Manila, Philippines –Twenty-one (21) offshore fintech companies specializing in blockchain and cryptocurrency operations have signed up with the Cagayan Economic Zone Authority (CEZA) which, according to Secretary Raul L. Lambino, could bring in P2 billion worth of fresh investments in the Freeport.
“They could bring in fresh investments of up to P2 billion in the next two years,” said Lambino in a statement.
Lambino is aiming to make the Freeport a “FinTech City” or Asia’s “Silicon Valley”.
Lambino promised that the Cagayan Special Economic Zone and Freeport (CSEZFP) would be provide sanctuary for the first offshore companies to move in this Northern Luzon territory that is being developed into a financial technology (FinTech) solutions and blockchain center.
In a speech during a Fintech summit last week, Lambino outlined a “technological garden” located at the front of the Sierra Madre mountain range, just within walking distance to the finest beaches in the CSEZFP.
“We have a perfect setting for some of the young Filipino generation’s best minds and the world’s leading cryptocurrency companies to engage in the development of the next wave of technological innovations,” Lambino said.
“The best of nature and of cutting-edge technology will combine to bring about a new hub in Asia for the world’s leaders in the burgeoning global currency of the future,” he added.
The 21 offshore Fintech and blockchain firms that have signed a Memorandum of Unerstanding (MoU) with CEZA will be involved in digital currency exchanges, crypto mining, blockchain production, initial coin offerings and more.
Each company is expected to invest an additional $1 million for physical infrastructure aside from the application fees, license fees, probity checks and integration fees.
The development of the country’s first Fintech University is also included in the plans.
The companies that signed up with CEZA are listed below:
- Xin Peng Group,
- Changwei International Co., Ltd.,
- State Trust Union Capital Holdings,
- Ultra Precise Investments Ltd.,
- Hachiman Technology Sdn. Bhd.,
- MX Exchange Ventures,
- Hybrid Block,
- IPE Global Pte. Ltd.,
- Superieur Tech. Pte. Ltd.,
- Coin Bundle,
- Northern Orient Resources, Inc.,
- Asia Premier International Ltd.,
- Hong Kong Yuen Shing Hong Ltd.,
- Mobile Pole Position Pte. Ltd.,
- Madison Blockchain Strategy Investment Company Ltd.,
- Asia Pacific Blockchain Association,
- Pacificnet Strategic Investments Ltd.,
- Super Angels Ventures Ltd.,
- AXN Holdings Ltd.,
- Paradigm Technologies Unlimited Solutions Corp.
- Stepwyze LLC.
One of South Korea’s leading blockchain developers, Hanwha Group, also signed an MoU with CEZA.
Lambino believes working with virtual currency firms would give the Philippines “momentum in providing an environment that encourages financial innovation and inclusion, while ensuring adequate protection for the best interests of the country, the financial system, consumers, and investors.”
“This new development aims to drive the economy by creating employment opportunities and boosting job browth,” Lambino said.
This is an update to a previous article.