AFAB grants provisional Offshore Digital Assets License to Finora Tech

The Authority of the Freeport Area of Bataan (AFAB) has granted a provisional digital assets license to Finora Technologies Limited, marking the latest expansion of the freeport’s regulated fintech and blockchain ecosystem.

The Class 1 and 2 Offshore Digital Assets License, issued 18 December, allows the company to conduct marketing and promotional activities under the AFAB regulatory framework for one year. The move is part of the agency’s 2023 policy to attract emerging technology firms to the province.

AFAB officials said the initiative is a strategic response to shifts in the labor market caused by artificial intelligence.

By opening the freeport to regulated digital asset firms, the agency aims to offset job consolidation in traditional sectors through new opportunities in the digital economy.

AFAB is currently the only investment promotion agency in the Philippines with the legal mandate to license enterprises in the fintech, blockchain, and emerging technology sectors, according to Republic Act 11453.

To attract these firms, the freeport offers specialized incentives, including the use of “virtual offices” that allow digital enterprises to establish a legal base of operations without the overhead costs of traditional physical space.

The agency also provides remote registration and access to tax incentives for technology-driven businesses.

Through these measures, the authority seeks to strengthen Bataan’s position as a hub for innovation and to support evolving forms of employment in the global digital economy.