By Digital News Asia August 30, 2019
- HWG Cash is Asia’s first regulated cash token, pegged against the US dollar
- HwgPay is a digital asset wallet to store, send, receive and make payments
HWGG Capital PLC has officially launched its HwgPay Blockchain Ecosystem, allowing consumers to make safe, secure, and reliable digital asset spending. The event was graced by the presence of Tan Kok Wai, Special Envoy of Malaysia to the People’s Republic of China as well as Danial Mah Abdullah, director-general of Labuan Financial Services Authority (Labuan FSA).
The HwgPay Blockchain Ecosystem is a cohesive network made up of HWGG Capital’s digital asset payment solutions: 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.
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.
Both blockchain-powered digital asset payment solutions were announced earlier this year by HWGG Capital, introducing consumers and businesses to the convenience of digital assets.
The HwgPay Blockchain Ecosystem 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.
“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 HWGG Capital chief executive officer Gavin Lim.
“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 the past, few businesses were willing to handle digital assets due to the hassle of converting it into digital money for regular transactions. Thanks to regulation from the Labuan FSA, the stability of HWG Cash prevents businesses from suffering from massive fluctuating values typical of digital currency.
Furthermore, the use of everiToken public chain technology behind HWG Cash also allows consumers and merchants to make digital assets transactions without security risk, excess fees, or third-party interference.
Moving Labuan, Malaysia forward in digital innovation
In early 2019, the Malaysian Finance Ministry indicated that the country is well on its way towards becoming a cashless society with over 90% of Malaysians having access to online banking and local vendors at ease with digital wallets. This vision is shared by HWGG, whose Labuan FSA licensed solutions already enable users to easily pay for products and services with digital assets.
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% of the world’s blockchain projects are currently underway in China. The country also holds most number of patents on blockchain technology,” said Tuan.
“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.”
Today’s global economy is now digitally powered, and blockchain technology is rapidly driving innovation within the banking and manufacturing industries. The Malaysian government is also encouraging digitalisation in both private and public sectors as the country moves towards Industry 4.0.
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.