HWGG Capital PLC launched its official HwgPay blockchain ecosystem.
The event launch was graced by the presence of Tan Kok Wai, Special Envoy of Malaysia to the People’s Republic of China and Director-General of the Labuan Financial Services Authority, Danial Mah Abdullah.
HwgPay blockchain ecosystem will include HWG Cash and HwgPay.
HWG Cash is “Asia’s first regulated cash token pegged against the US dollar, making it the first Asia based stable token.”
On the other hand, HwgPay is a digital asset wallet which can be used for transactions as well as store digital assets and “cash tokens such as Bitcoin, Ethereum, and, of course, HWG Cash.”
“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. 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.” HWGG Capital chief executive officer Gavin Lim
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Innovation and Malaysia
Conversion of digital assets into digital money made many businesses to back down from handling digital assets.
However, with “the Labuan FSA regulation the stability of HWG Cash prevents businesses from suffering from massive fluctuating values typical of digital currency.”
“ Since its adoption of blockchain technology, 25% of the world’s blockchain projects are currently underway in China. The country also holds the most number of patents on blockchain technology. 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 HwgPayBlockchain Ecosystem. ” Tan Kok Wai, Special Envoy of Malaysia to the People’s Republic of China
In early 2019, the Malaysian Finance Ministry said that 90% of Malaysians have access to online banking and digital wallets. It hopes that the country is “on its way towards becoming a cashless society”.
HWGG with its Labuan FSA License solutions enables users to pay through digital assets. It is working in line with the government “of turning the Federal Territory of Labuan into a fintech and blockchain hub.”