The Philippines’ Cagayan Economic Zone Authority (CEZA) has partnered with private property developer Northern Star Gaming & Resorts to develop a crypto and FinTech hub in the country.
Dubbed Crypto Valley of Asia (CVA), the planned development estate is part of the government’s bid to foster a FinTech ecosystem to attract international blockchain companies to set up shop in the country. CVA will be established in the Cagayan Special Economic Zone and Freeport (CSEZFP), which is located in the Northern Luzon region. CSEZFP is an international gateway with a modern seaport and airport and ample surrounding land area for industrial, commercial and tourism development.
Northern Star said the development will have gross investment commitments of $100 million over the next 10 years, with international and regional firms already expressing interest to locate within the estate. The CVA will consist of a 25-shop housing development inside the cyberpark developed in compliance with the strict security requirements for licensed overseas virtual exchanges (OVEs) located in CEZA. It will include co-working and living spaces, business incubation and acceleration hubs as well as back offices of OVEs and service providers to the global crypto space.
“CEZA welcomes the launch of the Crypto Valley of Asia as a critical infrastructure that will serve to attract more foreign investors and global FinTech players to CEZA and the Philippines,” said Raul Lambino, Administrator and CEO of CEZA. “The Philippines can become one of the major off-shoring destinations for FinTech and blockchain related work.”
The CVA is expected to generate an economic boom that will allow more Filipinos to pursue careers in technology. It is also expected to provide employment for third-party business providers (BPO) who service the FinTech and crypto sectors.
“Crypto Valley of Asia and CEZA will put the Philippines on the global map of fintech and blockchain. Similar to other progressive jurisdictions such as Zug of Switzerland, we will create an environment that fosters innovation, entrepreneurship and critical skills development thru education and BPO training,” said Enrique Gonzalez, Chairman of Northern Star. “With strong global partners that have confirmed entry into our master-planned development, we are confident in the continued momentum in positioning the Philippines as the leading destination for blockchain off-shoring.”
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