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Malaysia-based investment holding company HWGC Holdings on Friday said it plans to acquire two financial technology companies to expand its push into blockchain technology.
HWGC signed a memorandum of understanding (MOU) with Malaysia-based fintech firm HWGG Capital and UK-based Scion. The firm seeks to improve its fintech solutions with the acquisition of the two companies.
HWGC Holdings Plans To Acquire Digital Assets Payment Firms
In a press release on April 22, HWGC Holdings announced to further improve its blockchain-based innovations in the fintech industry with the acquisition of HWGG Capital and Fintech Scion. The combined value of the transaction is estimated to be around $150 million. HWGC plans to issue nearly 300 million new common shares at $0.50 per share as payment.
HWGG Capital is the first fully licensed digital assets payment operator under Labuan Financial Services Authority (LFSA), Malaysia. The company offers digital assets payments, transfers, and settlements to users and companies through its decentralized app (dApp). In fact, the company has facilitated over $100 million in B2B transactions in digital assets.
London, England-based Fintech Scion offers digital assets payments, credit card processing, exchange, e-commerce, and wire solutions for B2B and B2C transactions across 150 countries. Fintech Scion is the holding company of FintechCashier. Recently, FintechCashier has established partnerships with several countries, including in the Middle East and Malaysia, to allow digital asset payments.
With the completion of acquisitions in Q3 of 2022, HWGC Holdings intends to prevent hindrances for companies and individuals to grow in the digital economy.
Crypto Adoption Thrives in Malaysia
Crypto adoption in ASEAN countries is growing rapidly with respect to other countries. Malaysia is also witnessing an increased crypto adoption among its people, especially the youth. Young Malaysians are exploring the crypto and NFT markets, buying and trading cryptocurrencies such as Bitcoin, despite the government turning down the proposal to make Bitcoin a legal tender in the country.
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