World Economic Forum founder invites Philippines to inaugural tech hub

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The founder and executive chairman of the World Economic Forum (WEF) has invited the Philippines to become among the first countries to join an upcoming technology hub.

In a meeting with Philippines President Ferdinand “Bongbong” Marcos Jr. in Davos, Klaus Schwab said the WEF wants the Southeast Asian country to become among the first members of the soon-to-launch hub.

“When we inaugurate it, we will invite the Philippines to be amongst the first countries to have a… we call it a residence where you can showcase your investment opportunities in a much more effective manner compared to video conferencing because you bring people in the next of what’s happening,” Schwab stated.

The WEF currently has several service centers worldwide working on various emerging technologies, including artificial intelligence and digital assets.

The invitation comes at a time when the Philippines has emerged as one of the world’s fastest-growing digital asset and blockchain hubs. Chainalysis ranked it second for Bitcoin adoption in 2022, with data showing the country has one of the highest concentrations of NFT wallets. Play-to-earn gaming has also become mainstream in the country, which boasts over 110 million citizens.

WEF’s invitation to the Philippines to become one of the pioneer members of its tech hub thus comes as little surprise.

For its part, the Philippines is bracing itself for increased foreign direct investment as more global firms target one of Asia’s fastest-growing economies. The Philippine Economic Zone Authority (PEZA) earlier lauded Marcos’ participation in the WEF, with Deputy Director General Aleem Siddiqui Guiapal saying that the move will help build the confidence of global investors in the Philippines.

The Philippines is showing the world the power of blockchain technology beyond speculation. As the world’s fourth-largest remittance destination, the country is gradually turning to digital assets as an alternative to the expensive cross-border payment rails. Millions of Filipinos are also taking to P2E gaming and making money from their gameplay.

This rapid adoption is seeing some of the biggest players in the industry flock to the country. Enterprise blockchain company nChain is among those betting on the country, opening a business hub in the heart of Manila in November. The company, which holds the record for the most blockchain technology patents, also recently hosted the inaugural nChain VIP Club private event, which brought together the industry’s movers and shakers.

nChain VIP Club Private Event highlight