Creation of a Fintech City to Push Fintech in Philippines

Read more on this subject: Philippines
News Story Source: http://fintechnews.sg, Tom Noda
The upcoming hub will be built within the CSEZFP that will house a fintech startup incubator, cryptocurrency mining farm, cryptocurrency exchange, and a blockchain center.

CEZA's regulations will also include licensing of ICO projects. About 15 parties engaged in virtual currency, and blockchain, are likely to operate within the first Philippine fintech hub.

Among CEZA's main rules, are:

Licensee's will have to commit to invest US$1 million over a period of two years

Physically locate some level of their core operations in the zone

Have safisfactory KYC and AML practises in place

Will be placed in a sandbox managed by CEZA and observed by the Central Bank of Philippines

Will only be allowed to offer their services to customers located out of the Philippine

Expected to generate employment in exchange for the tax breaks they will receive

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