Last March 21, Southeast Asia Tech Week was held in Makati, Philippines, spearheaded by Digital Pilipinas. The event gathered experts from various sectors to discuss digital transformation in the country, with topics revolving around fintech, NFT, web3, and more.
Both private and public industries participated in a panel discussion aimed at improving the financial architecture of the Philippines. One of the speakers, Ambassador Beaufils, expressed the UK government’s interest in Manila as one of the booming locations in the tech industry.
During the event, a Memorandum of Understanding (MOU) was signed between Digital Pilipinas and DTI-Competitiveness and Innovation Group (CIG). The MOU aims to support startups in exploring new technologies such as AI, raising funding, and finding the country’s next big thing.
Despite the issues with internet connectivity, the younger generation is still interested in getting into industries such as play-to-earn gaming, blockchain, and other digital currencies.
However, with digital transformation comes risks, and the Philippines remains vulnerable to cybercrimes. An example of this is the Ronin Bridge attack on Axie players.
Robert Tayag from CyberQ stated no specific industry is safe from such attacks. As long as cybercriminals know that there is customer data and information that can make them money, it remains vulnerable.
Gaitanidou, Global Blockchain Business Council Ambassador, said that hacks are the reason why regulations are important and should not be feared. Regulations can help with risk mitigation and organisation by providing a clearly laid-out structure.
Luna Securities Co-founder Francis Diaz and Fintech Philippine Association Trustee, Arvie de Vera, stated that regulation is one of the problems in fintech. On the other hand, Gaitanidou and Injada, CEO and Co-founder of Metaverse Ventures and Platform Inc., believe that the issue is trust. Consumers need to trust the vision of every venture. In recent years, trust in blockchain technology has been challenged, making it important to establish trust in the industry.
Moreover, the event also highlighted the future of metaverse, an industry that is continuously growing, as evidenced by large companies like Meta optimising it.
Southeast Asia Tech Week led by Digital Pilipinas has provided insights into the digital transformation in the Philippines. It showcased the potential of the country’s digital industry, as well as the challenges and risks that come with it. The event highlighted the importance of regulations and trust-building to ensure a safe and secure environment for all industries.