NEM.io, Singapore based cryptocurrency and blockchain platform and Cagayan Economic Zone Authority (CEZA) signed a contract on Monday to establish the Philippines's first blockchain hub in order to promote technology in local business processes.
Emerson Fonseca, head of NEM Philippines and Nelson Valero, regional chief for Australia and New Zealand at the NEM.io Foundation, have signed a MoU with Raul Lambino, who is CEZA's administrator and CEO and CEZA senior deputy administrator Raymundo Roquero. The MoU was signed between the companies in Business Law Conference 2018 at the De La Salle University in Manila.
Emerson Fonseca said that collaborating with CEZA allows us to provide new opportunities which will drive growth, innovation, and development in various regions of Philippines. It will be fascinating to demonstrate the possibilities blockchain has to offer as a platform to serve our role in society.
Firstly, planned to increase its services in Sta. Ana in the Northern Philippines, the blockchain hub to support blockchain technology within the country and will permit different stakeholders in the area to obtain technical education required.
Presently, some of the programs are currently running and they will be executed at the Blockchain hub. These programs are meant to increase awareness about blockchain and building blockchain-based applications. Hub will conduct university tours, hackathons, workshops, forums, and conferences.
This project will have a great impact on the Cagayan region by drawing new local and foreign investors. Also, the project will be supporting it to become an independent industrial, commercial, financial, tourism, and recreational center. Fonseca stated that it would direct to an increase in human capital, productivity, and competitiveness for CEZA.
CEZA's CEO said, “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”
Lastly, MoU is just an outgrowth of a previous agreement between CEZA and NEM granting the Singapore firm to build its presence in the country.
