Quezon City, August 25-26, 2023 — The National Confederation of Cooperatives (NATCCO) has concludedits inaugural Billionaire Co-ops' Summit 2023 by signing a landmark 2-year contract worth 2 million pesos with innovative Philippine startup, Twala. This agreement heralds a new stage of financial and social inclusion within the cooperative sector, through digitalization of paper-based workflows. The summit was held at the Eastwood Richmonde Hotel, and hosted more than 40 billionaire cooperatives, i.e. those with assets totalling at least one billion pesos each.
NATCCO is now the exclusive distributor of Twala's advanced products and services to its member cooperatives nationwide. This collaboration enables cooperatives to modernize their operations and improve member services using innovative digital solutions. Additionally, NATCCO signed a two-year subscription with Twala to utilize their document automation solutions, further enhancing their stakeholder services.
This agreement pursues Twala’s mission to help unlock billions of pesos tied to inefficient paper-based processes. Last April 12, Twala, a Filipino blockchain-powered digital identity and digital signature platform, likewise collaborated with the Supreme Court to provide inputs in their ongoing work to draft rules to allow electronic notarization in the country.
Guided by the theme "Builders of Sustainable Sector and Country," NATCCO's summit provided the stage to electronically sign the partnership between NATCCO, a leading organization advancing cooperative movement in the Philippines, and Twala, a DOST-backed and award-winning startup. Atty. Herminio “Third” Bagro, Twala's co-founder and general counsel, shared the legal framework surrounding electronic and digital signatures in the country, and how these can reshape cooperative operations and promote their growth. “The Philippines has sufficient legal and administrative rules and issuances that recognize electronic and digital signatures as equivalent to wet signatures,” Bagro said.
This partnership bolsters Twala's role in the cooperative movement's evolution into the digital age. With a robust technology framework and commitment to innovation, Twala delivers user-friendly and legally compliant digital signature and identity solutions. The embrace of digital tools is set to heighten efficiency, curtail costs, and fortify security in online transactions, thus catalyzing both cooperative growth and societal advancement.
Engr. Sylvia Paraguya, Chief Executive Officer of NATCCO, shared her enthusiasm: "The partnership with Twala marks a turning point in our cooperative movement. This alliance brings together the expertise of NATCCO and the innovation of Twala to empower cooperatives with the tools they need to excel in today's digital age. Together, we're building a stronger, more sustainable future."
As the Billionaire Co-ops' Summit 2023 ends today, the NATCCO-Twala partnership is proof that local innovative startups can provide the solutions that the local market needs to address digitalization challenges.