CEZA commissions study of infrastructure needs to attract fintech firms
CAGAYAN Economic Zone Authority (CEZA) said it signed a memorandum of understanding with Sinosun Subic Bay Holdings Corp. to conduct a feasibility study for the development of a financial technology (fintech) hub.
CEZA Administrator and Chief Executive Officer Raul L. Lambino said: “Several companies all over Asia have approached us and some companies in the US are signifying interest to register as virtual currency platform operators in CEZA,” he added.
The zone is also developing a regulatory framework for prospective investors in interactive gaming and cryptocurrency, “the first of its kind in Asia and in [Southeast Asia]… It will be finished by (Thursday) for signing within February,” he added.
CEZA is eyeing to become an offshore banking capital financial technology hub in the Philippines and be included in the international financial map.
CEZA hopes to attract blockchainbased businesses, offshore banking firms, cryptocurrency miners and exchanges, and financial technology startup incubators.
The North Cagayan International Airport is opening to serve chartered flights in Lallo, Cagayan in March, and as a result CEZA expects more tourists and business travelers before the planned fintech hub is established.
Sinosun Subic Bay, which is hoping to develop a cruise ship terminal, a financial center, and tourism and gaming sites in the former US naval base, proposed in early January the feasibility study for infrastructure requirements in CEZA.
The study will consider power, railways, the road network, the expansion of port facilities and the redevelopment of tourism and industrial areas.
Sinosun Subic Bay Chairman Samuel Lim said the plan will consider a 20-megawatt energy grid in the municipality of Santa Ana to provide power to cryptocurrency miners.
“First of all, we are planning with our Chinese partner (China Energy Engineering Corp., Ltd.) to build an electric power plant, because cryptocurrency needs a lot of electricity,” he added. —