Digital Pilipinas Day 2 recap: Revolutionizing the Philippines startup ecosystem

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On its second and final program day, Digital Pilipinas 2023 held discussions about various topics in healthtech, insuretech, and proptech, although many of the attendees were also interested in sessions about the Halal, the startup economy, and the government.

Kickstarting the second day, Digital Pilipinas 2023 saw pitches from the ASEAN startup barangays, which was then followed by opening remarks by Hon. Maria Blanca Kim Lokin, the undersecretary for Communications of the Department of Trade Industry.

“We gathered [here today] to embark on the journey of growth, development, and empowerment,” she said.

LGUs as catalysts for the Philippines’ digital transformation

Setting out the vision for various industries, the event spanned four halls and one main stage, each dedicated to discussing a specific topic around fintech and emerging technologies. Located at hall 2 of the SMX Aura building in BGC, Taguig, attendees had the opportunity to hear from local government officials about their digitalization initiatives.

In one of the sessions, Usec. David Almirol provided an explanation about the eGov app developed by the Department of Information and Communications Technology (DICT). This app simplifies government transactions for citizens by integrating different agencies’ processes through a “one-stop online system.” It’s now up and running, making it easier for citizens to transact with the government.

Just before lunch, a panel discussion with nChain’s Stephanie Tower, Agridom Solution’s Jennifer Joy Subang, KPMG Philippines’ Noel Bonoan, CIS Bayad Center Lawrence Ferrer, and National ICT Confederation of the Philippines’ Joy Abueg touched on how the LGUs and private organizations can work hand in hand toward digital transformation.

Summarizing the efforts of the said companies in helping local government units achieve digitalization, Brad Geiser, the Head of GeiserMaclang Marketing Communications, asks on topics like cybersecurity, agriculture, data privacy, and digital payments.

Geiser asked, what do you think the private organizations and government can do together to make the Philippines a harder target for hacking? Before answering the question, Bonoan, the vice chairman of KPMG Philippines, pointed out that cybersecurity is not a systematic issue but rather a human one.

“One of the basic services that any company should do is to have a cybersecurity maturity assessment,” he suggested. Chiming into the question, Tower says leveraging technologies like blockchain can help mitigate risks in cyberspace.

“For me, one of the ways to mitigate those attacks is to really set up and leverage technologies such as blockchain,” she said. “In leveraging the technology and advocating the right projects, and with the right CIOs, these institutions and departments [can] make the right decisions toward cybersecurity. I think this could help set up the very foundation of cybersecurity framework.”

Diving deep into the risks and solutions in cyberspace, Ferrer believes that education must be at the top of the concern while Subang says that data privacy must also be given attention.

Speaking about data privacy, nChain Chief Information Officer Christine Leong had a keynote presentation on digital identity, data control and privacy, and data sovereignty.

“All of these are all about controlling your data. Today there are data carriages, we gave our data to [them], and they monetize [it],” Leong said. “What if we can transform that so we are in control of our own data?”

Leong explained what nChain is working on within the Web3 space, firmly reiterating that the global blockchain solutions firm’s goal is to leverage digital technology like blockchain and Web3 to achieve data sovereignty.

Making the Philippines the next startup hub in ASEAN

nChain Executive Chairman Stefan Matthews shared their efforts to create an ASEAN startup landscape in the Philippines during the morning sessions at the main stage. He also talked about their partnership with Bataan Governor Joet Garcia to upskill and reskill individuals in the country. As reported by CoinGeek, nChain has teamed up with the Provincial Government of Bataan to establish a digital platform and streamline government processes using blockchain technology.

Back at the panel discussion, Yolo Investments General Partner Steve Tsao talks about how he sees more opportunities outside the country for the fintech and startup space. “The opportunities are in the cross border. The Philippines is the largest cross border in remittance opportunities—everybody knows that,” he said.

Speaking about the tactics that the Philippines can replicate from other ASEAN countries to become a prime investment hub, Boat Co-Founder and Chief Product Officer Sameer Mehta suggests focusing on investors and championing what startup companies in the country can do. For Matthews, the focus must be innovation and encouraging and promoting private-public partnerships.

Following the discussions on ASEAN startup landscape opportunities, another group of experts and thought leaders look at the factors that would make the Philippines the next startup hub in ASEAN.

In it, Block Dojo Philippines Country Managing Director Kristoffer Briones shared insights with Foxmont Capital Partners’ Franco Varona, QBO Katrina Chan, AHG Lab’s Rene Cuartero, Gregorio Mantaring, and Moises Benedict Carandang.

Delving straight into the challenges in the startup space, Cuartero says capital remains the primary issue when starting a company. Adding to the capital, Briones sees another challenge in the cultural aspect—he, however, claimed that over the past years, “cultural risks has been a little bit less.” As for Carandang, there is a divide between foreign and Filipino gamers in the startup ecosystem that must be addressed.

Discussing the future of Philippine startups, Briones remarked that the country is on the right road with the collaboration of private organizations like Digital Pilipinas and the national government.

“I think the government is doing the right thing [and] we’re all here to support each other,” he noted.

More discussions and insights were shared during the first day of the Digital Pilipinas 2023! Follow this link to see the recap.

Watch: nChain Blockchain Immersion Program extends expertise to key Philippines agencies