HWGG Capital, a Malaysia-based blockchain payment solutions and investment holding company, has announced a strategic partnership with blockchain firm Virtual Currency Philippines (VCPI) to facilitate international money transfer for Filipino workforce.

The collaboration will allow HWGG Capital to serve customers such as foreign workers who may not have a bank account, using its regulated stable coin HWG Cash.

The partnership is also expected to provide more digital currency options and benefits to merchants, expats and foreign workers in both countries.

VCPI currently operates VHC Exchange (VHCEX), a licensed digital assets exchange platform under the central bank of the Philippines.

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“In 2018, there are over US$5.9 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,” said Gavin Lim, CEO of HWGG Capital.

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 the 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 at selected local businesses or merchants via channel of VHCEX in the market.

Likewise, VHCEX’s customers get 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.

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“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 Jenn Lim, President of VCPI. “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.”

Photo by Bash Carlos on Unsplash