The Cagayan Economic Zone Authority (CEZA) has granted a principal license to Tiger Wheel Limited in a simple ceremony at CEZA’s office in Mandaluyong.
The “Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) License” was given to Tiger Wheel, a company registered in Seychelles. Accepting the license from Tiger Wheel is Bob Carter Sy Yu, the company’s director and Bayani Chua, its legal officer.
CEZA secretary Raul Lambino and CEZA senior deputy administrator Raymundo Corquero presented the license.
As a principal licensee, Tiger Wheel can set up shop at the Cagayan Economic Zone to engage in offshore fintech and cryptocurrency businesses. The license, however, only allows Tiger Wheel to service those residing outside the Philippines.
Also as a principal licensee, Tiger Wheel can sublicense it to other companies.
Tiger Wheel is the 8th company to be awarded by CEZA with the offshore cryptocurrency exchange license. Other companies that have this license are Golden Millenial Quickpay, Liannet Technology, and Ultra Precise Investments.
The licenses given by CEZA are only provisional. The government agency will monitor the companies to ensure they are complying with the regulations when they set up. Routine checks are in place to check the activities of the licensees.
Last August 2018, CEZA was in Japan to promote to Japanese investors the viability of the Cagayan Economic Zone and the Philippines as a whole when it comes to setting up fintech businesses.