by | Aug 6, 2024 | Business
Vingroup, Vietnam’s largest private conglomerate, has secured market leadership in various sectors by focusing heavily on customer satisfaction. Its operations, from real estate to technology and beyond, are deeply rooted in a customer-centric philosophy, which has played a key role in its success.
From the gleaming high-rises of Vinhomes to the futuristic VinFast electric cars zipping through traffic, Vingroup’s presence is ubiquitous across Vietnam’s dynamic landscape. This sprawling conglomerate, the nation’s largest private enterprise, has cemented its presence in sectors as diverse as real estate, technology, hospitality, healthcare, and education, etc. Yet, Vingroup’s ascent to dominance isn’t solely attributed to ambitious expansion or diversified investments. Instead, it’s a tale of unwavering commitment to a customer-centric philosophy, a mantra woven into the very DNA of the company.
The DNA of Vingroup
Vingroup’s customer-centric philosophy is more than just a marketing slogan; it’s deeply ingrained in the company’s culture and guides every decision – from product development and customer service interactions to market expansion.
This dedication to the customer is not a recent development; it’s been ingrained in Vingroup’s DNA since its humble beginnings as Technocom in Ukraine in 1993. Their initial foray into the market with instant noodles presented a unique challenge: Ukrainian consumers were skeptical of the novel concept of a food product that could be ready to eat after mere minutes in boiling water.
Rather than resorting to traditional marketing tactics, founder Pham Nhat Vuong adopted a hands-on approach, directly engaging with potential customers to demonstrate the noodles’ preparation and highlight their convenience. This direct interaction and customer education proved crucial, leading to widespread product acceptance.
This early experience cemented Vingroup’s understanding that success lies in forging genuine connections with customers, going beyond simply selling a product to understanding and addressing their needs and concerns.
A poignant example of this is a letter Pham Nhat Vuong received from a Ukrainian veteran, expressing gratitude for how Technocom’s instant noodles had helped his family through tough times. The veteran’s words, “Thank God, thanks to that, it’s easier to swallow other food,” underscored the profound impact the company could have on people’s lives.
Customer-Centricity in Action
Before embarking on ambitious projects like the Vinpearl resort chain, Pham Nhat Vuong immersed himself in the world of hospitality through “field missions” to successful ventures in Thailand and Singapore. The firsthand insights gleaned from observing customer interactions and experiences proved invaluable in shaping Vinpearl’s offerings, ensuring they catered to the unique desires and expectations of Vietnamese families and tourists.
Vingroup’s attentiveness to evolving customer needs is evident in its strategic move into the electric vehicle space in Vietnam through VinFast. Recognizing the growing global demand for sustainable transportation and the specific preferences of Vietnamese consumers, the company has developed a range of electric vehicles that seamlessly blend cutting-edge technology with features tailored to the local market.
Customer satisfaction remains paramount, as demonstrated by VinFast’s decision to enhance support for existing gasoline vehicle owners even after shifting its focus entirely to electric vehicles.
“With VinFast gasoline cars, we not only maintain our existing commitments but also enhance them with even more beneficial policies and services,” affirmed Pham Nhat Vuong in a 2022 interview with VnExpress. “For instance, we’ve extended the warranty period to 10 years, which is two to three times the industry standard, and introduced a convenient Mobile Service option. We’ve also increased our spare parts inventory by 50% compared to usual practice.”
This dedication to after-sales support is fundamental to VinFast’s identity. The company has enshrined “excellent after-sales service” as one of its three core values, alongside premium-quality cars and inclusive pricing. This customer-centric philosophy has proven instrumental in VinFast’s expansion into North America and Europe and is now driving its entry into the Southeast Asian market.
In the Philippines, VinFast continues to adhere to this customer-centric philosophy by offering unique options like a flexible battery subscription program, designed to address concerns about battery ownership and cost.
Additionally, VinFast prioritizes customer peace of mind throughout the EV ownership journey by providing market-leading policies, such as a comprehensive 7-year/160,000 km warranty for the recently launched VF 5 and VF 3 models.
Vingroup’s customer-centric approach has propelled the company to market leadership across multiple sectors in Vietnam. This dominance has not only translated into economic success but has also had a significant social impact, creating jobs and contributing to community initiatives.
The conglomerate’s success story underscores the transformative power of a customer-centric philosophy. By deeply understanding and prioritizing customer needs at the outset, Vingroup has built a diverse and thriving business empire. This approach positions it for sustained growth and influence.
Source: VinFast Global Communications
by Ferry Bayu | Aug 6, 2024 | Business
Featuring local multilingual songs as a symbol of the collective strength and diversity of Singaporeans in the performing arts industry
This National Day, Musical Touch is proud to present a celebratory tribute video in line with the theme “Together, As One United People,” which highlights the collective strength of Singapore local musicians and locally produced songs. This heartwarming video is in conjunction with Singapore’s 59th birthday to celebrate the occasion and uplift those around through the joy of music.
Featuring a medley of our beloved local and NDP songs that all ages can sing along to and filmed at iconic locations across Singapore, this video serves to honour the immense progress Singapore has achieved since independence and to pay homage to all things that make us who we are – from our globally recognised architecture to the hawker stalls and to family and kinship. This musical medley aims to foster the national spirit and as an expression of appreciation to the extraordinary talent that Singapore has produced.
Filmed over 20 days, the video is a tribute to the musical talents that our country has produced over the years.
Some notable songs are: “Count on Me Singapore”(1986), “Di-Tanjong Katong”(1930s period), “Stand Up for Singapore”(1984), “Munnaeru Vaalibaa”(1966), “Home”(2004), and “Where I Belong”(2001).
Parts of the video were filmed at iconic Singapore locations such as: Jewel Changi Airport, The Singapore River, Sultan Mosque, Chinatown, Botanic Gardens, Orchard Road, The Singapore Flyer, The Esplanade, and Marina Bay.
by Ferry Bayu | Aug 4, 2024 | Business
Venom Foundation is excited to announce its proposal to digitize the Philippine government’s accountable forms, including invoices, receipts, cash tickets, documentary stamps, and special bank receipts. Each item will be securely tracked and managed, representing the world’s largest blockchain implementation. This showcases Venom’s capability to handle extensive, sovereign-level projects.
A Shift in Blockchain Adoption:
This project is a significant opportunity not just for Venom but for the entire blockchain industry. It marks a major shift in how governments view and use blockchain technology. By selecting Venom, the Philippine government is demonstrating a strong trust in blockchain as a secure, scalable, and efficient solution for national operations. This initiative will transform data, transaction, and record-keeping practices, setting new standards for transparency and efficiency.
Project Scope and National Impact:
The Philippines plans to digitize approximately 10 billion transactions using Venom blockchain technology, marking a substantial step in the country’s digitalization efforts. This project is expected to enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation. The initiative will have a broad impact, influencing daily life and commerce for the country’s 115 million residents.
Strategic Choice and Technological Superiority:
Initially, the Philippines considered IBM’s Hyperledger for their digitization efforts but ultimately chose Venom. Venom’s unmatched scalability, high throughput, security, and low transaction costs made it the best choice for both government and corporate needs. This decision supports the country’s efforts to modernize financial operations, bringing efficiency and transparency, and helping to control inflation. Venom offers a strong foundation to manage the growing demands of this significant project.
Economic Potential and Benefits:
The digital transformation driven by Venom blockchain could generate up to USD 101.3 billion (PHP 5 trillion) in annual economic value by 2030, representing about 27% of the Philippines’ GDP in 2020. This economic growth could significantly improve citizens’ quality of life and support infrastructure development.
Government Support and Vision:
The National Printing Office (NPO) of the Philippines, which prints around 10 billion accountable forms annually, is leading this digitization effort with Venom. President Ferdinand “Bongbong” Marcos Jr. prioritizes digitization to improve essential services and reduce corruption. He believes digital government records and services will enhance the country’s planning, decision-making, and business processes.
Technological Leadership and Network Growth:
The Philippines’ potential adoption of Venom blockchain marks a new phase in the network’s growth. The influx of billions of transactions will bring immense value to the network and introduce it to millions of new users, offering a model for other large-scale projects. This surge in transactions will also make being a validator on the Venom network more rewarding.
CEO’s Perspective on Digital Transformation:
Venom Foundation’s CEO, Christopher Louis Tsu, emphasized the benefits of transitioning from paper to digital receipts. He highlighted the cost savings and significant use of Venom blockchain through hundreds of millions of Venom tokens annually. With its high transaction speed and low costs, Venom is positioning itself as a leader in institutional blockchain solutions.
By selecting Venom, the NPO and the Philippine government demonstrate their readiness to embrace advanced technologies for better governance and public service outcomes.
About the National Printing Office (NPO):
NPO is the leading Recognized Government Printer in the Philippines, responsible for producing essential government forms and documents. This digitization project, supported by Venom’s blockchain technology, aims to improve the efficiency and security of government services.
For further details, please refer to the official Philippine government release: Venom Blockchain Boosts Digitization in the Philippines.
by Penny Angeles-Tan | Aug 3, 2024 | Events
On July 26, the Manila Bridal Fair commenced with a ribbon-cutting ceremony at the hotel lobby, beautifully adorned with a backdrop by Joyce Aguilar and live entertainment by Music Podium Entertainment.
The ceremony was graced by Atty. Jose D. Lina, Jr., president of Manila Prince Hotel; Elaine Santos, Vice President for Administration of Manila Prince Hotel; Marvin Kim Tan, Vice President for Sales and Marketing of Manila Prince Hotel; and Charlie Dungo, Director of the Department of Tourism, Culture and Arts of Manila.
Distinguished attendees included representatives from Manila Bulletin, led by Badette Cunanan, Public Relations Manager, and Barbie Atienza, Head of External Affairs and Human Resources, as well as The Manila Times, led by Blanca Mercado, President and Chief Operating Officer, and Roda Zabat, Vice President for Sales and Marketing.
Following the ceremony, guests, friends from the media, and content creators were given an exclusive tour of the fair to explore various exhibits. The entrance at the Grand Ballroom featured a stunning black and white-themed tunnel designed by none other than Amante Fleurs.
Showcase of Exhibitors
The fair showcased an impressive line-up of over 20 exhibitors including Amante Fleurs, Angeline Cakes, Babaylan Coffee, Big Day by Charles and Co., Cakecologist, Caricatures by Kristina Bogus, Destileria Limtuaco and Co., Inc., Events by Thoffy, FYI Events, Flowers by Alvin, Joyce Event Styling, Lawrence Tapalla, Mixcraft Professional Sounds and Lights, MTC Events, Music Podium Entertainment, Myra Lorenzo, Myrtle Salvador, Paper Flowers Manila, Photoculture, Purple Mix Lights & Sounds, Sentimental Groove Music, SM Store Manila, The Artisan Cellar Door, and Winvih Mobile Bar.
The evening culminated in a stunning bridal fashion show hosted by Mike Acuña, highlighting ready-to-wear gowns and suits by Carina Canlas, Fatima Beltran, Ryan Chris, and members of Designers Circle Philippines: Bepz Torres, Ron Ryan, Edwin Uy, and Johnny Abad.
Evening Bridal Fashion Show
The evening Bridal Fashion Show opened with Atty. Joey Lina sang a duet with Noble Queen Earth 2023, Ms. Janina Lorelei called The Prayer, a song originally performed by Andrea Bocelli and Celine Dion. Following this number, Atty. Lina performed two additional songs for the delighted audience.
The show was attended by The Manila Hotel executives, Badette Cunanan and Barbie Atienza of Manila Bulletin, and Ron Ryan Buguis and Dafort Villaseran of The Manila Times. Marvin Kim Tan led a celebratory toast, and guests enjoyed a selection of pass-around cocktails throughout the evening.
Day Two Highlights
The second day, July 27, featured an engaging talk by Benz Co-Rana, the founder of Weddings at Work, who shared her valuable insights and personal experiences with couples and wedding suppliers, enriching the event with her expertise.
The Manila Bridal Fair by Manila Prince Hotel proved to be a resounding success, offering a unique platform for wedding professionals and couples to connect, collaborate, and celebrate the beauty of love and commitment.
Special thanks to event partners: Manila Bulletin, Wedding Essentials, The Manila Times, Wheninmanila.com, Department of Tourism, Culture, and Arts of Manila, Mixcraft Professional Sounds and Lights, Weddings at Work, SM Store Manila, Destileria Limtuaco and Co., Inc.
About Manila Prince
Manila Prince Hotel, a subsidiary of The Manila Hotel, is situated in the heart of Manila’s business district and is close to the city’s historical tourist spots as well as the main transportation hubs. With its 300 well-appointed rooms, 6 function rooms and ballrooms, an elegant lobby with 24-hour reception, a business center, a swimming pool, and gym access, the Manila Prince Hotel offers value for money and stylish comfort.
Along with excellent service and luxurious hospitality, the hotel has two (2) exciting dining outlets: Marcelino Street Café, the all-day dining restaurant, and Dragon Court, the Chinese restaurant that serves Chinese cuisine.
It also has a speakeasy bar called Hyde Manila, a hidden gem that will transport its patrons into a realm where time stands still and cocktails are crafted with artistry that transcends the ordinary. The hotel is also connected to the UN Square Mall for convenient shopping and dining. These and more make Manila Prince Hotel a top choice for leisure and business travelers.
by Ferry Bayu | Aug 2, 2024 | Business
From a love of the arts as a child to a curiosity about human behavior, Claudette has turned her passion for learning into a career of sharing knowledge. Her colorful path intertwines different fields while supporting her mental health and child protection advocacies.
At the young age of 3, Claudette already wanted to be an artist. Throughout her student years, she excelled in academics and the arts, driven by an insatiable curiosity for everything from mathematics to sciences and literature. She would study everything if it were possible.
She decided to major in psychology during her college years, yet her passion for the arts never waned. She was known as the artist in all her classes, teaching herself creative design software and learning to play musical instruments. She was active during her college days. She was a member of the school’s official publication and part of the institution’s chorale. She is a natural artist, though she never enjoyed dancing.
After graduation, Claudette didn’t expect that her childhood dreams would come true while pursuing a career in psychology.
She began as a Research Assistant in the psychology field, followed by three years as a guidance designate in a public school. This role provided her with first-hand experience with students struggling both academically and emotionally, which deepened her commitment to child protection advocacy.
She handled challenging cases that required collaboration with teachers, administrators, LGUs, and other stakeholders. These three years felt like ten, given the intensity of the experiences and the traumas she witnessed in children.
Her communication and facilitation skills flourished during this time, inspiring her to become a teacher. This role allowed her to better understand her students while continuing her own learning journey.
She took teaching units, passed the licensure examination on her first attempt, and was hired as a public school teacher, despite having no prior teaching experience. Her students adored her, and she discovered a passion for shaping young minds into future leaders, a cherished experience she will carry forever.
Unexpectedly, Claudette’s career in the arts took off during the pandemic lockdown when she was hired as a cartoonist. Despite previous rejections for art-related positions due to a lack of professional experience, she took a brave step and applied. This marked the beginning of her journey as an artist. She balanced full-time teaching with freelance artistic work, accumulating four years of experience in the field.
The rapid changes and challenges of the COVID-19 pandemic flew by as she adapted and thrived. Her advocacy expanded from child protection to human rights as she delved into teaching social science. She is also passionate with mental health advocacy.
In May 2023, she represented the Philippines as a delegate and team leader for the Debate 2 Regulate (D2R) Future Online Safety Leaders Program in Bangkok, Thailand.
Organized by the ASEAN-Australia Strategic Youth Partnership and the eSafety Commissioner, this program allowed Claudette to engage with policymakers, experts, and delegates from across ASEAN and Australia.
She led Team Philippines in a Model UN-style debate, resulting in an Honorable Mention for Professionalism and Diplomatic Values.
Currently, Claudette is a full-time multimedia specialist, freelance tutor, and graphic artist. She is also pursuing a master’s degree in clinical psychology while supporting her family’s business with her marketing and creative expertise.
How does she manage her time? She doesn’t. She simply does what she feels like (within the rules of her work).
Does she still get enough sleep? Indeed, she actually gets 8 hours of sleep.
Does she have hobbies? Many.
Can she do her hobbies while working and studying? No, but she finds time for them—sometimes in the middle of other activities. She has a very short attention span.
Does she have a love life? Yes, a very supportive one and is also a multipotentialite.
Does she have a life? Yes, and it is indeed a colorful one, with a wide spectrum of hues.
“Contrary to the saying that a jack of all trades is a master of none, I believe that one can master anything if they commit and pour their heart into it. While one may not master everything, they can certainly excel in more than one area. Why choose one when you don’t have to?”– ClaudetteInfo for hyperlink: https://linktr.ee/clautercias
by | Aug 2, 2024 | Business
Welcome! He is Jez Jaim, a dedicated video editor and ad analyst with a passion for creating compelling visual content that drives engagement and sales. With three years of experience in the industry, He specialize in helping businesses, particularly those selling products online and real estate professionals, craft videos that not only captivate their audience but also motivate them to explore and purchase their products.
His Journey
My path to becoming a video editor wasn’t a conventional one. Originally trained as a civil engineer and master plumber, He always harbored a desire to work from home. This led him to explore various skills he could offer online, and he discovered a passion for video editing—a skill he had been dabbling in since his college days. Recognizing the potential impact of video ads, He decided to focus on this niche and refine his abilities.
In 2020, He began taking on video editing side projects, but it was during the pandemic that his career took a significant turn. Amidst the global uncertainty, He landed a client who believed in his skills and offered him a full-time position as an in-house video editor. This opportunity solidified my commitment to the field and allowed him to grow and excel in his craft.
Early Influences
Before securing a stable client base, He had the privilege of working with notable brands such as Home Angel Realty and Skin Philosophie, a beauty and wellness business. These experiences were instrumental in shaping his skills and igniting his passion for creating impactful visual content.
Learning and Inspiration
His journey has been fueled by continuous learning and inspiration. He have honed my craft through platforms like Domestika, YouTube, and various online video editing courses, constantly seeking new techniques and ideas to enhance his work.
My Services
He offer a comprehensive range of services to meet your video marketing needs, including:
Video Ads Editing: Transforming raw footage into polished, professional ads.
Planning and Analysis: Strategizing and evaluating video content to ensure maximum impact.
Chatbot Creation: Developing automated chat systems to enhance customer interaction and streamline communication.
My Unique Approach
What sets him services apart is his data-driven methodology. He meticulously analyze data to inform every aspect of video creation, from selecting specific scenes to applying advanced techniques like seamless transitions, vibrant color grading, and engaging subtitles. This ensures that each video is not only visually appealing but also strategically crafted to resonate with your target audience.
Achievements
He take pride in my role as the video editor for a rapidly growing company in the hair color market. Through our collaborative efforts, we have achieved remarkable success, generating $1.6 million in sales per month. This accomplishment is a testament to the power of well-executed video marketing and the value it can bring to your business.
My Mission
His goal is simple: to help you achieve your video marketing objectives. Whether you need a captivating ad to showcase your latest product or a strategic analysis to optimize your video content, I’m here to provide the expertise and support you need to succeed.
Coach Boost Gio and Kwento Co
by Penny Angeles-Tan | Aug 2, 2024 | Art and Science
Acclaimed artist Kublai Millan’s latest exhibit, Land of Premise, was officially inaugurated at The Manila Hotel’s Art Gallery on August 1, 2024. This solo exhibit, featuring a compelling collection of 14 paintings, invites guests to explore the untapped potential of Mindanao and envision a future where its promises are fulfilled.
In his remarks, Kublai emphasized that
Land of Premise is more than just an artistic showcase; it is a bridge to understanding Mindanao’s rich heritage and future possibilities.
“Words cannot build a future. Only actions and resources can. Know the premise so we can conceive a fulfillable promise,” he stated.
The opening reception featured a ribbon-cutting ceremony led by Kublai Millan, along with Marvin Kim Tan, The Manila Hotel’s vice president for sales and marketing, Jeremy Barns, Director-General of the National Museum of the Philippines, Cecile Guidote Alvarez, founder of Philippine Educational Theater Association, Nancy dela Rosa, wife of Senator Ronald “Bato” dela Rosa, and Flora Chua, member of the Board of Philippine Cancer Society.
The ceremony was attended by distinguished guests, including Dr. Jaime Laya, president of Philtrust Bank, Atty. Elba Cruz, CEO and chief curator of Manila Clock Tower Museum, as well as representatives from the office of the Vice Mayor, City of Manila, and the Department of Tourism, Culture and Arts of Manila. Guests enjoyed an afternoon of cocktails and conversation amid the vibrant display of Kublai’s artistry.
Land of Premise is on display at the Art Gallery through August 31, 2024. Admission is free, and the artworks are available for purchase at ₱440,000.00 each (shipping not included).
For further details or to inquire about purchasing, please call +632 8527 0011 or +632 5301 5500, or email r.**@************el.com.
The Manila Hotel is located beside kilometer zero (0), where the City of Manila begins, and is within walking distance from the Philippines’ known landmarks: Rizal Park, Intramuros, and National Museums. Defined by its history, elegance, and world-class service, The Manila Hotel is the choice hotel for the most distinguished clientele.
Since 1912, The Manila Hotel has continuously provided the best services and amenities for a truly memorable experience. It has more than 500 well-appointed rooms and 22 function rooms, including three (3) ballrooms. Apart from these, the hotel offers five-star relaxation and wellness experiences with the Manila Hotel Spa, adult and children’s pools, and the Manila Hotel Health Club.
The hotel is home to the Heritage Museum, a treasure trove of priceless memories that narrate its illustrious past. It also has an Art Gallery that offers a window into a contemporary world, captured through the objective point of view of different artists.
It has six (6) dining outlets, each offering a unique culinary adventure: Café Ilang-Ilang, which is a favorite spot for its extensive selection of International buffet delights; Champagne Room with its Old European style fine dining and also hailed as the most romantic room in Manila — it features European cuisine in a posh, fine-dining setting; Tap Room, an Old English pub-inspired outlet where one can enjoy an evening of live music; Lobby Lounge which is ideal for casual dining, aperitif, post-dinner nightcaps, or leisure meetings; Red Jade, a fine dining restaurant that serves authentic Chinese cuisine; and Delicatessen that offers the hotel’s signature pastries, bread, chocolates, and pralines.
by | Aug 2, 2024 | Business
Invesko has announced that it has welcomed more than 12,000 new investors aged 18-29 to its platform since launching in May 2024
Singapore – July 25, 2024 – Invesko has announced that it has welcomed more than 12,000 new investors aged 18-29 to its platform since launching in May 2024.
Invesko is on a mission to make investing easy, accessible, and rewarding for a new generation of investors. With Invesko, young people can invest with no account minimums, buy and sell stocks for as little as $1, and get rewarded in cash and stocks as they invest in their future.
Investing Made Easy
With a simple design and intuitive interface, Invesko makes investing familiar and welcoming. Unlike complex platforms, Invesko offers an easy and rewarding onboarding process. Signing up takes less than 5 minutes, with free stock awaiting you when you complete verification. You can buy your first stock with just three taps for as little as $1. This simplicity aims to make Invesko the go-to mobile investing experience.
Investing Made Accessible
With 81% of young adults preferring to manage their finances via mobile apps, Invesko is designed as a mobile-first platform to meet this demand. It offers no account minimums and zero commissions during the promotional period, ensuring accessibility. Afterward, Invesko will continue to keep fees low for funding, trading, and subscriptions.
Investing Made Rewarding
With over two-thirds of young investors feeling overwhelmed by investment information and around half citing insufficient funds as a barrier, starting to invest can be intimidating. Invesko addresses these concerns by offering Rewards, which provide cash bonuses or free stocks as users invest. By recognizing and rewarding their commitment, Invesko helps turn hesitation into action, making early investment more accessible and appealing.
Grow You Investments with Invesko
Invesko currently offers access to US stocks and ETFs by working with a partner broker-dealer to offer exceptional brokerage features with ultimate flexibility and the security of SIPC insurance — all delivered through the Invesko app that makes building your wealth easy.
The company is also expanding to include local stocks, as part of its strategy to become a comprehensive financial-services provider.
“Our vision is for Invesko to be the most trusted, lowest-cost, and culturally relevant investment app for Gen Z in Southeast Asia—the most tech-savvy and largest user base,” Invesko founder Miko Bantigue says. “Looking ahead, we aim to offer a seamless experience where users can grow and manage all aspects of their wealth in one place. We’re building a platform where they can easily transition between US stocks, local stocks, automated investment products, and a high-yield USD cash account. It will truly be ‘all my investments.’”
The app is available to customers in over 150 countries on the Apple App Store and Google Play at getinvesko.com.
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Invesko is not a securities broker and does not provide any broker-dealer services. We work with licensed partner broker-dealers to ensure compliance with all applicable regulations. Nothing in this press release should be construed as an offer or solicitation to buy or sell securities or other financial products in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. Neither Invesko nor its partner broker-dealers hold the necessary licenses or registrations in such jurisdictions. Prospective investors should seek the advice of their own financial and legal advisors before making any investment decision.
by Ferry Bayu | Aug 1, 2024 | Business
Manila, Philippines, July 30, 2024, Chainwire – With its advanced blockchain technology, the Venom Foundation proudly announces its proposal to digitize the Philippine government’s accountable forms, such as but not limited to invoices or receipts, cash tickets, documentary stamps, and special bank receipts, individually identified, accounted for, and afforded appropriate security. This project represents a major milestone, marking the world’s largest blockchain use case and showcasing Venom’s capability to handle large-scale, sovereign-level operations.
Landmark Opportunity and Global Significance:
The project will represent a landmark opportunity, not only for Venom but for the blockchain industry as a whole. The world’s largest blockchain use case signifies a seismic shift in how sovereign states perceive and utilize blockchain technology. By betting on Venom, the Philippine government can demonstrate unprecedented trust and confidence in blockchain as a secure, scalable, and efficient solution for national-level operations. This move will revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency.
Project Scope and Impact:
The Philippines will be making a significant leap forward if the country pursues the digitalization of approximately 10 billion transactions in accountable form using Venom blockchain technology. This initiative will mark a new phase in the country’s digitalization journey and promises to revolutionize financial operations. The project expects to significantly enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation. With a population of approximately 115 million, the impact of this digitization effort will be far-reaching, touching every aspect of daily life and commerce in the Philippines.
Strategic Selection:
Initially, the Philippines considered utilizing IBM’s Hyperledger technology to implement its digitization plan. However, the country eventually decided to move forward with the Venom blockchain instead due to its unparalleled scalability, high throughput, security, and low transaction costs, making it the best choice for government and corporate needs. With efforts underway in the Philippines to reform financial operations, Venom brings key qualities to the table that will help usher in a new era of efficiency and transparency in the country while also helping to curb inflation. More than just a technological solution, Venom represents an institutional foundation capable of growing and adapting to the needs of a massive project that will only grow in scope over time.
Economic Impact:
If fully leveraged, digital transformation using Venom blockchain in the Philippines can unlock up to USD 101.3 billion (PHP 5 trillion) in annual economic value by 2030, equivalent to about 27 percent of the country’s GDP in 2020, according to a report by AlphaBeta in October 2021 on The Growing Digital Economy in the Philippines. This represents billions of dollars in additional revenue to boost the economy, which will contribute to improving citizens’ quality of life and infrastructure development.
Government Endorsement:
The Philippines’ National Printing Office (NPO), responsible for printing about 10 billion pieces of accountable forms annually, is leading the digitization initiative with Venom. President Ferdinand “Bongbong” Marcos Jr. (PBBM) has made digitization a priority for the country, identifying it as a means of improving essential services for Filipinos and helping curb corruption. According to PBBM, digitizing government records and services would enhance the country’s science-based planning and decision-making, as well as streamline business transactions.
Technological Superiority:
In turn, the Philippines’ hopeful adoption of Venom can signify a new and exciting stage in the Venom network’s growth. The billions of additional transactions will add enormous value to the network, introduce it to millions of new users, and provide a blueprint for other projects of a similar scale on how to use Venom to maximize their efficiency. Furthermore, the dramatic increase in network transactions will make being a validator on Venom even more lucrative, bolstering the network’s health.
Leadership Perspective:
The Venom Foundation’s CEO, Christopher Louis Tsu, commented on the news that the Philippines prints approximately 10 billion paper receipts annually. He said, “Transitioning to digital receipts using the Venom blockchain not only reduces printing and processing costs but also demonstrates the massive utilization of the Venom blockchain in the form of hundreds of millions of Venom tokens annually. With its incredible throughput of 100,000 transactions per second and low transaction costs, Venom is becoming a leader in institutional blockchain solutions.”
By selecting Venom, the NPO and the Philippine government as a whole will demonstrate readiness to keep pace with the times and to adopt advanced technologies to achieve better outcomes in governance and citizen services.
About the National Printing Office (NPO) in the Philippines
NPO, the foremost Recognized Government Printers (RGP) in the Philippines, is responsible for printing accountable and non-accountable forms and documents essential to the Philippine government’s operations. The NPO’s digitization initiative, supported by Venom’s blockchain technology, aims to enhance the efficiency and security of government services.
For more information, please refer to the official Philippine government release: Venom Blockchain Boosts Digitization in the Philippines.
by Ferry Bayu | Aug 1, 2024 | Business
Venom Foundation, developer of the Venom Blockchain, together with global company Miquido, will work on digitization efforts championed by the government. Experts estimate that digitalizing the economy could lead to an annual GDP growth of one to two percent, which means billions of dollars in additional revenue that could boost the economy, help improve the quality of life of Filipinos, and develop infrastructure.
The National Printing Office (NPO), which is working on its own digitalization roadmap, is expected to benefit from the digitization efforts, as in the country, at least 6.5 billion receipts are being printed annually. Most of the receipts are issued in accordance with the requirements of the Bureau of Internal Revenue, which regulates the issuance of official receipts and commercial invoices through the Electronic Invoicing System that has been introduced to reduce VAT fraud and improve tax collection and administration.
President Ferdinand “Bongbong” Marcos Jr. has pressed for full digitalization under his administration to provide better services for Filipinos and eradicate corruption. According to President Marcos, digitizing government records and services would help support its science-based planning and decision making, as well as improve business transactions.
The NPO, headed by Director Renato Acosta, is moving towards digitizing accountable forms. Approximately more than 10 billion accountable forms are printed annually.
Looking into and using the Venom Blockchain and the Miquido technology stack, the NPO can transition to the issuance of electronic forms to not only reduce printing and processing costs but also increase transparency and security of financial transactions. Venom Blockchain proved it is superior to other blockchain platforms like Hyperledger, Ethereum, and R3 Corda.
Implementing blockchain technologies specifically in government processes helps to increase transparency, reduce corruption, and improve data management. This will not only strengthen the economy but also increase the people’s trust in government institutions.
Transitioning to electronic receipts based on Venom Blockchain technology will not only reduce printing and processing costs but will also increase the transparency and security of financial transactions.
Venom Blockchain technology is known for its security, scalability, and efficiency. Venom focuses on distributed ledgers, CBDCs (central bank-backed digital currencies), and asset tokenization. Several countries have already chosen the Venom Blockchain for the digitalization of their economies, including the creation of digital currencies, data management, and the development of private blockchains for government and corporate needs.
Venom Foundation aims to bring transparency and innovation to the industry as a leading global blockchain company. It endeavors to provide infrastructure to governments and web3 projects while empowering emerging economies in the Middle East and North Africa with its unique technology.
On the other hand, Miquido’s rich technology stack enables a smooth and reliable digital transformation by providing comprehensive services that embed technology into business. Its expertise in Android, iOS, cross-platform, front-end, back-end, and even artificial intelligence development suits the requirements of governments and the private sector.
Miquido is a Google-certified software development company based in Europe. It is a one-stop software development company that aims to solve business challenges with cutting-edge technology and data-driven research. Among its notable clients include BNP Paribas, a top-tier European and international banking establishment, and Skyscanner, a global leader in travel services.
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