are pleased to work with BCB and establishing their platform and technology in QBO Hub to create smart city applications,” QBO director Rausa Chan said.
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.
Animo Labs executive director Federico Gonzales said it will provide access to a wide range of educational institutions to help build and promote the growth of blockchain for smart city solutions. —VDS, GMA News