One of the largest local companies HWGC Holdings is in the planning to buy two financial technology firms for the purpose of boosting blockchain growth in the fintech industry.
Based on an official statement on Friday, HWGC has reached an agreement with two preferred firms: Malaysia -based HWGG Capital P.L.C, and Fintech Scion Limited in the United Kingdom (UK).
The Securities and Exchange Commission (SEC) filing revealed the purchase value was worth about $ 150 million (RM650.700 million), along with consideration to issue shares worth $ 0.50 per unit for the two companies.
For information, HWGG Capital operates as a digital asset payment and the first company registered under the Labuan Financial Services Authority (Labuan FSA).
They use decentralized applications, allowing companies to make payments, transfers, and settlements across a variety of digital assets.
While Fintech Scion offers a platform as a service (PaaS) support for credit card processing, exchange, e-commerce, and transaction settlement.
The growth of crypto space in Malaysia
Apart from HWGC Holdings which wants to further expand its service reach, Singapore's crypto exchange application, Crypto.com is seen trying to penetrate the Malaysian market.
It is understood the company has advertised several vacancies on the LinkedIn platform.
Interestingly, it’s not just Crypto.com that does that, several other companies also offer career opportunities related to blockchain, Web 3.0, and crypto.
This proves that the future of this technology in Malaysia is very bright and has high potential to get the attention of crypto enthusiasts.
