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1ST INVESTMENT PROMOTION AGENCY (IPA) TO REGULATE BLOCKCHAIN AND FINTECH IN THE PHILIPPINES
Expand your business into new markets. Be one of the first businesses to realize an Offshore Blockchain Fintech Solutions (OBFTS) license. The development of The Authority of the Freeport Area of Bataan's (AFAB) digital ecosystem allows organizations to focus on their objectives, while AFAB's regulation allows peace of mind for all parties.
With a long history of operating within economic zones we have combined our experience into establishing the Offshore Blockchain Financial Technology Solutions framework. We have combined location and economic incentives with future technologies and regulation.
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PHILIPPINE MARKET FORECASTS
The 2019 Genome Report has projected that the transaction value of financial technology (fintech) market in the Philippines is set to reach USD10.5 billion by 2022 (p.120, Ecosystem Deep Dives by Lifecycle). In several news articles, Department of Trade and Industry (DTI) Undersecretary for the Competitiveness and Innovation Group (CIG) Rafaelita Aldaba has cited how opportunities for fintech is growing steadily in the country, especially with the Philippine government’s inclusive, innovation-led, industrial strategy or i3s.
The World Bank, on the other hand, sees blockchain as a “pillar of the Fourth Industrial Revolution, comparing it to technologies such as the steam engine and the internet that triggered previous industrial revolutions” (The World Bank. 2019 January 24. Blockchain: How the Fourth Industrial Revolution can help accelerate progress towards development.https://lnkd.in/dFePxRq). The impact of the adoption of the new technology will not only be felt in emerging market economies but is also considered a crucial instrument / tool in reengineering existing government institutions and processes, ultimately changing the way citizens, companies and governments interact.
HOW IT WORKS
5 Steps to get your OBFTS License
1
REGISTER
Create an account to start your application process. This will allow you to track your requirements for the application later on.
2
LETTER OF INTENT
Send your letter of intent to admin@blockchainfintech.ph. Once approved, the OBFTS Admin will get in touch with you to help you prepare the required documents for application.
3
VALIDATION
After you have submitted all required documents, your application will go through the OBFTS validation process. During the process, you may be required to provide additional documents or information.
4
PROBITY
Once your application has been Validated and Pre-Approved, you will be given a temporary license so you can continue your business operations while your application goes through the probity process conducted by an International 3rd Party Provider.
5
GET YOUR LICENSE
You will be given your Official OBFTS License once you've passed the probity process.
FIRST GOVERNMENT ISSUED LICENSE ON A BLOCKCHAIN
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TheOBFTSGroup
The Offshore Blockchain FinTech Solutions (OBFTS) Group is authorized to evaluate, process, verify and endorse all applications of Local Service Providers and Licensees to engage and operate OBFTS business activities within the FAB. In addition, The OBFTS Group is responsible for ensuring ongoing compliance with OBFTSL rules and regulations and the monitoring of all transactions of Local Service Providers and Licensees.
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Authority of the Freeport Area of Bataan (AFAB)
AFAB is committed to becoming the Freeport choice in the country; becoming the center of trade innovation, and sustainable development in Asia, promoting work-life balance and global competitiveness; ensuring total customer satisfaction, continual improvement and compliance to all required governmental and industry standards.
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Blockchain Benefits
  • IMMUTABILITY
  • DECENTRALIZED TECHNOLOGY
  • ENHANCED SECURITY
  • CONSENSUS
  • FASTER SETTLEMENT
  • DISTRIBUTED LEDGERS
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AFAB Legal Basis
R.A. 11453
On August 30, 2019, President Rodrigo Roa Duterte signed into law the Republic Act 11453. This Act is a consolidation of Senate Bill 2133 and House Bill No. 6524, which was passed by the Senate and House of Representatives on June 3, 2019.