Jojo Flores, co-founder and vice president of Plug and Play Technology Center based in Silicon Valley, disclosed that tech start-ups can potentially be as big as business process outsourcing businesses. However, Flores admitted that traditional funding institutions in the Philippines and the Association of Southeast Asian Nations do not understand start-ups’ disruptive business models, making it hard for them to get funding support. Flores underscored that start-ups can potentially make a major disruption in “blockchain technology,†which is used in Bitcoins. He explained that blockchains can bring down the cost of sending remittances citing that normal global financial cost for remittances for example ranges from 5% to 7%.
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