Bataan freeport opens doors for fintech firms

Bataan freeport opens doors for fintech firms

The Authority of the Freeport Area of Bataan (AFAB) is taking steps to attract emerging digital economies, as it recently welcomed the registration of offshore Financial Technology (FinTech) companies using blockchain or other emerging technologies.

AFAB Administrator Emmanuel Pineda said the agency collaborated with Grand Innovasia Concept Corp. (GICC) and its partner, Impero Consortium Management Corp. (Impero), as its marketing arm and internal auditor for companies interested in acquiring Offshore Blockchain Financial Technology Services (OBFTS) licenses from the AFAB.

GICC-Impero is then responsible for the evaluation, processing, verification, and endorsement of all applications to engage in and operate OBFTS business activities within the Freeport Area of Bataan.

“With this development, AFAB is optimistic that many offshore companies will be securing OBFTS licenses from it, subject to the required probity check and evaluation of GICC-Impero and the establishment of service agreements of such companies with their AFAB registered service providers located within the FAB,” Pineda said.

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