The Authority of the Freeport Area of Bataan (AFAB), a government-owned and controlled corporation managing and supervising the development of the Freeport Area of Bataan (FAB), has licensed, authorized and allowed the operations of a exclusive decentralized and centralized digital asset exchange to raise funds and provide credit to all virtual and physical based operators. .
In this regard, AFAB has granted iWave Advanced Research Group (iWave) an exclusive license to operate Global Trade Exchange (GTX), a platform that enables the cross border trade and exchange of digital assets between and among international investors.
iWave is a wholly owned subsidiary of the iWave, Inc., a Philippine corporation that has just entered into an implementation agreement to list in the Singapore Stock Exchange (SGX). iWave is also an affiliate and investee of DFNN, Inc. (“DFNN”), a publicly listed company at the Philippine Stock Exchange (PSE),
Overall, iWave’s authority under AFAB includes the ability to perform various capital market functions such as futures, commodities, derivatives and other similar products, services and solutions for foreign clients.
GTX shall cater to foreign registered entities and residents of outside the Philippines commencing in the second quarter of 2021 allowing fast tracked residency processing and business registration under a tax free environment.
Further GTX shall enable businesses and projects to receive the following benefits:
- The ability to issue digital assets via GTX in order to raise capital.
- The ability to avail of real time credit to sustain the growth of their business.
- The ability to earn yield for assets held under GTX management.
- The ability to operate in a tax-free, regulation-light environment.
These benefits apply for any tech-enabled service or business that chooses to list in the GTX platform or register in AFAB.
The combination of centralized and decentralized exchange and financial services shall act as a bridge between the traditional space and the digital asset space, while granting anyone access to all the benefits of being in a tax free ecozone.
AFAB is Located within a two and a half hour drive, fifty-five minute boat ride or a twenty-five minute helicopter flight from Manila. It is situated at the crossroads of international shipping routes in Southeast Asia strategically located at the center of Asian economic activity connecting Taiwan, Hong Kong, Japan, Korea, People’s Republic of China, and Australasia.
For more information about the zone, visit afab.gov.ph or globaltradex.com.