Asia’s first-ever regulated cash token, HWG Cash (HWGC), has been introduced by HWGG Capital in Malaysia as part of its HwgPay Blockchain Ecosystem.
According to Digital News Asia, HwgPay, the wallet app for HWGC, was officially launched at an event featuring Tan Kok Wai, Special Envoy of Malaysia to the People’s Republic of China, and Danial Mah Abdullah, Director-General of the Labuan Financial Services Authority.
The HwgPay Blockchain Ecosystem was created to facilitate secure and reliable digital asset spending by users. It comprises HWGG Capital’s HWG Cash, a regulated cash token pegged to the US dollar, and HwgPay, a digital asset wallet that handles HWG Cash as well as Bitcoin (BTC) and Ethereum (ETH). HwgPay allows users to store, send, receive, and make payments with HWGC, BTC, and ETH.
The two halves of the HwgPay Blockchain Ecosystem were introduced earlier this year, with the network now bringing them together as per HWGG Capital’s vision.
“The launch of HwgPay Blockchain Ecosystem is the culmination of the long journey undertaken by HWGG Capital to introduce regulated digital assets transactions for consumers and businesses,” said CEO Gavin Lim.
Designed to provide consumers and businesses alike with the confidence to use digital cash, the HwgPay Blockchain Ecosystem has been hailed by the Malaysian government as a key step towards realizing its objective of making the country a cashless society.
The ecosystem is licensed and supported by the Labuan Financial Services Authority and is to help make the Federal Territory of Labuan into a major hub of blockchain and financial technologies.
Labuan and HWGG Capital’s goal for the near future is to see the territory become a leader in blockchain innovation and adoption, making it a destination for the nascent industry.