THE Cagayan Economic Zone Authority (CEZA) signed a memorandum of understanding with technology solutions firm Iwave, Inc. and Japan’s Traders Holdings Co., Ltd. for the further development of a financial technology hub in the zone.
In a statement released on Wednesday, CEZA administrator Raul L. Lambino said that the MoU will help the economic zone develop its fintech center.
CEZA hopes to tap high-speed Internet from the Luzon Bypass Infrastructure to attract a cluster of fintech firms.
“This is a planned, calibrated development, which would be in stark contrast to the large unmitigated growth of Asian cities with their huge traffic and unproductive environments,” Mr. Lambino said.
The Department of Information and Communications Technology with the Bases Conversion and Development Authority signed an agreement with Facebook, Inc. last year to build the infrastructure in northern Luzon for nearly P1 billion.
CEZA’s partners will provide the necessary technology to support fintech ventures, including cyptocurrency.
This will include installing know-your-client and anti-money laundering safeguards to maintain the credibility of the fintech hub.
Iwave, Inc. and Traders Holdings will insure CEZA is also on par with security procedures and anti-hacking methodologies best practices, he said. — Anna Gabriela A. Mogato