Golden Millennial Quickpay (GMQ), Inc. Limited yesterday became the first recipient of a license to operate in the Philippines as one of the locators of the Cagayan Economic Zone Authority (CEZA), in Sta. Ana, Cagayan province.
Over nine weeks after its announcement of a fintech (financial technology) haven, CEZA administrator/CEO Secretary Raul L. Lambino awarded its first license to GMQ, one of the 80 fintech locators that applied.
CEZA awarded the Financial Technology Solutions and Offshore Virtual Currency (FTSOVC) License during the GMQ Global Blockchain Summit held at the Sofitel Philippine Plaza Hotel, Pasay City.
Around 100 Chinese blockchain and cryptocurrency related firms, industry experts, and business partners from the government and private sectors joined the summit.
GMQ from Hong Kong is one of the first companies to respond to the invitation of CEZA to invest and be part of the pioneering fintech and offshore virtual currency exchange business and be the ones to form the nucleus of the CEZA Fintech Hub.
The goal is to spur economic development at the Cagayan Special Economic Zone and Freeport (CSEZFP).
Earlier, Lambino said they will issue licence initially to only 25 exchanges which applied as locators with CEZA.
Every one of the cryptocurrency exchanges, he said, was required to put in an initial investment worth US$1 million payable in two years time.
Ray Roquero, CEZA senior deputy administrator said, two other fintech firms, Ultra Precise Investments Ltd. from Bangkok, Thailand, and Liannet Technology Limited from Hong Kong also received their FTSOVC licenses.
The exchanges that already signed up with CEZA included Xin Peng Group, Changwei International Co., Ltd., State Trust Union Capital Holdings, Ultra Precise Investments Ltd., Hachiman Technology Sdn. Bhd., MX Exchange Ventures, Hybrid Block, IPE Global Pte. Ltd., Superieur Tech. Pte. Ltd., Coin Bundle, Northern Orient Resources, Inc., Asia Premier International Ltd., Hong Kong Yuen Shing Hong Ltd., Mobile Pole Position Pte. Ltd., Madison Blockchain Strategy Investment Company Ltd., GMQ, Liannet, Asia Pacific Blockchain Association, Pacificnet Strategic Investments Ltd., Super Angels Ventures Ltd., AXN Holdings Ltd., Paradigm Technologies Unlimited Solutions Corp., Stepwyze LLC.
The Hanwha Group of South Korea, a blockchain developer, also signed a Memorandum of Understanding (MoU) with CEZA.