India promotes Tech, Fintech and Startup Partnerships with Philippines
The inaugural India-Philippine Tech Summit (IPTS) was initiated by India via its Embassy in the Philippines, aiming to enhance technological and digital collaboration with Manila. During the event held in Taguig City, the Indian Ambassador to Manila Shambhu Kumaran emphasized the importance of fostering alliances among developing nations, particularly in areas such as security, interpersonal connections, and economic cooperation.
"With the arrival of AI (artificial intelligence), there will be further changes. There is a need for a partnership. And the summit is the beginning of that partnership", Kumaran said. He stated that the event would introduce Indian entrepreneurs and their achievements in the digital sphere to the Philippines. "For the Philippines, India offers an opportunity to study, adopt, synergize, and cooperate", he added.
The summit showcased Indian "unicorn" startup companies valued at over $1 billion, which are privately owned and not publicly traded, alongside other startups specializing in agriculture, healthcare, and financial technology (fintech), all brought to the Philippines for the event. "The IPTS 2024 will bring together a range of stakeholders in the digital domain and provide an unprecedented opportunity for networking as well as to explore mutually beneficial G2B (government-to-business) and B2B (business-to-business) partnerships", he said.
Secretary Ivan John Uy of the Department of Information and Communications Technology (DICT) expressed the Philippine government's continued interest in nurturing collaborations with the private sector. He highlighted ongoing negotiations with the Indian government concerning agreements pertaining to "cybersecurity" and "digital transformation."
"The summit is a fitting renewal of cooperation and celebration of the establishment of diplomatic ties between the two countries," Uy said during a recorded speech. The one-day IPTS was jointly organized by the DICT and the Philippines Chamber of Commerce and Industry (PCCI), in collaboration with India's Ministry of Electronics and Information Technology (Meity) and the Federation of Indian Chambers of Commerce and Industry (FICCI).
Approximately 300 attendees from agriculture, healthcare, and fintech companies, along with representatives from Philippine government agencies and businesses, were anticipated to participate in the event. Angel investors, venture capital firms, and incubators were also in attendance. The Philippines has emerged as a crucial ally for India in Southeast Asia, spanning various sectors such as defense, maritime security, and investments.