$100-M fintech hub to rise in Cagayan


Posted at May 21 2018 11:58 PM

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MANILA - A $100-million facility that will house foreign financial technology companies will open at the Cagayan Economic Zone Authority (CEZA) in 2 years' time, the head of the agency said on Monday. 

CEZA administrator and CEO Raul Lambino said they have allocated 8 hectares for the fintech hub and already signed 22 agreements with fintech and blockchain companies from all over the world who are interested in locating in the special economic zone. 

Lambino said the CEZA fintech hub will cater to foreign companies who transact with clients outside the Philippines as regulators are still developing guidelines for cryptocurrency transactions in the country. 

"We have to wait for the much clearer rules from the BSP (Bangko Sentral ng Pilipinas) and the Securities and Exchange Commission for particular local companies who will be coming in and offering crypto exchange to ordinary Filipinos," Lambino said. 

Lambino expects the fintech hub to bring in P2 billion to P3 billion worth of investments. He added that they will be requiring a minimum investment of $1 million each from the fintech companies. 

A blockchain university will also be put up in CEZA by a Korean company. 

But while the facility hub in Cagayan is still being built, fintech companies can temporarily work from CEZA's offices in Bonifacio Global City. - with reports from Michelle Ong, AB-CBN News