Blockchain Fintech PH

1st INVESTMENT PROMOTION AGENCY (IPA) TO MONITOR+AUDIT BLOCKCHAIN & FINTECH IN THE PHILIPPINES

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 Auditing and Monitoring processes, in addition to its “Enabling environment” and “Ease of Doing Business” practices allows peace of mind. With the introduction of the OFFSHORE DIGITAL ASSET LICENSE (ODAL), qualified companies may benefit from a governed and structured community beneficial to all.

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Blockchain Fintech

https://afab.gov.ph/

SCOPE AND COVERAGE

The scope of operations for blockchain business activities include digital asset related exchange, tokenization and crowd funding platform; companies engaging token offerings, including but not limited to, Security Token Offering (STO), Token Generation Event (TGE), Initial Coin Offering (ICO); payment providers using blockchain technology to store data or generate funds; blockchain developer service and / or software platform provider that is blockchain based; utilization of a digital wallet that stores virtual currencies either through a website or a mobile application; tokens or digital securities within the business model; Distributed Ledger Technology; and, any blockchain-enabled financial technology solution. The financial technology solutions, on the other hand, cover any foreign exchange trading company; online trading companies for securities, commodities; online or mobile payment solutions and wallets; loan or mortgage disbursing or processing company; financial consultancy or financial advisory companies; insurance or insurance processing company; company or service that seeks to serve disadvantaged or low- income individuals who do not have access to traditional banks or mainstream financial services companies; and, company or individual brokering or hedging on digital asset exchanges or other exchanges.

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.

OBFTSL OPERATION IN THE FAB

With the passage of Republic Act No. 11453, otherwise known as an “Act Further Strengthening the Powers and Functions of the Authority of the Freeport Area of Bataan (AFAB)”, the AFAB now intends to endeavor into research and development, engineering, medical, education, information and communications technology including emerging and future technologies such as artificial intelligence technology, blockchain, business process outsourcing, cloud computing, cybersecurity, distributed ledger technology, financial technology solutions, internet of things, and virtual reality, retirement, and healthcare services, agro-industrial, tourism, banking, financial, multinational trading and investment center.

Particularly with respect to blockchain, distributed ledger technology and financial technology solutions, the Offshore Blockchain and Financial Technology Solutions(OBFTS) Policy has been formulated by the AFAB.This policy provides the lawful basis for the regulation and control of OBFTS initiatives to ensure the fair, honest and responsible conduct of these business activities.

SCOPE AND COVERAGE

The scope of operations for blockchain business activities include digital asset related exchange, tokenization and crowd funding platform; companies engaging token offerings, including but not limited to, Security Token Offering (STO), Token Generation Event (TGE), Initial Coin Offering (ICO); payment providers using blockchain technology to store data or generate funds; blockchain developer service and / or software platform provider that is blockchain based; utilization of a digital wallet that stores virtual currencies either through a website or a mobile application; tokens or digital securities within the business model; Distributed Ledger Technology; and, any blockchain-enabled financial technology solution. The financial technology solutions, on the other hand, cover any foreign exchange trading company; online trading companies for securities, commodities; online or mobile payment solutions and wallets; loan or mortgage disbursing or processing company; financial consultancy or financial advisory companies; insurance or insurance processing company; company or service that seeks to serve disadvantaged or low- income individuals who do not have access to traditional banks or mainstream financial services companies; and, company or individual brokering or hedging on digital asset exchanges or other exchanges.

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.

OBFTSL OPERATION IN THE FAB

With the passage of Republic Act No. 11453, otherwise known as an “Act Further Strengthening the Powers and Functions of the Authority of the Freeport Area of Bataan (AFAB)”, the AFAB now intends to endeavor into research and development, engineering, medical, education, information and communications technology including emerging and future technologies such as artificial intelligence technology, blockchain, business process outsourcing, cloud computing, cybersecurity, distributed ledger technology, financial technology solutions, internet of things, and virtual reality, retirement, and healthcare services, agro-industrial, tourism, banking, financial, multinational trading and investment center.

Particularly with respect to blockchain, distributed ledger technology and financial technology solutions, the Offshore Blockchain and Financial Technology Solutions(OBFTS) Policy has been formulated by the AFAB.This policy provides the lawful basis for the regulation and control of OBFTS initiatives to ensure the fair, honest and responsible conduct of these business activities.

SCOPE AND COVERAGE

The scope of operations for blockchain business activities include digital asset related exchange, tokenization and crowd funding platform; companies engaging token offerings, including but not limited to, Security Token Offering (STO), Token Generation Event (TGE), Initial Coin Offering (ICO); payment providers using blockchain technology to store data or generate funds; blockchain developer service and / or software platform provider that is blockchain based; utilization of a digital wallet that stores virtual currencies either through a website or a mobile application; tokens or digital securities within the business model; Distributed Ledger Technology; and, any blockchain-enabled financial technology solution. The financial technology solutions, on the other hand, cover any foreign exchange trading company; online trading companies for securities, commodities; online or mobile payment solutions and wallets; loan or mortgage disbursing or processing company; financial consultancy or financial advisory companies; insurance or insurance processing company; company or service that seeks to serve disadvantaged or low- income individuals who do not have access to traditional banks or mainstream financial services companies; and, company or individual brokering or hedging on digital asset exchanges or other exchanges.

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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 OBFTS Group is authorized to evaluate, process, verify and endorse all applications to engage and operate OBFTS business activities within the FAB. In addition, The OBFTS Group is responsible for ensuring ongoing compliance with ODAL policies accompanied by AFAB's Auditing and Monitoring System.

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Impero Consortium Management Corp.

IMPERO is a Philippines SEC registered corporation 100% owned by Filipinos with a Certificate of Accreditation by The Authority of The Freeport Area of Bataan (AFAB), and is the technology lead to a consortium of companies from the Philippines, Japan, Singapore, Shanghai, Australia and India, that focuses on the delivery of emerging and transformative technologies while anchoring the benefits of such Blockchain and Distributed Ledger Technology solutions, within a regulated landscape working closely with government agencies.

IMPERO possesses the global experience, technical expertise, management, marketing and operational capability to help enhance and add value to the global Blockchain community while leveraging collaborative strategies beneficial to all.

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.

Impero Consortium Management Corp.

IMPERO is a Philippines SEC registered corporation 100% owned by Filipinos with a Certificate of Accreditation by The Authority of The Freeport Area of Bataan (AFAB), and is the technology lead to a consortium of companies from the Philippines, Japan, Singapore, Shanghai, Australia and India, that focuses on the delivery of emerging and transformative technologies while anchoring the benefits of such Blockchain and Distributed Ledger Technology solutions, within a regulated landscape working closely with government agencies.

IMPERO possesses the global experience, technical expertise, management, marketing and operational capability to help enhance and add value to the global Blockchain community while leveraging collaborative strategies beneficial to all.

Impero Consortium Management Corp.

IMPERO is a Philippines SEC registered corporation 100% owned by Filipinos with a Certificate of Accreditation by The Authority of The Freeport Area of Bataan (AFAB), and is the technology lead to a consortium of companies from the Philippines, Japan, Singapore, Shanghai, Australia and India, that focuses on the delivery of emerging and transformative technologies while anchoring the benefits of such Blockchain and Distributed Ledger Technology solutions, within a regulated landscape working closely with government agencies.

IMPERO possesses the global experience, technical expertise, management, marketing and operational capability to help enhance and add value to the global Blockchain community while leveraging collaborative strategies beneficial to all.

Learn more

Lorem ipsum dolor sit amet, consectetur adipisicing elit. Eveniet in sed labore ab ad qui nulla neque asperiores dolorem. Dolorem quidem dignissimos optio voluptatum magni minima eaque aperiam unde! Pariatur.Lorem ipsum dolor sit amet, consectetur adipisicing elit. Eveniet in sed labore ab ad qui nulla neque asperiores dolorem. Dolorem quidem dignissimos optio voluptatum magni minima eaque aperiam unde! Pariatur.Lorem ipsum dolor sit amet, consectetur adipisicing elit. Eveniet in sed labore ab ad qui nulla neque asperiores dolorem. Dolorem quidem dignissimos optio voluptatum magni minima eaque aperiam unde! Pariatur.Lorem ipsum dolor sit amet, consectetur adipisicing elit. Eveniet in sed labore ab ad qui nulla neque asperiores dolorem. Dolorem quidem dignissimos optio voluptatum magni minima eaque aperiam unde! Pariatur.Lorem ipsum dolor sit amet, consectetur adipisicing elit. Eveniet in sed labore ab ad qui nulla neque asperiores dolorem. Dolorem quidem dignissimos optio voluptatum magni minima eaque aperiam unde! Pariatur.

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.

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