October 29, 2018. The Philippines’ Cagayan Economic Zone Authority (CEZA) has formally granted Hong Kong-based Asia Premier International Ltd. an offshore cryptocurrency exchange license, allowing it to do offshore fintech activities in the economic zone.
Formally granted on October 26, 2018, Asia Premier’s license will allow it to run blockchain operations in the Philippines to serve overseas markets. Asia Premier chief operating officer Amando Jimenez noted the rigorous process to obtain the license. “The voluminous pages we needed to submit reached from floor to ceiling,” said Mr. Jimenez.
The process involves numerous background and security checks to ensure that the company has the capacity to operate and that there won’t be incidents of hacking.
Asia Premier’s “principal license” allows the licensee to conduct offshore financial technology solutions business activities and offshore virtual currency exchange activities. This is in contrast to a regular license, which only allows the licensee to conduct virtual currency exchange activities.
Asia Premier’s platform is called “NiuEx Exchange”. The license then allows the exchange to perform cryptocurrency to cryptocurrency transactions for overseas clients.
17 firms already have the license to engage in fintech and offshore cryptocurrency exchange activities, with Asia Premier International being one of them. Along the other licensees are Golden Millenial Quickpay, Ultra Precise Investment, Linannet Technology, Rare Earth Asia Technologies Corp and Tiger Wheel Ltd.
When it comes to security and management, CEZA administrator Raul Lambino revealed that they are planning to create a code of conduct or a self-regulatory organization at CEZA to provide insights and effectively participate in regulating the member groups and companies.
In a recent press release, CEZA posted more income this 3rd quarter 2018 than all of 2017. CEZA posted an income of Php 517,296,127.70 compared to last year’s Php 166,339,889.03. Sec. Lambino said he expects this income to further increase once the licensed companies become fully operational.
NiuEx will service Southeast Asia, U.S., Japan, and South Korea. Aside from operating an exchange, NiuEx also does blockchain research and develop blockchain talent.