LISTED gaming technology firm DFNN, Inc. teamed up with the Department of Information and Communications Technology (DICT) and the Freeport Area of Bataan (FAB) to support the country’s technology and innovation sector.
In a stock exchange disclosure on Wednesday, DFNN said it signed a memorandum of understanding with the DICT and the FAB for the Horizon Philippines project of Silicon Valley-based venture capital firm Plug and Play.
The collaboration seeks to build and accelerate the thriving startup and innovation ecosystem in the Philippines to position Bataan as a hub for technology, new employment opportunities, and sustainable economic development in the region.
The project seeks to harness the potential of the country’s talent pool and drive economic growth by pushing innovation in technology and entrepreneurship and fostering an environment that would allow the possible creation of future Filipino “unicorns” in the technology and innovation sector.
“Horizon Philippines is more than a program. It represents a commitment to nation building, fostering collaboration between government, industries and innovators to propel inclusive digital transformation,” DFNN President and Chief Executive Officer Ricardo F. Banaag said.
“Together, we will shape the horizon for the Philippines, by continuously finding new avenues to create an innovation-centered technology landscape,” he added.
According to DFNN, the Horizon Philippines project will allow the company to gain firsthand and direct exposure to emerging technology startups and will help spearhead innovation in various industries, as well as provide resources and access to emerging technologies.
“Horizon Philippines is a gateway to transformative technologies that will drive our strategic initiatives and position us for sustainable growth,” Mr. Banaag said.
Plug and Play has a presence in more than 50 locations worldwide. Companies under its portfolio have raised over $9 billion in funding, with successful exits including Danger, Dropbox, LendingClub, and PayPal.
On Wednesday, shares of DFNN at the local bourse rose 13 centavos or 4.32% to P3.14 apiece. — Revin Mikhael D. Ochave