June 26, 2018 – During the Ambertime International Blockchain Technology Summit, CEO and Administrator of Cagayan Economic Zone Authority Secretary Raul L. Lambino discusses their plans for Fintech within the Philippines and the present state thereof. CEZA is the first economic zone in the Philippines offering to host financial technology companies within the Philippines. Through the help of CEZA and the near rationalization of the congress towards financial technology, state policies would soon be made to both support and regulate the emerging technology that would slowly dominate how we transact and complete our day-to-day tasks.
Alongside the rationalization of the congress towards fintech, various members of the congress and the media question the current status of Cagayan as the Fintech Hub of the Philippines. As Sec. Lambino claims, CEZA had already given out two principal licenses, excluding the recently licensed Liannet Technology Limited, subsidiary of Apsaras Group, that will receive its principal license, that would allow offshore firms to host fintech within the country. Further down the line, CEZA expects 19 other offshore firms that would further stabilize Cagayan to be Fintech Hub of the Philippines. As quoted from Sec. Lambino, “The CEZA Fintech hub is already making history.”
“The CEZA Fintech hub is already making history.” -Sec. Raul L. Lambino
He also reports that the CEZA Fintech hub is creating a huge amount of income when compared to last year, considering that only half of the year had past – surpassing the total amount of income attained by the end of the year with investments in fintech alone. Through investments in fintech, he believes that this will create more job and business opportunities not only in Cagayan but in the whole of North Luzon as well. With the addition of CZC digital exchange, Sec. Lambino says that this will affirm our belief in the future of cryptocurrency and it is a future that seems to be coming faster than we anticipated.
“[The addition of CZC digital exchange] affirms our belief in the future of crpytocurrency and it is a future that seems to be coming faster than we anticipated.” -Sec. Raul L. Lambino
To further support the claims on how blockchain and cryptocurrency would be the future, Sec. Lambino quoted what CEO of SBI Holdings Yoshitaka Kitao had said during the Japan Blockchain Conference 2018, “Blockchain innovations will fuel the blast for the Japanese economy after years of economic imbalance. Indeed. One can sense the immense interest on that bitcoin and other cryptocurrencies have generated.” Another factual claim would be from New York Times where-in there is an evident increase in price of bitcoin, over a 1000% percent, in just the span of one year. Such was also the case for Ethereum where-in the price increased from $8 to $843 dollars in exactly one year.
“Blockchain innovations will fuel the blast for the Japanese economy after years of economic imbalance. Indeed. One can sense the immense interest on that bitcoin and other cryptocurrencies have generated.” -Yoshitaka Kitao
Despite the volatility of cryptocurrency, this will slowly stabilize as the use of blockchain and cryptos become more prevalent through the various everyday online transactions that everyone makes. Given the inherent security and decentralized trait of blockchain technology, its growth will not be disrupted anytime soon. Blockchain and cryptocurrencies are slowly changing how people transact and view money. As more people are given access to technology, the internet, and mobile phones, the future of banking is slowly transforming to the point that the presence of the buyer is no longer needed given the security of blockchain and online banking.
To close of his speech, Sec. Lambino encourages investors for Fintech by concluding, “A navigator will always look up to the notherm star, caled Polaris, and CEZA will be the Polaris of the Philippines.” -Decentrist.
“A navigator will always look up to the notherm star, caled Polaris, and CEZA will be the Polaris of the Philippines.” -Sec. Raul L. Lambino