DIGITAL fintech investment bank HWG Digital Investment Bank (M) PLC (HWGDIB) has inked a non-binding memorandum of understanding (MOU) with SotaTek Viet Nam Technology JSC, a global blockchain and software development firm that owns the largest blockchain development workforce in Southeast Asia with over 1,000 employees.
Under the MOU, both the Labuan-based HWGDIB and SotaTek will explore the possibility of collaboration on matters related to blockchain technology such as non-fungible token (NFT), metaverse and digital assets, among others.
HWGDIB has regarded SotaTek as having an impeccable track record and proven technology capabilities that focus on the digital economy.
“We believe they will be a reliable companion and trusted partner to revolutionise our services including tokenomics advisory services, digital asset custodian services, digital asset loans and digital technology fund,” the digital fintech firm pointed out in a statement.
Some of the other new projects under development between HWGDIB and SotaTek include decentralised real estate investment. This will help to revolutionise the property industry as HWGDIB introduces investment and home ownership through decentralised finance.
With its data-driven and digital transformation skills, SotaTek offers full-stack public blockchain development, including tailoring public platform chains with protocols that fit into its customers’ needs.
The company also develops robust NFT marketplace platforms with multiple security layers and all necessary features to launch a booming marketplace. Aside from that, SotaTek will also help with the decentralised exchange (DEX) and Centralised Exchange (CEX) development.
In addition, the company has also build private blockchain solutions for enterprises in various industries such as finance, supply chain, loyalty, IoT (Internet of Things) using Hyperledger Fabric and R3 Corda. Over the past seven years, SotaTek has cooperated with 25 countries and having successfully implemented more than 500 projects for global customers.
“HWGDIB’s mission is to transform traditional funding products via blockchain technology with a firm focus on creating true value and equitable financial success for investors,” the group noted. “We want to provide easy access to previously unattainable funds by empowering the underserved with a swift gateway to effective funding solutions.”
As Malaysia’s international business and financial centre, Labuan IBFC currently houses and supports more than 880 licensed institutions and more than 17,000 companies. These include international organisations in banking, leasing, capital markets, insurance, reinsurance, risk management and wealth management.
Labuan IBFC is also home to a thriving digital ecosystem that provides a toolbox for blockchain, cryptocurrencies and fintech-related entities which are supported by a digital finance-friendly regulatory approach. – Aug 24, 2022
