Development at The Cagayan Economic Zone Authority (CEZA), is now going in full swing with fully realized goals and the blueprint to push Fintech further as an additional economic driver. This has brought about adding more to RA 7922 to focus on the area of the Cagayan Economic Zone and Freeport (Cagayan Freeport).
This newfound drive was initiated under the new leadership of Secretary Jaime R. Escaño. The movement will be focusing on the new executive team redefining CEZA as a special economic zone that not only covers economic and incentive offerings but also a jurisdiction that will be the catalyst for technology-based industries.
The priority would be on creating the ideal environment within the Cagayan Freeport — which already houses a world-class, state-of-the-art Data Center — but the infrastructure that will make the area very attractive and optimal for future tech-based investors. There will be additional fiber-optic cables provided by the countries’ telecommunication companies as well as a campaign to complement the development that will target new technologies, blockchain companies as well as financial technologies.
CEZA : emerging technology hub in the country
CEZA is already considered an emerging technology hub in the country. They have prioritized efforts to attract blockchain and financial technology that will spell a healthy mix of diverse industries into Cagayan Freeport. Having forward-looking businesses will spell an edge to progress in the fields of tourism, agriculture, healthcare, retail and real estate.
The principal author of Republic Act 7922, Secretary Juan Ponce Enrile wholeheartedly agrees with this new movement. He stated, “We must celebrate CEZA’s recent efforts to reinvent the Cagayan Freeport through further digitization. By doing so, CEZA will be an example to other regional locations in the Philippines that would like to transform by utilizing technology and innovation. A revitalized CEZA will definitely attract investors and enterprises to invest and operate in the zone.”
CEZA Vision into the Future
CEZA’s initiatives in Financial Technology will be a great backdrop and safe playground on how to move forward with future business geared towards technology. This will be a great leap forward as companies can confidently test things out. A team-up with the government will not only develop applications but make things transparent and offer pragmatic regulations, due diligence and probity checks, entry controls of licensees, client protection, and risk-based supervision of licensees.
Currently, CEZA is at the forefront of technology in the Philippines. In 2001, it became the first online gaming-regulated jurisdiction in Asia. CEZA was able to provide the framework for other regulators in the region for online gaming.
Upcoming developments will feature the Crypto Valley of Asia which will be home to fintech companies and will comprise all the infrastructure support they will need. It will be able to generate employment for BPOs servicing the global Fintech and cryptocurrency sectors. Definitely, an expected economic boom will then spread from Cagayan Valley to the rest of Northern Luzon.
The site also has the majestic Sierra Madre Mountain Range as a backdrop and will enhance the environment for the planned developments. Plans for Phase 1 reveal that there will be a 25-shop housing development inside the cyberpark that will comply with the strict security requirements of licensed offshore virtual asset exchanges or OVEs.
It wouldn’t be complete without other services and amenities that will cater to a discriminating market. Layouts and plans will be at a level comparable to other tech hubs in other countries which feature co-working arrangements, living spaces that are mindfully designed, as well as facilities meant for business incubation and acceleration as well as back offices for OVEs and service providers that are dedicated to the global crypto space.
Further plans for Crypto Valley will feature a world-class internet data centre, crypto-mining firms, self-contained power production facilities, and a state-of-the-art cyber security and risk assessment facility.
Excellent move and initiative of CEZA. Kudos to tapping into the future of Fintech and its role in how this can give an edge not just to the country but to the progress of businesses and families connected to them. What say you, dear readers? Would you like us to give articles that are similar to this topic? Let us know if you want us to give a spotlight on things. We’ll gladly have this featured on our pages. Until next time, cheers!