More offshore firms flock to Cagayan financial technology hub

MANILA, Philippines — More offshore companies have expressed interest to locate in the Cagayan Special Economic Zone and Freeport which is being developed into a financial technology (fintech) solutions and blockchain hub.

The Cagayan Economic Zone Authority (CEZA) said 21 offshore fintech firms engaged in blockchain and cryptocurrency operations have already signed up, expected to bring in fresh investments of about P2 billion over the next two years.

“We have a perfect setting for some of the young Filipino generation’s best minds and the world’s leading cryptocurrency companies to engage in the development of the next wave of technological innovations,” CEZA administrator and CEO Raul Lambino said.

“The best of nature and of cutting-edge technology will combine to bring about a new hub in Asia for the world’s leaders in the burgeoning global currency of the future,” he added.

CEZA reported last week that it has inked agreements with 15 offshore companies to locate in the economic zone which was designed as a transshipment port, agro-industrial hub and tourism center catering to territories in the Asia Pacific rim.

After an extended campaign to eradicate illegal offshore gaming operators in 2017 and revoking the licenses of some 164 companies, CEZA made a pivot to transform the freeport into a “Fintech City.”