Smart Citi, foreign firms partner for digital technology integration

MANILA, Philippines — Filipino firm Smart Citi Teknologi (SCT) has partnered with three foreign firms to launch three projects involving digital technology integration.

On Tuesday, SCT said the partnership with   Hong Kong-based firms Xtreme Business Enterprise (XBE) and Coinllectibles Inc., as well as Singapore’s Marvion, involves the launch of three integrated projects in the country, particularly the Philippines Stable Coin; Blockchain-enabled membership program for sustainable tourism; and Investing in a Promising Future: Philippines Art and Heritage project.

In an interview with reporters, SCT president and CEO Mario Marcos said they plan to officially launch the three projects within the next two weeks.

According to SCT, the Philippine stable coin project is a game-changing initiative aimed at revolutionizing the financial sector in the Philippines.

It said the project aims to provide a stable and reliable medium of exchange to the unbanked and underbanked population, who have limited access to financial services.

“The Philippines stable coin is decentralized, meaning that transactions can be carried out directly without intermediaries, increasing transparency and ensuring security,” the company said.

Under the project, coins are pegged at a one to P1 ratio, making it stable and minimizing the risks of volatility that are commonly associated with traditional cryptocurrencies.

The project will use blockchain technology to ensure fast and efficient transaction processing.

Also part of the integrated projects is the Blockchain-enabled membership program for sustainable tourism.

The project aims to develop an island in the Philippines into a world-class high-tech business and leisure destination, according to SCT.

“Through the adoption and implementation of innovative technologies including blockchain, AI, and ESG (environmental, social and governance) strategies, we aim to create a sustainable and forward-thinking development that will bring economic and social benefits to the region,” the company said.

The membership program focuses on promoting eco-friendly practices, including using biodegradable products and reducing energy consumption.

Moreover, the third project seeks investment and interest in a prestigious European auction house, a gateway for promoting and exporting the beauty of the Philippines’ art, heritage and culture to the world.

The auction house aims to create the world’s first blockchain, AI, and ESG powered auction house that meets the needs of modern buyers and sellers.

“The Philippines is rich in art and cultural heritage, with many valuable items available for purchase through the country’s auction houses. The platform will help promote and support these art and culture initiatives by increasing the reach and prominence of local auctioneers, which could lead to improvements in preservation, appreciation and recognition of local art and heritage,” SCT said.

In addition, the company said the adoption of ESG principles in the auction process would promote environmentally friendly and sustainable transactions that positively contribute to preserving the future of the assets being auctioned