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) – The Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) awarded the blockchain startup a $4 grant .6 million PHP (82,333 USD) to encourage the commercial solution.
The PCIEERD, through its grant fund program, aims to provide startups nationwide with financial assistance to help them increase their reach. The initiative is a biannual approach and reports suggest Twala is one of the most recent recipients.
Computer engineer Jeffrey Reyes, co-founder and CEO of Twala, stressed 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 would further strengthen its research and development operations with the grant.
“We thank DoST-PCIEERD for their support. Despite its growing adoption, the full potential of blockchain has yet to be realized,” Reyes said. “We want to leverage our experience and knowledge to dig deeper into this trend and learn more about how blockchain can improve our lives,” he added.
Thirty-eight startups applied for the Grant Fund Program organized by the DoST-PCIEERD. However, besides Twala, only five other startups have recently benefited from the program. These include real estate company Brooky, technology group Olivia and hardware store Hubware, among others.
Technology Transfer Director at DoST-PCIEERD, Russel Pili, noted that the agency is looking to help more startups in the future. Pili acknowledged the huge capital required by tech startups to fulfill their obligations in the sector. She cited this as the main reason for the grant fund program.
Twala provides electronic identity and electronic signature solutions to its customers
Founded in October 2020, Twala is a Manila-based tech startup that facilitates e-signature exercises via blockchain, with services available for professionals, SMEs, and large enterprises.
Twala generally provides two digital solutions to its customers: Twala Identity and Twala Sign. With Twala Identity, the startup helps its customers manage their unique identities via the blockchain. With its electronic signature approach, Twala offers users the ability to digitally sign documents with ease. The electronic signature is linked to the user’s digital identity on the blockchain.
Twala has experienced significant growth over the past two years. The company aims to bring its blockchain solutions to local and international businesses. The recent grant demonstrates the Philippine government’s supportive approach to innovation in the country. In light of this, Twala has everything she needs to thrive, being domiciled in a convenient jurisdiction.
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