TAIPEI, April 30, 2024 /PRNewswire/ — On April 25th, the national startup brand, Startup Island TAIWAN, led 15 Taiwanese digital technology startups to host the TW-PH Tech Summit: Big Data, New Economy. This marked the first collaboration with key communities such as TechShake, 917 Ventures, and Immorta Corp. With support from Taipei Economic and Cultural Office in the Philippines, the Philippine Department of Trade and Industry, the Department of Information and Communications Technology, and National Development Company, Taiwan’s startup solutions were showcased in Manila. The event was highlighted by heavyweight representatives from the unicorn startups GCash and Gogoro Philippines, bridging cooperation in the digital new economy.
At the event, Dr. Leonila Baluyut, representing the Philippine government from the Department of Trade and Industry, explained that the Greater Manila Area has over 1,000 startups in its ecosystem, valued at $3.5 billion. Furthermore, the size of the digital economy reached $350 billion in 2023, and with government support and investment expectations, it is expected to maintain high growth in the coming years. She expressed confidence that Taiwan’s startups would seize the market potential and favorable conditions to find more investment and business opportunities in the Philippines. Attending were also major companies such as BDO Unibank, venture capital firms Ideaspace Ventures and Kickstart Ventures, and the important community partner QBO. Additionally, against the backdrop of close cooperation among Taiwan, Japan, and ASEAN, many Japanese guests also attended to network, such as Marubeni Corporation, Docomo Ventures, and JETRO, highlighting their interest and support for Taiwanese startups.
A total of 15 Taiwanese digital technology startups participated, covering various areas of Taiwan’s startup strengths, including e-commerce and finance, cybersecurity and trust technology, smart manufacturing and IoT, as well as sustainable and related industries. Several Taiwanese startups have already established operations in the Philippines, even setting up local teams there. For example, the lifestyle enjoyment platform FunNow and trust technology software company Gogolook are actively expanding their business in the Philippine market. Furthermore, startups with successful experiences in Southeast Asia are seeking joint ventures or sales partnerships to accelerate their market entry. Examples include Kdan Mobile, which sees high growth potential for eSignatures in the ASEAN market, MedFluid, which provides antibody testing for the pet medical market, and the digital transformation solution provider Turn Cloud. Turn Cloud has reportedly secured its first order for an integrated digital shipping system in the Philippines and has also signed an MoU with National Development Company, achieving significant milestones in the country’s digital development landmark.
Startup Island TAIWAN invited the Philippine fintech unicorn GCash, along with 3 NEXT BIG companies – the electric two-wheeler leader Gogoro, the AI cybersecurity solution provider Cycraft, and FunNow – to discuss the digital economy and data applications in Taiwan and the Philippines. Bernard Llamzon, the CEO of Gogoro Philippines, believes that the Philippines’ advantage lies in its large daily population movements, which increase opportunities for diverse services and provide key data for smart city development. Meanwhile, Ferdie Perez, Head of Product Innovation at GCash, highlighted that data privacy is a major concern for GCash users and the government.
The TW-PH Tech Summit received unprecedented attention and response from the Philippines public sector and major enterprises, successfully connecting the startup ecosystems between Taiwan and the Philippines.
Startup Island TAIWAN symbolizes a journey from a startup island to the international arena. It demonstrates to the world the strong ambition and capabilities of Taiwan startup companies as well as their intention and ability to contribute to other startup ecosystems around the world. The vision for the brand is to become the destination for innovation and entrepreneurship for startups all over the world, and also a launchpad to expand globally.
Source : Taiwan & the Philippines Innovation Powerhouses Shine on Digital Technology Summit
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