Philippines: Blockchain-based solution Twala receives P4.6M grant from DOST

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Twala, a blockchain-based solution for businesses, is one of the latest beneficiaries of the DoST Grant Fund Program. The Philippines Department of Science and Technology (DOST)— Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) awarded the blockchain startup a PHP4.6 million (U.S.$82,333) grant to incentivize the business solution.

The PCIEERD, through its Grant Fund Program, aims to provide startups in the country with financial assistance to help boost their reach. The initiative is a semi-annual approach, and reports suggest Twala is one of the most recent grantees.

IT engineer Jeffrey Reyes, co-founder and CEO of Twala, highlighted the significance of the fund at a time like this. Reyes noted that the fund would improve the platform’s security measures. He also mentioned that the platform would further boost its research and development operations with the grant.

“We thank the DoST-PCIEERD for their support. Despite its increasing adoption, blockchain’s full potential is yet to be realized,” Reyes said. “We want to leverage our experience and knowledge to dive further into this trend and learn more about how blockchain can improve our lives,” he added.

Thirty-eight startups applied for the Grant Fund Program organized by the DoST-PCIEERD. However, besides Twala, only five other startups recently benefited from the program. These include real estate firm, Brooky, Olivia Technology Group, and hardware store, Hubware, among others.

Chief Technology Transfer Officer at DoST-PCIEERD, Russel Pili, noted that the agency seeks to assist more startups in the future. Pili acknowledged the massive capital tech startups require to fulfill their obligations in the sector. She cited this as the major reason for the Grant Fund Program.

Twala provides e-identity and e-signature solutions to clients

Founded in October of 2020, Twala is a Manila-based tech startup that facilitates e-signature exercises via blockchain, with services available to professionals, SMEs, and large companies.

Twala generally provides two digital solutions to its clients: Twala Identity and Twala Sign. With Twala Identity, the startup helps clients to manage their unique identities via blockchain. Through its e-signature approach, Twala provides an opportunity for users to digitally sign documents with ease. The e-signature is linked to the user’s digital identity on the blockchain.

Twala has witnessed significant growth over the past two years. The firm aims to bring its blockchain solutions to local and international businesses. The recent grant is a testament to the Philippines’ government’s favorable approach at innovation within the country. In light of this, Twala has all it needs to thrive, being domiciled in a convenient jurisdiction.

Watch: The BSV Global Blockchain Convention panel, Re-Inventing Business with Blockchain

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