Blockchain pioneers and experts in the country have established Blockchain Association of the Philippines (BAP) to spread the understanding and better utilization of this disruptive technology.
Mr. Justo Ortiz, Chairman of Union Bank and also chairman of BAP, announced that the association’s aim is to give Filipino entrepreneurs, corporate executives, and fintech professionals guidance on how to use blockchain in businesses. In addition, it will also help the unbanked public experience financial inclusion.
“The legacy systems of banking have kept a lot of companies siloed because it was designed precisely for financial exclusion which is the great injustice.” – Mr. Ramon de Vera, Head of Union Bank’s Fintech Business Group
Small and medium enterprises (SME) are also in BAP’s radar, as the association also wants them to learn how to use blockchain technology in their businesses. BAP believes that using it will help grow the SME sector in the country.
The founder and CEO of Acudeen Technologies Pte Ltd, Mr. Mario Fetalino III, also shared in a speech how blockchain can give accessible financing to SMEs.
Together with the announcement of BAP’s establishment, Union Bank’s Project i2i was also launched. Its aim is to serve as a catalyst in helping the 35 million unbanked population in the country.