The Philippine government sees the northern Philippines as the next Silicon Valley or the FinTech City of Asia. The region is continuing to attract offshore companies engaged in financial technology (fintech) and blockchain solutions.
Secretary Raul Lambino, head of the Cagayan Economic Zone Authority (CEZA) told businessmen who attended the Fintech Summit in Bonifacio Global City of his commitment to transform CEZA into a haven for blockchain, cryptocurrencies, and fintech.
He told businesses at the Cagayan Special Economic Zone and Freeport:
“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.
"The best of nature and 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.”
Encouraged by his efforts, at least 21 offshore companies engaged in blockchain and fintech have signed up to put up operations in CEZA, thus bringing Lambino’s ambition nearer to fruition. Lambino is expecting up to $40 million in investment from these companies over the next two years.
Lambino presented his plan to create a “technological garden” in Cagayan Valley, surrounded by the beautiful Sierra mountain range and near the beautiful white sand beaches in Sta. Ana, Cagayan.
The companies that have signaled their plan to set up shop inside CEZA are Hong Kong-based Chinese companies Changwei International Co., Ltd., State Trust Union Capital Holdings, and Xin Peng Group.
The others are Asia Pacific Blockchain Association, Asia Premier International Ltd., AXN Holdings Ltd., Coin Bundle, Hachiman Technology Sdn. Bhd., Hong Kong Yuen Shing Hong Ltd., Hybrid Block, IPE Global Pte. Ltd., Madison Blockchain Strategy Investment Company Ltd., Mobile Pole Position Pte. Ltd., MX Exchange Ventures, Northern Orient Resources, Inc., Pacificnet Strategic Investments Ltd., Paradigm Technologies Unlimited Solutions Corp. , Super Angels Ventures Ltd., Superieur Tech. Pte. Ltd., Stepwyze LLC., and Ultra Precise Investments Ltd.
South Korea’s premier blockchain developer Hanwha Group also recently signed a memorandum of understanding (MOU) with CEZA.
CEZA approves ten crypto firms
The growth in the number of blockchain-focused firms headed for CEZA has seen a significant spike over the past month.
In April, Lambino reported that his office had granted permission to at least ten cryptocurrency and blockchain companies to set up an office inside CEZA. The tax perks offered within the economic zones are attracting these companies, Lambino said.
Lambino said then:
"We are about to license ten platforms for cryptocurrency exchange. They are Japanese, Hong Kong, Malaysians, Koreans […]. They can go into cryptocurrency mining, initial coin offerings, or they can go into exchange.”