Author: Kella Pacquiao, Philippines
In the Northern Luzon region, a new crypto and fintech hub is growing. It welcomes ten crypto companies from Asia to issue official licenses.
Raul Lambino, head of Cagayan Economic Zone Authority (CEZA), said this to Reuters:
“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 (ICOs) or they can go into exchange.”
CEZA spans to 7,000 hectares. This makes it easier for companies who received licenses to set crypto-mining operations and ICOs hosting.
This plan supports the government’s aim to nurture the untapped potential of fintech ecosystem in the Philippines. It is called as Crypto Valley of Asia and will be developed by Northern Star Gaming and Resorts.
Amounting to USD 100 million was valued as the gross investments for the project.
Cagayan Province as the Country’s New Fintech Hub
Cagayan Special Economic Zone is renowned as the major landmark for transporting and shipping across the Pacific and offshore gambling. Also, China mainland, South Korea and Singapore aren’t far from the country which makes Cagayan province a promising spot to set.
Philippine President Rodrigo R. Duterte said that this will be a new start for the succeeding generation. It will serve as an opportunity for in-demand jobs in technology by nurturing CVA.
“Children can pursue in technology and eventually, they become the supervisors or managers here in CEZA.”
The goal is to make CVA the turning point for making the Philippines a new home for fintech companies. With that in mind, it will be a pleasing recourse for BPOs to generate employment.
“We should embrace investors to help generate jobs and lift people out of poverty. Let’s welcome investors so we can show the world that this place is viable for business and investments.”
Co-working and living spaces will be included in the making. Service providers and overseas virtual exchanges (OVEs) are also set for the development of the global crypto space hub.
A news statement was released by CEZA CEO and Administrator Secretary Raul Lambino after he signed the memorandum of understanding (MOU) with Sinosun. He said that the plan is to make Cagayan Valley the “Silicon Valley” of Asia.
“This is a planned, calibrated development, which would be in stark contrast to the large unmitigated growth of Asian cities with their huge traffic and unproductive environments.”
It was also revealed that local and international companies have already invested in CVA. It leads to the thought that maybe Cagayan is a safe bet for fintech companies.
For now, only time could tell the truth.
Photo Credit: Business News Media