Homegrown Smart Citi Teknologi (SCT), which specializes in the development and integration of technologies, in partnership with Hong Kong technology companies announced three projects aimed at advancing digitalization in the Philippines through blockchain technology.
PHILIPPINE DIGITALIZATION -- Smart Citi Teknologi President and CEO Mario P. Marcos (center), Also in photo are (L-R) Julian So, XBE Group CEO, Kevin Tan, director Marvion and Coinllectibles, Joshua Chu, chief risk officer Coinllectibles, Marvion, and XBE senior consultant, and Getty Goh, XBE chief operating officer at the press launch of the group's three blockchain-enabled projects in the country.
These projects are Philippines stable coin, blockchain-enabled membership program for sustainable tourism, and Philippine arts and heritage. The partners unveiled the three projects to the media on Tuesday, May 24, in Manila Hotel.
SCT President and CEO Mario P. Marcos said a public launch for the three projects is slated in two weeks.
Marcos said that SCT has partnered with Hong Kong-based technology companies -- Extreme Business Enterprises (XBE), Cosmos Group Holdings Inc., Coinllectibles, Bonanza Goldfields, and Marvion for the implement of the projects.
On the Philippines stable coin project, Marcos said that the project will be using a blockchain technology that will ensure fast and efficient transaction processing, facilitating instant settlement, and low-cost remittances.
Julian So, president of XBE Group, a group that focuses on blockchain, AI and 3D technologies, explained that the planned Philippines stable coin would be backed by hard assets, including government securities, bonds and deposits to ensure the stability and security of the local cryptocurrency.
According to So, the collapse of other cryptocurrencies is largely because they were backed only by virtual assets, which are not stable.
He further called on the need for massive information campaign in the country about the planned Philippine stable coin to create more awareness and build confidence among Filipinos to patronize the blockchain technology as it offers and opens more opportunities and savings, especially for overseas Filipino workers (OFWs).
So cited that if the millions of OFWs will use the technology, they will save from remittance fees, normally at 10 percent of the amount being remitted, as their technology is free of charge. For instance, he said, if the six million OFWs send $6 billion annually, this would translate to $600 million in expense or savings for OFWs.
On the blockchain-enabled membership program for sustainable tourism, Marcos said the project aims to develop the Verde Island in Palawan into a world-class high-tech business and leisure destination through the adoption and implementation of innovative technologies including blockchain and AI.
As a membership program, it will focus on promoting eco-friendly practices, including using biodegradable products and green energy consumption. It will promote Verde Island’s natural beauty and sustainable practices as a perfect location for luxury membership program.
Marcos told reporters they are targeting one million members within 15 days from launch for the tourism program. He said the price per unit will be announced on launch day.
For its third project, the group will promote to the world investments in Philippine arts and heritage. The group aims to create the world’s first blockchain to meet the needs of modern buyers and sellers.
“The Philippines is rich in art and cultural heritage, with many valuable items available for purchase through the country’s auction houses,” said Marcos.
The planned platform for Philippine art pieces and heritage will help promote and support local art and cultural initiatives by increasing the reach and prominence of local auctioneers, which could lead to improvements in preservation, appreciation and recognition of local art and heritage.
In addition, the group said their adoption of ESG (environmental, social, governmental) principles in the auction process will promote environmentally friendly and sustainable transactions that positively contribute to preserving the future of the assets being auctioned.