SA Has Been Accepted to IFEZ’s Business Demonstration Program
Shareable Asset’s consortium has been accepted to IFEZ’s business demonstration program on September 25th 2020.
“IFEZ is designated with an area size of 132.9㎢ in August 2003 over Songdo, Yeongjong, and Cheongna International Cities including Incheon International Airport/ Ports as the hub for government’s strategy of making Northeast Asia’s economic central.
Incheon is where the country’s west coast originates, serving as the gateway to Seoul and a metropolitan area with 23 million people and the center of Korea’s economic, industrial, and land development. Located 8㎢ from downtown Incheon and 50㎞ from the center of Seoul, IFEZ, and its adjacent Incheon Port, are highly accessible, with major metropolitan areas only 60~90 minutes away.”
In this business demonstration program, Shareable Asset will provide a DID (Decentralized Identity) based KYC/AML solution along with Shareable Asset’s asset tokenization platform for IFEZ citizens. Shareable Asset will be coordinating with the government to build an online citizens and residents’ database and mobile KYC/AML.
Chairman of Shareable Asset, Will Lee said, “We are very excited about the participation in IFEZ’s Business Demonstration Program. Citizens in Incheon will experience the most advanced blockchain-based security token platform. It will also demonstrate how Singapore’s fintech can improve daily life of the community by leveraging on the global blockchain industry.”
SA’s demonstration business will be initiated in Q4 2020 and SA’s consortium will receive a grant for this business demonstration.
What is a Free Economic Zone?
“A Free Economic Zone (FEZ) is a special economic area designated in order to attract higher levels of foreign investment by a) improving business and residential conditions for foreign investment companies, and b) by relaxing various regulations to secure the freedom to engage in economic activities and offer attractive investment incentives as much as possible.
In addition, IFEZs provide a wide range of tax benefits, reduce regulations to ensure the freedom to engage in economic activity, establish convenient living conditions and easy-to-use administrative services for free-flowing and diverse business endeavours.”