KUALA LUMPUR, Malaysia, Nov. 25, 2022 /PRNewswire/ — HWGC Holdings Ltd (HWGC Holdings) has completed the acquisition of HWGG Capital PLC (HWGG Capital) on the 15th Nov 2022. Labuan Financial Services Authority (Labuan FSA) has given the approval to HWGC Holdings to proceed with the acquisition of HWGG Capital PLC on the 11th Nov 2022.
Labuan FSA was established back in 1996 to promote and develop Labuan as an international centre for business and financial services. It is governed by the Malaysian Ministry of Finance (MOF) and it is the statutory body responsible for the development and administration of the Labuan International Business and Financial Centre (Labuan IBFC). Labuan FSA is also the central regulatory, supervisory and enforcement authority of the international business and financial services industry in Labuan. Labuan FSA‘s key role is to license and regulate licensed entities operating within Labuan IBFC and to ensure all such entities remain in compliance with the internal and international best standards adopted by the jurisdiction.
The approval given to HWGC Holdings to acquire 100% of HWGG Capital share by Labuan FSA align synergistically with one of Labuan FSA‘s key objectives of developing national objectives, policies and priorities for the orderly development and administration of international business and financial services in Labuan.
HWGG Capital owns HWG CASH, a leading blockchain finance ecosystem that facilitates international cross-platform money broking, remittance and settlement. Upon completion of this acquisition, HWGC Holdings will further expand its technology infrastructure and licensing to develop into digital banking sector in the near future. The company is also in pipeline to be uplisted to Nasdaq by 2023.
ABOUT HWGC HOLDINGS LIMITED
HWGC Holdings Limited (HWGC Holdings) is an investment holding company listed on OTCQB Market. Along with its group of companies, the company is set out to engaged in the provision of emerging technologies, such as big data, artificial intelligence, blockchain and edge computing to make financial services more accessible and more efficient. This allows the company to offers and deliver diverse clients with advanced solutions in the areas of application as a service (AaaS), infrastructure as a service (IaaS), finance as a service (FaaS) and related financial technology services.
ABOUT HWGG CAPITAL P.L.C
HWGG Capital P.L.C (HWGG Capital) is the first fully licensed digital assets payment operator under Labuan Financial Services Authority (LFSA), Malaysia. The company is committed towards driving new fintech solutions to the market by leveraging blockchain technology to create the new financial services for investments, payments, stores, and transfers using digital assets while adhering to the highest security and compliance standards under pertinent authorities.
ABOUT HWG CASH
HWG CASH is a leading blockchain finance ecosystem developed by HWGG Capital, a fully licensed entity under Labuan Financial Services Authority (LFSA), Malaysia. More than just a payment platform, HWG CASH‘s ecosystem serves as a medium connecting both digital and traditional markets, where it enables traditional companies to scale flexibly by expanding their reach internationally with ease for accepting cross-platform payment using digital currencies such as Tether USD (USDT), Ethereum, or its own native HWG CASH digital currency, which can later be processed into fiat currency for settlement.