Largest PH Coop Group Taps DOST-Backed Twala to ‘Digitize Cooperatives’

NATCCO, the largest cooperative federation in the Philippines, partners with DOST-backed Twala to digitize cooperative operations.

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  • NATCCO signed a two-year contract with local startup Twala, marking a shift towards financial inclusion via digitizing traditional cooperative processes.
  • The collaboration designates NATCCO as the exclusive distributor of Twala’s products to member cooperatives, facilitating operational modernization.
  • Twala’s co-founder, Atty. Herminio “Third” Bagro, discussed the potential of electronic and digital signatures to transform cooperative procedures and promote expansion.

Aiming to further promote digitalization among cooperatives in the country, the National Confederation of Cooperatives (NATCCO), a federation of more than 700 cooperatives in the country, has recently signed a two-year contract with Twala, a DOST-backed e-signature platform utilizing blockchain technology. 

 NATCCO and Twala Forge a Transformative Partnership

In a statement, the organizations highlighted that the contract, valued at ₱2 million, signifies the beginning of a new era of financial and social inclusion in the cooperative industry, achieved by digitizing traditional paper-based processes.

The collaboration was announced at the conclusion of NATCCO’s inaugural Billionaire Co-ops’ Summit 2023 with the theme “Builders of Sustainable Sector and Country,” held at the Eastwood Richmonde Hotel. The summit was attended by more than 40 member cooperatives, defined as those with assets totaling at least ₱1 billion each.

Following the partnership, Twala confirmed that NATCCO is now among the exclusive distributors of the platform’s products and services to its member cooperatives nationwide. 

This will also enable cooperatives to modernize their operations and improve member services using innovative digital solutions, according to Twala.

Moreover, the federation also signed a two-year subscription with the platform to use its document automation solutions, which is expected to increase efficiency, reduce costs, and improve security in online transactions, thereby promoting both cooperative growth and social progress.

Billionaire Co-ops Summit 2023

During the summit, Twala’s co-founder and general counsel, Atty. Herminio Bagro, discussed the legal structure concerning electronic and digital signatures in the country, highlighting his firm’s potential to transform cooperative procedures and foster expansion.

“The Philippines has sufficient legal and administrative rules and issuances that recognize electronic and digital signatures as equivalent to wet signatures,” Bagro said. 

He also noted that the partnership strengthens Twala’s position in the cooperative movement’s transition to the digital age. 

“The partnership with Twala marks a turning point in our cooperative movement. This alliance brings together the expertise of NATCCO and the innovation of Twala to empower cooperatives with the tools they need to excel in today’s digital age. Together, we’re building a stronger, more sustainable future.“ NATCCO CEO Engr. Sylvia Paraguya stated.

The media release further affirmed that the NATCCO-Twala partnership during the event is a testament to the fact that local innovative startups can provide the solutions that the local market needs to address digitalization challenges.

Recent Twala Activities

In April, Twala partnered with the Supreme Court to aid in formulating regulations for electronic notarization. The collaboration comes as the Supreme Court seeks input on regulations facilitating e-notarization. Moreover, Twala also suggested the potential integration of blockchain for enhanced security in notarizing documents, though no confirmations regarding its implementation have been provided.

In November 2022, Twala unveiled its self-developed digital self-sovereign identification (SSI) card, which can be used to log in to various applications and websites. It indicated that self-sovereign identities (SSIs) can minimize identity theft and fraud by giving individuals control over their personal data.

Prior to these developments, in August of the previous year, the startup received a grant worth ₱4.6 million from the Department of Science and Technology (DOST)-Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD). The award aims to further help firms power their remote or hybrid work arrangements through the startup’s digital signature solution.

This article is published on BitPinas: PH’s Largest Coop Group Taps DOST-Backed Twala to ‘Digitize Cooperatives’

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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