HWGG Capital P.L.C. has announced a strategic partnership with Fintech Bank Ltd (FBL), a Labuan based multinational digital bank to offer a financial solution – a digital bank account that can fully support digital assets settlement in multi-currency under regulatory compliance. It is the first commercial bank for the industry in Asia that enables institutions, companies and investors to convert their digital assets into either USD or EUR for deposit into fiat currency within the same working day.
FBL is owned by Ho Wah Genting Investment Bank (Labuan) P.L.C and Hamilton Reserve Bank to develop the first seamless digital asset-friendly commercial bank in Asia. Licensed by the Labuan Financial Services Authority (LFSA), the services provided by the bank aims to serve global personal, business and investment clients in a convenient and secure manner.
Through this partnership, the partner will prioritize in bringing simplicity and efficiency to every digital asset transaction. With the combination from both HWG CASH’s ecosystem and FBL’s full suite of financial products and efficient 24/7 online banking services, it will further provide the clients a faster, more convenient and secure settlement of digital assets for fiat currencies.
“We are excited and privileged to work with Fintech Bank Ltd in our shared goals to further improve the user experience in the digital asset market. Under this synergy, we will further leverage HWGCash App to offer our clients to open both personal or business banking accounts allowing the digital asset settlements to proceed directly to clients’ bank accounts,” said Mavis Mok, Chief Executive Officer of HWGG Capital. “We anticipate that the settlement and clearance process of digital asset transactions will be quicker and seamless with FBL bank accounts,” added Mok.
HWGG Capital has been offering digital asset management services through its HWGCash App platform, Asia’s first mobile application that offers unique financial solutions that caters to digital users.
The HWGCash App serves as a medium connecting both digital and traditional markets, where traditional companies can offer their products and services to digital asset users, which can later be processed into fiat currency for settlement. It also helps institutional clients and companies simplify the buying and selling processes in the digital asset market.
“The collaboration with a digital asset-friendly bank is a natural extension of HWGG Capital as Asia’s first digital asset platform to enable wider accessibility and usage for digital assets,” said Antonio Kenyatta, Chief Executive Officer of Fintech Bank Ltd. “In line with this initiative, we are aiming to further strengthen the position of Federal Territory of Labuan, Malaysia as the central digital financial hub in Asia Pacific,” added Antonio.