Malaysian Investment Firm Makes $150 Mln Push Into Blockchain Tech

By Varinder Singh
April 22, 2022 Updated April 22, 2022
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Malaysia's Fintech HWGC To Acquire Two Global Digital Assets Payment Firms

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.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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