The Korea Herald


HWGC Holdings raises USD25 million to accelerate global growth, following recent Fintech Scion and HWGG Capital acquisition announcement


Published : May 12, 2022 - 00:20

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KUALA LUMPUR, Malaysia, May 11, 2022 /PRNewswire/ -- On Tuesday, 10 May 2022, HWGC Holdings Limited ("HWGC"), a company quoted on OTCQB market (symbol HWGC), announced its intention to raise USD25 million of equity capital, through issuance of redeemable convertible preference shares (RCPS) to expand operations in Europe and Asia and fuelling its global growth of financial technology ecosystem.

HWGC Holdings Limited’s common stock is quoted on the OTCQB Market (Symbol HWGC).
HWGC Holdings Limited’s common stock is quoted on the OTCQB Market (Symbol HWGC).

This news follows the recent announcement of HWGC's ongoing process to acquire two Fintech companies, Fintech Scion Limited and HWGG Capital P.L.C. HWGC is on a mission to build the world first turnkey cross-platform finance ecosystem on blockchain for business and individuals to store and move value according to distinct needs.

HWGC has acquired approval from United States Securities and Exchange Commission for the issuance of USD25 million RCPS at price of USD1.00 per share. The company has secured most of the USD25 million via private investment based on the investors' Letter of Intent (LOI) provided. HWGC expects funding round to be completed within a month upon the approval of RCPS issuance by the authority.

"With the total transaction amount of worldwide digital payments projected at US$13.91 trillion by 2026 (Statista Digital Market Report 2021), we are honoured to be in the process of being acquired by HWGC Holdings and will continue to bring highly innovative payment ecosystems to market, at speed," says Shalom Dodoun, Founder & Director of Fintech Scion Ltd. and Fintech Cashier Group.

Towards this end HWGC will be deploying its funds towards brand building, team expansion to accelerate product development, as well as further enhance its native Cross-Platform Money Broking (CPMB) infrastructure by expanding working partnerships with global banks and payment partners.

In addition, the company will also be exploring two additional projects in East Africa and Gulf regions by acquiring stakes in East African Bank and setting up new subsidiary in Bahrain. These efforts will strengthen HWGC global cross-platform financial solutions with an integrated banking, digital assets, and finance capabilities. 

About HWGC Holdings Limited

HWGC Holdings Limited's common stock is quoted on the OTCQB Market. Upon completion of the acquisition of its new subsidiaries, the company sets out to engage in the provision of emerging technologies, such as big data, artificial intelligence, blockchain and edge computing to make financial services more accessible and more efficient. This will allow the company to offer and deliver diverse clients with advanced solutions in the areas of application as a service (AaaS), infrastructure as a service (IaaS), finance as a service (FaaS) and related financial technology services.

About FintechCashier Group

FintechCashier Group is an international financial technology company delivering financial payment services through its ONE Application, ONE Integration, GLOBAL REACH Payment Gateway. Their solution providers include licensed and authorised entities worldwide including UK holding company Fintech Scion as well as UK Fintech Digital Solutions who are authorised by the Financial Conduct Authority, as an EMD Agent (FRN: 902993) and are permitted to distribute/redeem electronic money (e-money) and can perform certain other payments services, within the United Kingdom under the Electronic Money Regulations 2011 and the Payment Services Regulations 2017. FintechCashier guarantees a seamless, transparent, and fast portal for their clients around the world to receive the transaction related funds of their customers, to manage their cash flow, and to make settlements. FintechCashier supports a wide spectrum of payment services, ranging from credit card processing, foreign exchange, eCommerce and wire solutions. ONE Application, ONE Integration, GLOBAL REACH.