The Cagayan Economic Zone Authority (CEZA) has signed a memorandum of understanding (MoU) with NEM, a peer-to-peer cryptocurrency and blockchain platform, on Saturday at La Salle University Business Law Conference 2018.
These series of nonbinding agreements can be seen as a major move from the Philippine economic zone as CEZA Administrator and Chief Executive Officer Raul Lambino once mentioned that he is positioning Freeport as the next “Fintech City” or the “Silicon Valley” of Asia.
“The best of nature and of cutting-edge technology will combine to bring about a new hub in Asia for the world’s leaders in the burgeoning global currency of the future,” said Lambino.
Lambino expected that there will be a steady stream of the needed local manpower for these companies as he is looking at establishing the first-ever fintech university in the sprawling special economic zone and expected 20,000 jobs to be created out these blockchain projects.
This initiative is also in line with NEM’s goal to create education centers and cryptocurrency awareness hubs. Jason Lee, the Expansion Director of NEM.io Foundation, New Zealand and Australia, said:
“We want to be able to attract software developers, startups and the wider blockchain community to explore and develop use case of the NEM blockchain technology platform.”