AFAB grants provisional digital asset license to Finora Technologies

The Authority of the Freeport Area of Bataan (AFAB) has granted a provisional Offshore Digital Assets Licensee – Class 1 and 2 to Finora Technologies Limited, marking another step in the agency’s bid to position Bataan as a hub for regulated digital and emerging technology enterprises.

The provisional license was issued on 18 December, pursuant to Republic Act No. 9728, as amended by Republic Act No. 11453, and in accordance with the AFAB Offshore Digital Assets License Policy of 2023.

According to the certification signed by AFAB, the license is valid for one year and authorizes Finora Technologies to conduct marketing and promotional activities within AFAB’s regulatory framework.

AFAB said the approval reflects its strategic response to job consolidation driven by artificial intelligence and rapid digital transformation. By opening the Freeport to regulated digital asset firms, the agency aims to attract new investments, support evolving employment models, and strengthen Bataan’s standing as an innovation-driven economic zone.

Under Republic Act 11453, AFAB remains the only investment promotion agency in the Philippines legally empowered to license enterprises engaged in fintech, blockchain, and other emerging technology sectors.

To support digital enterprises, AFAB offers virtual office facilities within the Freeport, allowing firms to establish a legal presence without the cost of traditional office space. Licensees also gain access to streamlined registration processes and tax incentives tailored for technology-driven businesses.

AFAB said the approval of Finora Technologies forms part of its broader initiative to draw investments in blockchain and digital assets, particularly as the agency looks to counter workforce displacement and job consolidation brought about by artificial intelligence.