On August 27, 2018, Hong Kong-based advisory firm TokenNews HK Ltd. held a press conference announcing their launch in the Philippines. Their office will be located at the very heart of Philippine commerce in Bonifacio Global City in Taguig City.
The company analyzes different projects in blockchain to determine which among them may be good investments. It hires a team of dedicated experts who gather and study relevant data. The president of the TokenNews states:
“Our credibility as a company is derived from our ability to deliver valuable information to our customers. Blockchain enterprises are cropping up all over the world and our goal is to keep you informed of the situation. We are convinced that we can create an unprecedented future by using this technology. Also, although blockchain currently faces very little regulation, Token News believes it is important to develop businesses in accordance with existing or potential laws and regulations. Projects that do not conform to regulations have no future, no matter how attractive they may be. Blockchain technology has the power to change the world by improving current businesses and enabling new ones.”
The company’s main objective for opening its branch in the Manila is to tap the immense potential of the economy. It envisions to educate people about cryptocurrency and its benefits and encourage them to trust the platform. It offers services such as conducting seminars and workshops, writing articles, providing consultancy services, and helping companies comply with registration requirements. Their team is composed of consultants, lawyers and researchers who are highly trained in their respective fields. To date, TokenNews has already been servicing hundreds of other companies.
During the press conference, TokenNews Philippines’ head Yuki Tarakabe stated that there are many reasons why they chose the country as its Southeast Asia Hub. For one, the population of the country is considered young relative to its other neighboring countries. Millennials who dominate the nation’s workforce comprise 1/3 of the population. Mr. Tarakabe pointed out that among all age groups, the millennials are most likely to utilize a technology-based financial platform. Furthermore, they are more open to newly develop applications. Another advantage that he mentioned was the fact that English is a secondary language for most Filipinos. The communications in business transactions can be facilitated with much ease in comparison with other countries. Equally, it helps that the Philippines is already known for business process outsourcing. There is a great number of trained individuals in the field of customer service and client management. Apart from the reasons above, another noteworthy observation by Mr. Tarakabe is the strong performance of the Philippine economy as measured by the growth of Gross Domestic Product. The country boasts of a growth rate of 6.9% annual change upstaging Malaysia and Thailand. The GDP is a primary indicator used to measure the status of a country’s economic performance. It is a representation of the total dollar value of goods and services produced in a fixed period. The better the GDP rate is, the better the economy performs.
TokenNews also wants to take advantage of the recent efforts of the government in regulating the crypto market. Having established rules and regulations encourages people to trust these institutions. It creates a sense of security among the prospective investors since fraudulent activities will be deterred by the penalties to be imposed. Mr. Tarakabe notes,
“If laws on cryptocurrency are in place, the low usage will increase and becomes safer. It will then rise. And because of the laws fake or fraudulent ICOs will be filtered out and caught.”
The press conference held in Okada Hotel Manila was attended by hundreds of participants from Japan, Philippines, and other countries. TokenNews also introduced seven of its partner-projects; namely, Unaity, Coincome, Angelium, Infinito Wallet, Mining Data Lab, Quanta, and Acute Angle Cloud.