Philippines: Blockchain-based solution Twala receives P4.6M grant from DOST
Twala, a blockchain-based solution for businesses, is one of the latest recipients of the DoST Grant Fund Program. The Philippine Department of Science and Technology (DOST) – Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) awarded the blockchain startup a grant of PHP 4.6 million (USD 82,333) to stimulate the business solution.
PCIEERD, through its Grant Fund Program, aims to provide startups in the country with financial assistance to increase their reach. The initiative is a bi-annual approach and reports suggest that Twala is one of the latest grantees.
IT engineer Jeffrey Reyes, co-founder and CEO of Twala, highlighted the importance 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 will further increase research and development activities with the grant.
“We thank DoST-PCIEERD for their support. Despite the growing adoption, blockchain’s full potential is yet to be realized,” said Reyes. “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 start-ups applied for the Grant Fund program organized by DoST-PCIEERD. But besides Twala, only five other startups benefited from the program recently. These include real estate company Brooky, Olivia Technology Group and hardware store Hubware, among others.
Chief Technology Transfer Officer at DoST-PCIEERD, Russel Pili, noted that the agency is looking to help more startups in the future. Pili acknowledged the massive capital tech startups require to meet their commitments in the sector. She cited this as the main reason for the Grant Fund program.
Twala offers e-identity and e-signature solutions to customers
Founded in October 2020, Twala is a Manila-based technology startup facilitating e-signature exercises via blockchain, with services available to professionals, SMEs and large corporations.
Twala generally offers two digital solutions to its customers: Twala Identity and Twala Sign. With Twala Identity, the startup helps customers 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 in the last 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 to innovation in the country. In light of this, Twala has everything it needs to thrive, being domiciled in a convenient jurisdiction.
See: BSV Global Blockchain Convention panel, Re-Inventing Business with Blockchain
New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – originally envisioned by Satoshi Nakamoto – and blockchain.
