TOA Blockchain Sdn. Bhd. inks a Memorandum of Understanding (MOU) with the Cagayan Economic Zone Authority (CEZA) for a financial technology (fintech) venture. On the photo, from left to right, are Rey Darwin Paz, Corporate Treasurer of TOA Blockchain Sdn. Bhd.; Mr. Benjamin Pacheco Jr., Acting Chief Technology Officer of TOA Blockchain Sdn. Bhd; Sec. Raul Lambino, Administrator and Chief Executive Officer of CEZA; and Raymundo Roquero, Acting Senior Deputy Administrator of CEZA.

Travel Operacion Agencia (TOA) Blockchain Sdn. Bhd. has revealed its desire to apply for Offshore Virtual Currency Exchange Services (OVCE) license from the Cagayan Economic Zone Authority (CEZA) and has formalized this through a Memorandum of Understanding with the latter on July 24, 2018.

TOA Blockchain Sdn. Bhd. shows interest in fintech operations with CEZA

TOA Blockchain Sdn. Bhd. is a company based in Kuala Lumpur that has expressed its interest to operate as one of the financial technology (fintech) companies under CEZA. Represented by Mr. Benjamin Pacheco Jr., Acting CTO, said company is now in the process of completing its requirements for this purpose.

One requirement is the full payment of fees. For the principal license, this is priced at US$360,000 and includes $100,000 for the application fee, $100,000 for the license fee, $100,000 for the application programming integration (API) and $60,000 for the probity checks. On the other hand, a regular license is priced at $85,000. Other requirements include an initial investment of US$1 million within a two-year period in the country, a physical set up in the Cagayan Freeport and positive results in the probity and background checks, among others. Their operations will also be closely monitored by CEZA.