Philippines’ Cagayan economic zone seeks to provide attractive conditions for financial technology (fintech) and blockchain enthusiasts but screens the applicants thoroughly to avoid fly-by-night companies, said Ray Roquero, senior deputy administrator at the Cagayan Economic Zone Authority (CEZA), in Sta. Ana, Cagayan province.
The economic zone, located in the northernmost tip of the archipelagic state, offers a perfect venue for fintech and blockchain companies, as well as the millennials who drive the digital era, Roquero made this statement as Hong Kong-based GMQ received the first crypto exchange license issued by CEZA.
He explained that the intensified efforts by the CEZA leadership are responsible for all the buzz surrounding blockchain technology within the ecozone and because they «really promote this new technology, which is considered as the future of banking/financial transactions in the world.»
Roquero stressed that «practically the whole of Asia is looking towards the Philippines to invest in this new venture.”
CEZA’s first crypto exchange license
The first recipient of a cryptocurrency exchange license within the economic zone Golden Millennial Quickpay (GMQ), Inc. is one of the 80 fintech companies that applied with CEZA.
«GMQ is a pioneer in CEZA’s venture to establish a financial technology and offshore virtual currency exchange business, which will eventually form the nucleus of the CEZA Fintech Hub,» CEZA CEO Raul Lambino said.
Lambino spoke during last week’s awarding of GMQ’s Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license at GMQ Global Blockchain Summit attended by 100 Chinese blockchain and cryptocurrency related firms, industry experts, and business partners from the private and government sectors.
To cement its place as a legitimate blockchain hub, CEZA will launch in partnership with Apsaras Group its own cryptocurrency before the end of this month. In addition, the economic zone will issue a blockchain digital transaction service license for Apsaras Group’s CZC Digital Currency Exchange.
Featured image from Cryptovest é