Singapore-based cryptocurrency and blockchain platform provider NEM.io and the Cagayan Economic Zone Authority (CEZA) signed a deal on Monday to build the Philippines’ first blockchain hub in a bid to promote technology in local business processes.
NEM Philippines head Emerson Fonseca and Nelson Valero, regional chief for Australia and New Zealand at the NEM.io Foundation, signed the memorandum of understanding (MoU) with CEZA administrator and CEO Raul Lambino and CEZA senior deputy administrator Raymundo Roquero during the Business Law Conference 2018 at the De La Salle University in Manila.
“Partnering with CEZA allows us to offer more opportunities that will drive growth, innovation, and development in the Philippines and its regions. It will be interesting to showcase the possibilities blockchain has to offer as a platform to serve our role in society,” Fonseca commented.
Set to rise in Sta. Ana in northern Philippines, the blockchain hub is intended to promote blockchain technology within the country and allow various stakeholders in the region to access the technical education necessary.
Programs that are underway and will be executed at the hub are geared towards raising awareness about blockchain and developing blockchain-based applications. The initiatives include university tours, hackathons, workshops, forums, and conferences.
The project will benefit the Cagayan region by attracting local and foreign investors and helping it become a self-sustaining industrial, commercial, financial, tourism, and recreational center. Fonseca said it would lead to an increase in human capital, productivity, and competitiveness for CEZA.
“The region of Cagayan looks forward to optimizing the value of blockchain technology as a platform. The endless possibilities this partnership has to offer allows us to create an ecosystem that can possibly be the future for the whole country as well,” according to Lambino.
The MoU is an offshoot of an earlier deal between CEZA and NEM allowing the Singaporean company to establish its presence in the Philippines.