Malaysia’s HWGG Capital has teamed up with Fintech Bank Ltd (FBL), a Labuan-based digital bank, to offer a digital bank account that allows institutions, companies and investors to convert their digital assets into US dollars or euros for deposit into fiat currency within the same working day.

Owned by Ho Wah Genting Investment Bank (Labuan) and Hamilton Reserve Bank, FBL has developed what it says is the first seamless digital asset-friendly commercial bank in Asia. It is licensed by the Labuan Financial Services Authority (LFSA).

The partnership combines HWGG Capital’s ecosystem and FBL’s full suite of financial products and efficient 24/7 online banking services to provide clients a faster, more convenient and secure settlement of digital assets for fiat currencies. 

“Under this synergy, we will further leverage HWGCash App to enable clients to open both personal or business banking accounts, allowing the digital asset settlements to proceed directly to their bank accounts,” says HWGG Capital chief executive officer Mavis Mok.

HWGG Capital, also licensed by LFSA, offers digital asset management services through its HWGCash App platform. The application serves as a medium connecting digital and traditional markets, where traditional companies can offer their products and services to owners of digital assets, which can later be processed into fiat currency for settlement. It also helps institutional clients and companies simplify the buying and selling processes in the digital asset market.