By Ron Chen, Senior Correspondent, ASEAN Region

On Tuesday, 10 May 2022, HWGC Holdings Limited (HWGC), a company quoted on OTCQB market, HWGC Holdings Limited (HWGC),  announced its intention to raise US$25 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.

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 US$25 million RCPS at price of US$1.00 per share. The company has secured most of the US$25 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.