The Cagayan Economic Zone Authority expects to close P1.3 billion worth of investments from 25 financial technology companies that will the so-called “The New Venture in the Valley,” the country’s first financial technology and virtual currency hub to rise within the free port
Ceza administrator and chief executive officer Raul Lambino said companies were bullish on the fintech hub after the free port received proposals from over 70 fintech firms from the US, Southeast Asia, and other Asian countries.
“Still have to see the integrity and character of these companies. It may take two years to develop the hub. They are required to commit to at least $1 million per company to show their sincerity to do business from the Philippines on tp of other capital expenditures,” Lambino said Sunday during the Global Blockchain Summit in Manila.
Three of the 25 companies that were singled out to fill the registry had submitted the requirements for registration, while the rest have taken initial steps or halfway in completing the documentary requirement.