CEZA awards the third Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license to Liannet Technology Ltd. during the AmberTime Blockchain Technology Summit on July 26, 2018 at the EDSA Shangri-La Hotel in Mandaluyong City. Liannet Technology Ltd. is a subsidiary of Apsaras Group Ltd. In the photo (left to right) are Cesar Ching, President of Apsaras Group Ltd.; Jian Li, Chairman of Apsaras Group Ltd.; Sec. Raul Lambino, Administrator and CEO of the Cagayan Economic Zone Authority (CEZA); and Raymundo Roquero, Acting Senior Deputy Administrator of CEZA.

Secretary Raul L. Lambino (second, right), administrator and CEO of the Cagayan Economic Zone Authority (CEZA) turns over to Jian Li, chairman of Apsaras Group Ltd., the second Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license. The FTSOVC license is for Liannet Technology Ltd., which is under Apsaras Group Ltd., to operate a crytocurrency exchange and offer fintech services at the Cagayan Special Economic Zone and Freeport (CSEZFP) being managed by CEZA. The turnover was done during the AmberTime Blockchain Technology Summit on July 26 at EDSA Shangri-La Hotel in Mandaluyong City on July 26, 2018. With them are CEZA Deputy Senior Administrator Raymundo Roquero (right) and Cesar Ching, president of Apsaras Group Ltd. (JOSEPH MUEGO) Secretary Raul L. Lambino (second, right), administrator and CEO of the Cagayan Economic Zone Authority (CEZA) turns over to Jian Li, chairman of Apsaras Group Ltd., the second Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) license. The FTSOVC license is for Liannet Technology Ltd., which is under Apsaras Group Ltd., to operate a crytocurrency exchange and offer fintech services at the Cagayan Special Economic Zone and Freeport (CSEZFP) being managed by CEZA. The turnover was done during the AmberTime Blockchain Technology Summit on July 26 at EDSA Shangri-La Hotel in Mandaluyong City on July 26, 2018. With them are CEZA Deputy Senior Administrator Raymundo Roquero (right) and Cesar Ching, president of Apsaras Group Ltd. (JOSEPH MUEGO)[/caption]

As disclosed earlier, CEZA awarded its first FTSOVC license to Global Millennial Quickpay (GMQ) on July 10, making GMQ its “pioneer” FTSOVC licensee. The second and third licenses were awarded to Ultra Precise Investments Ltd. of Bangkok, Thailand, and Liannet Technology Ltd., consecutively.

CEZA has been promoting its CSEZFP as a financial technology (fintech) hub, inviting offshore cryptocurrency companies to locate and operate in the Philippines. The Authority has obtained an overwhelming response and has already received applications from at least 80 fintech companies offering blockchain applications and digital currency services. CEZA will initially award 25 principal FTSOVC licenses.

In a speech delivered by Sec. Lambino during the said event, he shared that he was honoured to welcome Liannet Technology Ltd. in CEZA’s bossom and proudly shared that “the CEZA fintech hub is already making history. It is creating new revenues for the agency and it is going to create new jobs and business opportunities for Northern Luzon.” It was just in May of this year when CEZA unveiled and rolled out its vision of a fintech haven and CEZA has already issued the first three FTSOVC licenses. More firms are expected to follow suit.

Likewise, Li, Chairman of Apsaras Group Ltd., in a speech delivered on the same event, expressed his thanks to CEZA for trusting the company. He described the Apsaras Group Ltd. as a blockchain technology firm that also focuses on industrial, manufacturing, infrastructure and other asset investments. He shared that the company aims “to use blockchain technology and cryptocurrency to create the application environment, entire industry value chain and blockchain eco-system for [their] investment and development projects.”