Malaysian blockchain-based payment solutions HWGG Capital has announced that the firm has entered a strategic partnership with Virtual Currency Philippines Inc (VCPI) to provide services that will facilitate international money transfers for Filipinos working abroad, according to a report by E27
HWGG will use its currency, HWG Cash, to offer transactions to Filipinos working overseas with no bank accounts to be able to send remittances back home. The collaboration is expected to give customers more options in using digital currencies.
VCPI is the operator of digital assets exchange platform VHC Exchange (VHCEX) under the central bank of the Philippines, Bangko Sentral ng Pilipinas.
CEO of HWGG Capital, Gavin Lim, said the partnership will allow Filipinos to send money home securely at lower costs, noting that funds transferred from overseas to the Philippines are increasing every year.
“In 2018, there are over US$5.9 billion transferred to the Philippines by Filipinos working in the Asia region,” Lim said. “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.”
With the partnership, HWG Cash is set to be listed on VHCEX for users in the Philippines to buy and redeem HWG Cash in either the local currency or Bitcoin. Moreover, customers can use HWG Cash to make payments at local businesses or merchants that support VHCEX.
Meanwhile, the HwgPay wallet app will let users manage finances with ease and access HWG Cash’s ecosystem of entertainment and travel offerings in Malaysia, Hong Kong, Thailand, and the Philippines.
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