TOKYO –The Cagayan Economic Zone Authority, technology company Iwave Inc. and publicly listed Traders Holdings (Japan) signed a milestone memorandum of understanding to develop the first Asian special economic zone in Cagayan to regulate, license and propagate financial technology companies from around the world.
The agreement also plans to promote Cagayan Special Economic Zone as the premier hub for the development of these financial technologies. The aim is to turn Cagayan Valley into the Asian version of ‘Silicon Valley’ by providing an unparalleled ‘technological’ environment.
This environment will combine nature’s serene beauty”•in this case Cagayan’s surrounding Sierra Madre mountains and some of the world’s finest beaches”•with wide bandwidth submarine cable landing points that are soon to be completed to ensure that the Special Economic Zone is firmly connected to the rest of the world, according to Ceza.
“This is a planned, calibrated development, which would be in stark contrast to the large unmitigated growth of Asian cities with their huge traffic and unproductive environments,” said Ceza administrator and chief executive Raul Lambino.