The Cagayan Economic Zone Authority (CEZA) said about 20,000 jobs in financial technology (fintech) will open up as soon as it awards the initial 25 principal licenses to be made available to qualified fintech companies.
In a statement Tuesday, CEZA Administrator and Chief Executive Officer Raul Lambino said these job openings must be filled by highly-skilled information technology (IT) talents. Along with them, qualified people will be needed to fill highly-technical, as well as managerial positions that are also seen to become available.
These employment opportunities in CEZA will back the fintech operations at the Cagayan Special Economic Zone and Freeport (CSEZF), which is also eyed to be the country’s hub for fintech activities, such as offshore virtual currency exchange, initial coin offering, blockchain development, and other fintech solutions.
Lambino mentioned that a fintech facility will rise on a 10-hectare property at the CSEZF in Sta. Ana, Cagayan will house the back offices of the fintech firms.
The CEZA chief said the investment promotion agency (IPA) has granted financial technology solutions and offshore virtual currency (FTSOVC) license to three firms — Golden Millennial Quickpay, Ultra Precise Investment, Ltd., and Liannet Technology, Ltd.
Other firms that paid the required fees to CEZA include Formosa Financial Holdings, Sino-Phil Economic Zone Agency Development and Management Corp., Asia-Pacific Intl. Ltd., Hongkong Yuen Shing-Hong Ltd., Tanzer Inc., and Rare Earth.
Companies that paid their applications for FTSOVC licenses were BitVentures, Inc., Rare Earth Asia Technologies Corp., I-Dragon Science Development Corp., CR8TIV Solutions, Seryna Coin Metrics Inc., and BCB Global Trading Corp. Ltd.
The CEZA is also reviewing pending application for FTSOVC licenses of Changwei Intl. Co. Ltd., IPE Global PTE. Ltd., Hachiman Technology Sdn. Bhd., MX Exchange Ventures, Superior Tech. Pte. Ltd., Madison Blockchain Strategy Investment Co. Ltd., Asia Pacific Blockchain Association, Pacific Strategic Investments Ltd., SuperAngels Ventures Ltd., ANX Holdings Ltd., Northern Orient Resources Inc., Mobile Pole Position Pte. Ltd., Coinbundle, CSM Corp., TransGlobe Ventures Ltd., Stepwyze LLC, Paradigm Technologies Unlimited Solutions Corp., and ST Union.
The CEZA expects to earn P3.6 billion from the initial 25 FTSOVC licenses that it will issue, on top of the 0.1 percent share per transaction value generated from the operation of the fintech firms.
CEZA’s income in the second quarter of the year reached P340.63 million, which exceeded the P224.55-million income of the IPA for the full year of 2017. (PNA)
Featured image from Bilyonaryo é