Article Extracted from The Edge Markets
KUALA LUMPUR (April 2): Labuan-based HWGG Capital PLC is collaborating with Virtual Currency Philippines Inc (VCPI) to provide Filipinos with a safer and convenient asset transfer alternative.
In a statement, the payment solutions provider said the collaboration would further increase the functionality of its recently-launched blockchain asset, HWG Cash, to include international money transfer service and serve customers who may not have bank accounts, such as foreign workers.
HWGG Capital chief executive officer Gavin Lim said over US$5.9 billion was transferred to the Philippines by Filipinos working in the Asia region last year, and the number is steadily increasing every year.
“HWGG Capital is now able to tap into the facilities of VHC Exchange (VHCEX), a licensed digital assets exchange platform operated by VCPI, as well as leverage on VCPI’s market presence in the Philippines.
“This would enable Filipino expatriates and workforce from around the world to transfer money home to their families almost instantly and at a much lower transaction fees,” he said.
HWG Cash will be listed on VHCEX’s platform to facilitate users in the Philippines to buy and redeem HWG Cash in the form of Bitcoin or local currency.
HWG Cash is said to be Asia’s first regulated cash token pegged to the US dollar.
HWGG Capital is a member of Ho Wah Genting Group of Companies but is neither a subsidiary nor an associate company of Bursa Malaysia-listed Ho Wah Genting Bhd.