HWGC acquires Fintech Scion & digital payment firm HWGG Capital

HWGC acquires Fintech Scion & digital payment firm HWGG Capital

HWGC Holdings, a holding company involved in the direct sales industry, has recently announced that it will acquire two financial technology companies to stimulate the firm’s blockchain objectives in the FinTech industry.

The companies targeted are Malaysia-based HWGG Capital and United Kingdom-based Fintech Scion.

The price at which the deal may take place is expected to be around $150 million, as per a filing with the U.S. Securities and Exchange Commission, with HWGC planning to issue shares for the targets.

HWCG Capital is a digital asset payment operation, the very first wholly licensed under the Labuan Financial Services Authority. The company operates with on-ramp and decentralized off-ramp applications, empowering companies to make transfers, payments, and settlements with several digital assets.

On the other hand, Fintech Scion provides a “platform as a service”, backing several things like an exchange, credit card processing, wire solutions, and eCommerce.

In the announcement, HWGC said that the acquisition would aid the company in launching into the universal digital financial marketing sector by utilizing the best of these two target companies, discovering new ways for storing and moving values, fast-tracking its expansion globally, and overcoming barriers for companies and individuals to shine in the digital economy.

Shaun Worley, BitPay’s head of product, wrote that although there is a likelihood of terminating novel kinds of business owing to the pervasiveness of trends, cryptocurrencies have made an incursion into the collective consciousness and are making their way slowly into conventional commerce in ways that would have been barely thinkable just a few years ago.

He also mentioned that the initial years’ focus on bitcoin provided ways for many cryptocurrencies, which have come to market in more usual ways. The evolution has perceived the payment mix of assets shifting over time, and the experience of BitPay is something of a microcosm.

Source Credit - https://www.pymnts.com/acquisitions/2022/malaysias-hwgc-holdings-acquires-digital-payment-firm-hwgg-and-fintech-scion/