Recently, HWGG Capital PLC launched its HwgPay Blockchain Ecosystem at Shangri-La Kuala Lumpur. Present at the event was YB Tuan Tan Kok Wai the Special Envoy of Malaysia to the People’s Republic of China, Encik Danial Mah Abdullah the Director-General of Labuan Financial Services Authority (Labuan FSA).
The Future of Digital Asset Payments
The HwgPay Blockchain Ecosystem comprises HWGG Capital’s digital asset payment solutions HWG Cash and HwgPay. It aims to empower both consumers and merchants with solutions that not only enable and simplify digital asset spending, but also allow safer and faster everyday transactions.
HWG Cash is Asia’s first regulated cash token, pegged against the US Dollar and HwgPay is a digital asset wallet that can be used to store, send, receive and make payments using digital assets and cash tokens such as Bitcoin, Ethereum, and, of course, HWG Cash.
Previously, only a handful of businesses were willing to handle digital assets due to the hassle of converting it into digital money for regular transactions. With the regulation from the Labuan FSA, the stability of HWG Cash prevents businesses from suffering from massive fluctuating values typical of digital currency and allows consumers and merchants to make digital assets transactions without security risk, excess fees, or third-party interference.
“The launch of HwgPay Blockchain Ecosystem is the culmination of the long journey undertaken by HWGG Capital to introduce regulated digital assets transactions for consumers and businesses,” said Gavin Lim, CEO of HWGG Capital. “Blockchain technology has the potential to not only change the way we conduct secure, online payment transactions but also innovate everyday services such as distribution, automation, and verification.”
In early 2019, the Malaysian Finance Ministry indicated that the country is well on its way towards becoming a cashless society with over 90 percent of Malaysians having access to online banking and local vendors at ease with digital wallets.
HWGG is working in line with the government’s efforts of turning the Federal Territory of Labuan into a fintech and blockchain hub.
“Since its adoption of blockchain technology, 25 percent of the world’s blockchain projects are currently underway in China. The country also holds most number of patents on blockchain technology,” said YB Tuan Tan Kok Wai.
“With blockchain technology’s potential to level the playing field between developing and developed nations, Labuan has now taken its first major steps towards digital innovation following the launch of the HwgPay Blockchain Ecosystem.”
The HwgPay Blockchain Ecosystem aims to first catapult Labuan into becoming the leader in blockchain adoption, entrepreneurship and innovation, thus positioning the country as an attractive prospect for high-technology and high-value added blockchain economy and industries in the region.