The Philippine government is trying to attract virtual currency, blockchain and fin-tech companies to the northern Philippines. There is an intention to transform this region in the next FinTech hub in Asia and attract offshore companies related to the technology sector.
The New Philippine Silicon Valley
As Secretary Raul Lambino, head of the Cagayan Economic Zone Authority (CEZA) explained, there is an intention to transform CEZA into a haven for blockchain and cryptocurrency companies. He said that during the Fintech Summit in Bonifacio Global City.
Mr. Lambino told the businessmen present at the summit:
“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.”
At the moment, there are at least 21 different offshore companies that are related to the blockchain and fintech industries that are ready to build up their operations in CEZA. In the next two years, Mr. Lambino expects over $40 million dollars in investments from these companies.
Additionally, to the proposed fin-tech hub, he presented a plan to create a ‘technological garden’ in Cagayan Valley. The place is surrounded by the Sierra mountain and it is near to splendid white beaches in Sta. Ana, Cagayan.
Some companies, including Changwei International Co., State Trust Union Capital Holdings, Xin Peng Group, and many other companies have already signalled their plans to start operating in the CEZA zone. There are many others, including Asia Pacific Blockchain Association, Hachiman Technology Sdn. MX Exchange Ventures, Paradigm Technologies Unlimited Solutions Corp., Stepwyze LLC., and Ultra Precise Investments Ltd.
“We are about to license ten platforms for cryptocurrency exchange,” commented Lambino. “They are Japanese, Hong Kong, Malaysians, Koreans […]. They can go into cryptocurrency mining, initial Coin Offerings (ICOs), or they can go into exchange.”
In the future, other companies may join the ones that are trying to settle their operations in the city.