Philippines Welcomes Fintech Companies

[alex M]

Thanks good heaven for giving us open minded leaders and for allowing us to cash out and buy bitcoins. Thank you God, for allowing Philippines to participate in ICO  crowd funding.

cept crypto currency and giving us, open minded leaders. I feel so blessed for this as other countries banned Bitcoin and ICO.

Me too, Im happy upon reading this, and thankful to Philippine leaders for supporting crypto currency.
It is a good news for everyone who participate here and for new investors who need more assurance with their investments. This will give clearer vision and understanding to all people, not only filipinos that crypto currency or bitcoin is not a scam. Hope many more positive news about crypto business will come.

[Christian31]

We are a proud supporter of Fintech Companies, as a matter of fact we have put up an economic zone where Fintech companies can establish and grow their business there, enjoying tax incentives.
Welcome aboard!!!

Excerpt from news clip

"Saad Rizvi, the co-founder and chief executive officer of Coinbundle, recently met with the National Secretary of the Philippines to finalize the exchange’s registration through CEZA, the Cagayan Economic Zone Authority – a special economic zone offering a number of tax incentives to companies operating in the country’s emerging fintech industry.

“This agreement is a huge win for CoinBundle and will enable us to go to market rapidly and help our users to begin saving and investing. We’re also excited to contribute to the fintech ecosystem of the Philippines and create new jobs here,” Mr. Rizvi said.

Coinbundle is one of fifteen fintech, blockchain, and cryptocurrency companies that are set to invest in CEZA, alongside Hachiman Technology Sdn BHD, MX Exchange Ventures, IPE Global PTE, Inc. Superieur Tech Pte. Ltd., CSM, Madison Blockchain Strategy Investment Company Ltd., Asia Pacific Blockchain Association, Pacificnet Strategic Investments Ltd., SuperAngels Ventures Ltd., and ANX International.

CEZA administrator, Raul Lambino, has welcomed the partnerships, stating: “Working with virtual currency companies allows the Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion, while ensuring that the best interests of the country, the financial system, consumers, and investors are adequately protected. This new development aims to drive the economy forward by creating employment opportunities and boosting job growth. The Philippines will be ready to provide cryptocurrency companies operating here with the manpower they need for their businesses.”

I am from the Philippines and this is a great news. It is a good thing that this kind of business was allowed by the government. Thus, it is a good sign that crypto business will continue to grow here in our country.

[jonaire99]

This development will finally put the Philippines in the world map of fintech or financial technology. Some future virtual currencies might also come from the Philippines. In the coming years bitcoin may eventually legalized in this southeast nation and might be added to a group of countries that accept bitcoin as one of their currency.

[timerland]

What is really interesting in the article is this:

Philippines to gain momentum in providing an environment that encourages financial innovation and inclusion

I believe this is what every government should be doing.

Instead of trying to restrict people from accessing and using bitcoin, creating an environment where Fintech startups, or crypto startups are able to exist with advantageous tax rates are going to mean in the long term, more revenue in the economy.

Whichever country starts endorsing crypto, and Fintech usage the most and first, will reap the most benefits over the long run.