Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Follow the Fintech Philippines Facebook or Twitter channel to stay updated. Also, you can subscribe to our monthly Fintech PH Newsletter here. Here we go: 15 offshore firms investing P1.7b in Philippines’ ‘Fintech City’ The government-owned and-controlled corporation Cagayan Economic Zone Authority (CEZA) has secured up to P1.7 billion in investments from 15 offshore fintech and blockchain companies set to be locators in the Cagayan Special Economic Zone and Freeport (CSEZFP) ― the launching ground for the first “Fintech City” in the Philippines. Among the early offshore companies to ink…
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The emergence of crowdfunding activities in the Philippines in recent years now valued to millions has compelled the Securities and Exchange Commission (SEC) to craft rules and regulations that will govern them. In fact SEC announced last December that it is set to release a draft. There are now a few crowdfunding platforms in the country engaged in rewards programs, donation, net profit sharing, among others. Compared to platforms overseas, local crowdfunding have smaller sizes, according to Patch Dulay, founder and CEO of The Spark Project. His company offers both donation and rewards-based crowdfunding. “There are a lot of consideration…
Fintechnews.PH picks every Friday for you the top 5 Fintech Philippines News of the week: Follow the Fintech Philippines Facebook or Twitter channel to stay updated. Also, you can subscribe to our monthly Fintech PH Newsletter here. Here we go: Traxion to make mini-banks of 600k sari-sari stores Ireland-based blockchain company Traxion aims to enable 600,000 sari-sari stores (neighborhood variety stores) to somewhat function as mini banks or remittance centers in the Philippines. Jorge Azurin, co-founder and business strategist of Traxion, said the sari-sari stores will serve as “branches of banks” in far-flung areas as Filipinos can easily deposit and withdraw cash from them. The…