Asian players in the blockchain and artificial intelligence industry are sharing their expertise from their particular fields in transforming the Philippines into a digital technology-integrated nation.

Companies such as Xtreme Business Enterprise  and Marvion & Coinllectibles have joined forces with Philippine-based Smart Citi Teknologi in launching three integrated projects dubbed the “Philippine Stable Coin Project”, the “Blockchain-enabled Membership Program for Sustainable Tourism”, and “Investing in a Promising Future: Philippines Art and Heritage” — all set to roll out this July 2023.

During a media launch at the Manila Hotel last Tuesday, Julian So, the chief executive officer of XBE Group, said the “Philippine Stable Coin Project” is considered to be a game-changing initiative aimed at revolutionizing the financial sector in the Philippines.

Measure to alleviate poverty

“It was initiated as a measure to alleviate poverty and improve financial inclusion in the country. The project aims to provide a stable and reliable medium of exchange to the unbanked and the underbanked population, who often have limited access to financial services,” So said.

According to So, the key feature and benefit of the Philippine Stable Coin is that it is decentralized, which means that transactions can be carried out directly without intermediaries, increasing transparency and ensuring security.

“Also, the Philippine Stable Coin is fast and efficient, as the use of blockchain technology ensures fast and efficient transaction processing, facilitating instant settlement and enabling low-cost remittances. It is also stable and reliable as the coin is pegged 1:1 to the Philippine peso, making it stable and minimizing the risks of volatility that are commonly associated with traditional cryptocurrencies, and borderless, as the Philippine Stable Coin can be used across the world, eliminating the need for currency conversions, and enabling seamless cross-border transactions,” So explained.

Smart Island

Meanwhile, the “Blockchain-enabled Membership Program for Sustainable Tourism” project aims to develop a Smart Island in Roxas, Palawan which is envisioned to be a world-class, high-tech and business and leisure destination.

“Through the use of blockchain, we aim to create a sustainable and forward-thinking development that will bring economic and social benefits to the region,” said Joshua Chu, chief regulations officer of Marvion & Coinllectibles.

He said the membership program focuses on promoting eco-friendly practices, including using biodegradable products and reducing energy consumption, as the island’s natural beauty and sustainability practices make it the perfect location for a luxury membership program.

Auction House

For his part, Mario Marcos, the founder and chief executive officer of Smart City Teknologi, said the third project — ”Investing in a Promising Future: Philippines Art and Heritage” — seeks investment and interest in a prestigious European Auction House, a gateway in promoting and exporting the beauty of the Philippines arts, heritage and culture to the world.

“The auction house will set out to create the world’s first blockchain, AI and Environmental, Social and Governance-powered auction house that meets the needs of modern buyers and sellers. In addition, the adoption of ESG principles in the auction process will promote environmentally friendly and sustainable transactions that positively contribute to preserving the future of the assets being auctioned,” Marcos said.