To spur the development of smart cities in the Philippines, Singapore-based BCB Blockchain has signed a memorandum of agreement (MoA) with Manila.

According to a November 23 press release, BCB Blockchain contributed $300,000 to support incubators and startup accelerators in the Philippines by signing an MoA with the Philippine Council for Industry, Energy, and Emerging Technology Research and Development, Cointelegraph reported.

The joint initiative aims to facilitate the development of local startups focused on the creation of smart city projects and applications. Additionally, the company has reportedly partnered with a range of local educational institutions to share its expertise and contribute to research and development, promotional activities, hackathons, collaborative endeavors and other projects for smart city or blockchain development.

Douglas Gan, CEO of BCB Blockchain, said: “We will guide and provide them the access to hands-on workshops, funding, materials, events and technical support.”

This summer, the Department of Information and Communications Technology (DICT) of the Philippines signed an MoA with US-based blockchain firm Monsoon Blockchain Storage, Under the deal, Monsoon was set to act as a blockchain consultant and adviser to the DICT, offering services such as cost-benefit and socio-economic analyses regarding blockchain solutions in the Philippines.

Also read: How blockchain will ‘reshape’ people’s lives

Meanwhile, Philippine Senator Grace Poe said that local lawmakers should not be in a hurry to pass financial technology regulation. Poe stated:

“To most of our countrymen, this is alien to them, but in fact some of them have been availing of it through online lending. And without the proper information and education, a lot of them are actually victimized.”