Labuan, Malaysia, 23 August 2022 – Digital fintech investment bank HWG Digital Investment Bank (Malaysia) P.L.C. today entered into a non-binding Memorandum of Understanding (MoU) with SotaTek Viet Nam Technology JSC (SotaTek), a global blockchain and software development firm. The signing of the MoU was witnessed by Datuk Iskandar Mohd. Nuli, Executive Chairman cum CEO of Labuan International Business & Financial Centre Inc. (Labuan IBFC Inc.).
Under the MoU, both HWG Digital Investment Bank and SotaTek will explore the possibility of collaboration on matters related to blockchain technology such as non-fungible tokens (NFT), metaverse and digital assets, among others. SotaTek currently has the largest blockchain development workforce in Southeast Asia with over 1,000 employees.
Commenting after witnessing the launch, Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc. said, “Labuan IBFC Inc. is most honoured to have witnessed the signing of this MoU, which will help SotaTek further expand its offerings within the region. This will enable SotaTek to showcase its expertise in blockchain while allowing for a meaningful contribution towards the growth and dynamism of Labuan’s digital ecosystem.”
In a statement, HWG Digital Investment Bank said, “SotaTek has 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.”
SotaTek commented in a statement, “HWDIG has outstanding brand and worldwide presence. They provide full-fledged services covering the advisory, digital asset management, payment, trading hedging and private investment sectors. We believe collaborating with HWDIG will allow us to expand our brand recognition, especially in Malaysia.”
With their 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.
Additionally, SotaTek will also help with the development of Decentralized Exchange (DEX) and Centralized Exchange (CEX). The company also builds private blockchain solutions for enterprises in various industries such as finance, supply chain, loyalty, IoT using Hyperledger Fabric and R3 Corda. Over the past seven years, SotaTek has cooperated with 25 countries and successfully implemented more than 500 projects for global customers.
HWGDIB is currently working on projects involving decentralised real estate investment. This will help revolutionise the property industry as HWGDIB introduces investment and home ownership through decentralised finance.
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 firm is looking to provide easy access to previously unattainable funds by empowering the underserved with a swift gateway to effective funding solutions. As such, HWGDIB is looking to leverage on the collaboration to push forward decentralised finance and blockchain technology within the financial services industry.
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.
For more information on Labuan IBFC, please refer to www.labuanibfc.com.
Labuan IBFC
Lalitha Sivanesan
[email protected]
+6012-314 1194
Aegis Communications
(on behalf of HWG Digital Investment Bank (Labuan) P.L.C., formerly known as Ho Wah Genting Investment Bank (Labuan) P.L.C.)
Jason Fong
[email protected]
+6012-863 1134
ABOUT LABUAN IBFC
ASIA PACIFIC’S LEADING INTERNATIONAL BUSINESS AND FINANCIAL CENTRE
Labuan International Business and Financial Centre (Labuan IBFC), Malaysia, through its internationally recognised yet business-friendly legal framework, is the preferred international business and financial centre in the Asia Pacific region.
It offers global investors and businesses the benefits of being in a well-regulated jurisdiction, while providing for fiscal neutrality and certainty, in addition to being an ideal location for substance creation.
Labuan IBFC boasts a wide range of business structures and investment solutions catered to cross-border transactions and international business dealings. It offers services and solutions in niches such as asset leasing, risk management, commodity trading, wealth management, international business companies and Islamic financial services to global businesses looking at penetrating Asia and Asian entities aiming to go global.
Labuan IBFC operates within clear and comprehensive legal provisions, guidelines and practice notes, enforced by a single regulator, Labuan Financial Services Authority.
To keep up with everything about Labuan IBFC, follow Twitter or Facebook @LabuanIBFC. Alternatively, visit www.labuanibfc.com
