HWG is the first Asia-based stable token
The digital payment solution is now possible in Malaysia as HWGG Capital PLC has officially launched its HwgPay Blockchain Ecosystem. 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 HWG Cash. HWG is Asia’s first regulated cash token, pegged against the US dollar, making it the first Asia based stable token. The event took place in at Shangri-La, Kuala Lumpur, and was horned by the presence of Tan KokWai, Special Envoy of Malaysia to the People’s Republic of China as well as DanialMah Abdullah, director-general of Labuan Financial Services Authority (Labuan FSA).The HwgPayBlockchain 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. Commenting on this HWGG Capital chief executive officer Gavin Lim said: “The launch of HwgPayBlockchain Ecosystem is the culmination of the long journey undertaken by HWGG Capital to introduce regulated digital assets transactions for consumers and businesses,” He added: “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 announced 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 wallet.This vision is shared by HWGG, who’s 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. Commenting on this Tan said: “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.” The Malaysian government is also encouraging digitalisation in both private and public sectors as the country moves towards Industry 4.0. This is particularly poignant in light of the fact that the global economy is now digitally powered, and blockchain technology is rapidly driving innovation within the banking and manufacturing industries.
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