HWGG Capital inks partnership in the Philippines for new method to transfer money abroad
By Digital News Asia April 3, 2019
- Increase the functionality of HWG Cash to include international money transfer service
- VHCEX customers to enjoy the benefits of HWG Cash as a stable token to digital assets
HWGG Capital P.L.C. and Virtual Currency Philippines Inc (VCPI) have announced a strategic partnership to enable Filipino workforce to transfer their earnings home safely and almost instantly.
The latest collaboration will further increase the functionality of HWG Cash to include international money transfer service, allowing HWGG Capital to serve customers who may not have bank accounts, such as foreign workers.
HWG Cash is a Blockchain Asset issued by HWGG Capital that has been approved and regulated under the Labuan Financial Services Authority (LFSA).
VCPI currently operates VHC Exchange (VHCEX), a licensed digital assets exchange platform under Bangko Sentral ng Pilipinas, the central bank of the Philippines.
“In 2018, there are over US$5.9 billion (RM20 billion) transferred to the Philippines by Filipinos working in the Asia region, and the numbers are steadily increasing every year.
“By working with VCPI, we have opened up a new alternative for Filipinos working overseas to use HWG Cash and the infrastructures of www.hwgcash.com and HwgPay wallet for sending money back home, which is safer and lower in transaction costs as compared to conventional financial institutions.
“We are very excited with this partnership as it draws the connection of how blockchain technology can impact the future of financial services,” said HWGG Capital chief executive officer Gavin Lim.
Through this new partnership, HWGG Capital is now able to tap into the facilities of VHCEX and their market presence in the Philippines - which then enable Filipino expats and workforce from around the world to transfer money home to their families almost instantly and at a much lower transaction fees.
HWG Cash will be listed on VHCEX’s platform to facilitate users in Philippines to buy and redeem HWG Cash in the form of Bitcoin or local currency.
On top of that, users can choose to pay in HWG Cash, minus the hassle and risks from exchange rates and physical cash usage, at selected local businesses or merchants via channel of VHCEX in the market.
Likewise, VHCEX’s customers can enjoy the benefits of HWG Cash as a stable token to digital assets and the convenience of HwgPay wallet app in money management for transfers, purchase, and storing of personal financial assets.
In addition, they will also gain the ability to access HWG Cash’s ecosystem of travel, resorts, and entertainment across Hong Kong, Malaysia, Thailand, and the Philippines.
“As blockchain technology evolves and the digital assets market in the Philippines grows more robust, we firmly believe in ensuring the convenience and happiness of our customers by staying competitive,'' said VCPI president Jenn Lim.
“Our partnership with HWGG Capital came at the right time to help us differentiate ourselves from the crowd. Our customers can now easily convert their digital assets to HWG Cash which is stable in value and can be conveniently used within HWG Cash’s ecosystem.”
HWGG Capital recently launched HWG Cash - Asia’s first regulated stable-pegged cash token to US Dollar currency - for financial usage using digital assets and blockchain.
VCPI is one of the leading blockchain companies in the Philippines to recently promote the usability of digital assets for individual and business transactions.
The partnership between the two companies is expected to provide more digital currency options and benefits for merchants, expats and foreign workers in both countries.