The local office of Singapore-based cryptocurrency and blockchain platform provider NEM Technologies has partnered with the Cagayan Economic Zone Authority (CEZA) to build the first ever blockchain hub in the Philippines.
The Memorandum of Understanding (MoU) was signed by representatives of NEM and CEZA during the Business Law Conference 2018 held at De La Salle University (DLSU) in Manila on July 28.
Among the signatories were NEM Philippines head Emerson Fonseca, NEM.io regional head of New Zealand and Australia Nelson Valero, and CEZA administrator and CEO Raul L. Lambino.
The hub, which will be located in Sta. Ana, Cagayan, will serve as an education center for Filipinos with shared space opportunities. Companies and individuals can go to the hub to hold their events there, use it as a working space or as a study station to learn more about blockchain technology.
“The goal of NEM is to help educate the Filipino people and provide [its] services to make sure that blockchain systems and any other case use will be legitimate,” said Mike David, legal consultant for CEZA and DLSU faculty member for commercial law.
“It’s more of a blockchain education hub where they will basically replicate what they have in other countries,” David added.
NEM recently opened a blockchain hub in Kuala Lumpur, Malaysia and will open more sites in Australia and New Zealand.
The crypto and blockchain platform provider is also slated to partner with DLSU to educate its students about blockchain not just in the general sense but in a more detailed and comprehensive manner.
“They will teach them how to code. They will teach them how to build the whole system. In fact, it was done in different colleges before,” said David. “But here in DLSU, we will institutionalize it and help them with the research at the same time.”
David added that DLSU is hoping to achieve this with the help of the university’s various departments.
The MoU also signals NEM’s move to CEZA as one of its locators. The government-owned and controlled corporation manages the development of the Cagayan Special Economic Zone and Freeport, an industrial, commercial, financial, tourism and recreation center in Cagayan province.
The DLSU event, dubbed “Business Law Conference 2018: Intro to Crypto” tackled the banking applications of blockchain and cryptocurrency, some use cases, the legislative aspect, and blockchain technology within the Philippine context.