Sec. Raul Lambino, Administrator and CEO of the Cagayan Economic Zone Authority (CEZA), shakes hand with Mr. Eddie Kwok, Authorized Representative of Pacific Prospect Reef Limited, in the MOU signing for a financial technology (fintech) venture. They are joined by Atty. Percival Peralta, Acting Deputy Administrator for Regulatory and Compliance of CEZA; Atty. Lyndon Daz, Deputy Administrator of CEZA; and Mr. Paolo Nieto of Pacific Prospect Reef Limited.

PACIFIC PROSPECT REEF LIMITED signs MOU with CEZA for fintech operations

Another company has expressed intent to apply for Offshore Virtual Currency Exchange Services (OVCE) license from the Cagayan Economic Zone Authority (CEZA). On July 20, 2018, Pacific Prospect Reef Limited signed a Memorandum of Understanding (MOU) with CEZA to formalize this intention.

Pacific Prospect Reef Limited is a corporation duly organized and existing under the law of the British Virgin Islands. It is represented by Mr. Eddie Kwok.

Early this year, CEZA has expressed its intent to establish the “Silicon Valley” of Asia. CEZA Administrator and CEO, Sec. Raul Lambino, revealed their intention to transform part of the Cagayan Special Economic Zone and Freeport into a “technological garden nestled at the foot of the Sierra Madre mountain range” where “the best of nature and of 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.” He added that this plan could help CEZA and the country bring in fresh investments of up to two billion pesos in the next two years.

Since the announcement of this intention, CEZA has received over 70 applications for financial technology (fintech) operations. To date, only three companies, which include GMQ, Ultra Precise Investments Ltd. from Thailand and Liannet Technology Limited from Hong Kong, have completed their application requirements so far to be issued provisional licenses, while six have already paid for their licenses. CEZA has formally awarded GMQ’s provisional principal license for Financial Technology Solutions and Offshore Virtual Currency (FTSOVC), while Liannet will formally receive the same on July 26, 2018 and Ultra Precise’s formal awarding schedule is yet to be arranged.