The Philippines is expected to be home to more FinTech and blockchain companies as at least 15 offshore companies have committed to investing in our very own Cagayan Special Economic Zone and Freeport (CSEZFP).
GMA News reported that CEZA has around Php1.7 billion in contracts, with most of the investments coming from cryptocurrency exchanges and FinTech and blockchain companies.
CEZA Admin Raul Lambino explained in a statement:
“Working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers, and investors are adequately protected.”
Among those companies planning to invest in the country are:
- MX Exchange Ventures
- Hachiman Technology Sdn BHD
- Coin Bundle,
- Superieur Tech Pte. Ltd.
- Hawha Life
- Xin Peng Group
- Changwei International Co. Ltd.
- ST Union Capital Holdings
- Asia Pacific Blockchain Association
- Pacificnet Strategic Investments Ltd.
- ANX International
- SuperAngels Ventures Ltd.
According to Lambino:
“This new development aims to drive the economy forward by creating employment opportunities and boosting job growth. The Philippines will be ready to provide cryptocurrency companies operating here with the manpower they need for their businesses.”