A cryptocurrency hub is likely to open in the Philippines
Local media report that Cagayan Economic Zone Authority (CEZA), the Philippine government corporation, has proposed to build an entertainment complex and a fintech center with the support from the Chinese company.
The idea suggests that the fintech center would consist of a blockchain center, a mining farm, virtual currency exchange, and a fintech startup incubator.
The Manila Bulletin newspaper cites Raul Lambino, chief executive of CEZA, informing that a Taiwanese firm and two large investors in CEZA are interested in developing a tourist attraction platform, which would include a casino, hotels, water rides, villas, a golf course, horse riding grounds, and a big shopping mall.
The Manila Times newspaper reports that CEZA and Sinosun Subic Bay Holdings Corp signed a deal last Thursday intended to develop tourism and to create a new fintech center.