The Cagayan Economic Zone Authority (CEZA) received Php 1.7 billion worth of signed contracts from 15 offshore crypto and fintech companies wanting to invest in the Cagayan Special Economic Zone and Freeport (CSEZFP).
CEZA accepted contracts from 15 offshore companies that will occupy CSEZFP. The signed contracts are said to be worth Php 1.7 billion and the companies involved are mostly from fintech and cryptocurrency exchanges.
It is reported that the contracts included license fees to operate cryptocurrency exchanges, cryptocurrency mining, blockchain development, and ICOs. For CEZA Administrator Raul Lambino, working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers, and investors are adequately protected.
The 15 companies that will set up in CSEZFP are:
- Hawha Life
- Xin Peng Group
- Changwei International Co. Ltd.
- ST Union Capital Holdings
- Hachiman Technology Sdn BHD
- MX Exchange Ventures
- Coin Bundle
- IPE Global PTE Inc.
- Superieur Tech Pte. Ltd.
- Madison Blockchain Strategy Investment Company Ltd.
- Asia Pacific Blockchain Association
- Pacificnet Strategic Investments Ltd.
- SuperAngels Ventures Ltd
- ANX International
Mr. Raul Lambino shared that this development will aid the country in creating employment opportunities and job growth. He added that the country is ready to provide manpower services to cryptocurrency companies willing to operate in the country.
The Memos of Understanding (MOUs) were signed during the CEZA Fintech Summit on May 21, 2018.