Secretary Raul L. Lambino, administrator and CEO of the Cagayan Economic Zone Authority (CEZA), issued Tiger Wheel Limited the 8th principal license for Fintech Solutions and Offshore Virtual Currency Exchange (FTSOVC) in Mandaluyong City, Manila Bulletin reported October 2.
The license was issued to Bob Carter Sy Yu, director of Tiger Wheel Limited, an international company registered in the Republic of Seychelles, a country in East Africa. CEZA Acting Senior Deputy Administrator Raymundo T. Roquero and Attorney Bayani Chua, legal officer of Tiger Wheel were also present during the simple ceremonies at the CEZA’s main office.
Cagayan Economic Zone Authority (CEZA) has already signed up to 21 offshore blockchain companies, bringing in at least P2 billion in fresh investments in the next two years. Aside from the potential P2 billion fresh investments, Lambino is also positioning Freeport as the next “Fintech City” or the “Silicon Valley” of Asia, where it would house various cryptocurrency exchange companies and Fintech companies in 54,000-hectare Cagayan Special Economic Zone and Freeport (CSEZFP). In return for tax breaks, each fintech company is required to invest $1 million in two years and pay up to $100,000 yearly license fee.
Photo credit: Manila Bulletin