The Borneo Post

HWG Cash first licensed cash token in Asia

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KUALA LUMPUR: HWGG Capital PLC, a blockchain payment solutions providers in the region, has officially announced the release of HWG Cash, a fiat-pegged cash token.

In a statement, it said that this cash token is approved and supervised under the Labuan Financial Services Authority, making it the first licensed cash token in Asia, the only stable and secure token amongst cryptocurr­encies.

Each HWG Cash token issued in circulatio­n is pegged to the equivalent amount of US dollar currency to safeguard its stability.

This eliminates any risk of volatile price fluctuatio­ns seen in several other digital tokens in the market.

HWG Cash can be used by consumers and businesses via the company’s new payment app HwgPay, now available for download from the Google Play Store and Apple App Store for Android and iOS devices respective­ly.

Leveraging on blockchain technology, HwgPay is a digital asset wallet that can be used to store, send, receive and make payment using digital assets and cash tokens such as Bitcoin, Ethereum and HWG Cash.

“Digital assets have been rapidly gaining traction and many countries are recognisin­g its potential and value as the future of online payment solutions,” said Gavin Lim, chief executive officer of HWGG Capital.

“HWG Cash represents an exciting opportunit­y for the mass market to experience Asia’s first and only fiat-pegged cash token. We are committed to deliver the next-gen digital asset that is not only intuitive and easy to use but also regulated and supervised under a recognised authority.”

Converting fiat currency to HWG Cash Tokens is a simple and straightfo­rward process. Users first need to deposit their fiat currency to a designated HWGG Capital’s account to be converted to HWG Cash Tokens.

This allows them to utilise the tokens to make digital asset payments and transactio­ns via the HwgPay app.

Similarly, whenever the user wants to make a withdrawal, they can easily redeem the HWG Cash Tokens to fiat currency from the company through their platforms, which the latter will be credited to withdrawer­s’ bank accounts.

The designated HWGG Capital’s account is audited every quarter and reported to the authority for monitory purposes – greatly ensuring both user and merchant assets are protected.

HWGG Capital strives to offer fiat to digital and digital to fiat exchange in a safe, stable, and fast manner through reducing the barriers and obstacles typically associated with other cash tokens.

“Digital tokens have been around for quite some time but it is currently underutili­sed in the market due to the lack of understand­ing, trust and belief among consumers, volatile fluctuatio­n in pricing, and other concerns related to blockchain technology,” said Yoshikazu Nishimura, chief technical officer of HWGG Capital.

“HWG Cash tokens use everiToken public chain technology as its core due to its security, speed, and ease of use. Consumers and merchants are able to make digital asset transactio­ns without any fear of price fluctuatio­ns, security risk, excess fees or third-party interferen­ce.”

HWGG Capital is officially licensed under the Labuan Financial Services Authority as a payment operator, credit token business and money broker for digital assets.

Digital assets have been rapidly gaining traction and many countries are recognisin­g its potential and value as the future of online payment solutions. Gavin Lim, HWGG Capital chief executive officer

 ??  ?? (From left) HWGG Capital marketing manager Goh Ing Chien, chief executive officer Gavin Lim, general manager Mavis Mok, IT manager Lee Zhern Je pose for a group photo during the launch of HWG Cash.
(From left) HWGG Capital marketing manager Goh Ing Chien, chief executive officer Gavin Lim, general manager Mavis Mok, IT manager Lee Zhern Je pose for a group photo during the launch of HWG Cash.
 ??  ?? Approved and supervised under the Labuan Financial Services Authority, HWG Cash is the first licensed cash token in Asia.
Approved and supervised under the Labuan Financial Services Authority, HWG Cash is the first licensed cash token in Asia.

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