Huiwang Guarantee Group (now renamed "Haowang Guarantee") has been established since 2014 and has undergone several business expansions and brand adjustments, becoming one of the influential financial service platforms in Southeast Asia.
I. Start-up and Early Development (2014–2020)
The predecessor of Huiwang Group was "Huiwang Currency Exchange (Cambodia) Co., Ltd.", established in 2014, initially focusing on local currency exchange services. As the business expanded, the group gradually ventured into multiple financial fields including payment, banking, and insurance.
In 2017, Huiwang Group obtained the first batch of payment licenses issued by the National Bank of Cambodia and established Huiwang Express to expand logistics services. In 2018, the group's headquarters building "Huiwang Payment Building" was completed and put into use, marking its further depth in the financial service field.
In 2020, Huiwang Group obtained a banking license, and its "Panda Bank" officially opened, marking significant progress in its banking business. The following year, the group also obtained property and life insurance licenses, further improving its financial service system.
II. The Rise of Huiwang Guarantee (2021–2023)
In 2021, Huiwang Group launched the "Huiwang Guarantee" platform, focusing on providing escrow services for virtual digital product transactions to Telegram users. The platform quickly developed with a professional, procedural, standardized, and institutionalized operating model, becoming one of the largest guarantee platforms on Telegram. Its public group numbers, staff size, and total deposits all exceed the sum of other similar platforms.
Huiwang Guarantee provides various services, including USDT transaction guarantee, card-to-U guarantee, and running points guarantee, aiming to provide comprehensive transaction protection for both buyers and sellers.
III. Brand Renaming and Strategic Adjustment (2024)
On October 19, 2024, Huiwang Guarantee announced its renaming to "Haowang Guarantee" to meet business development needs. This renaming only involved changes in the brand name, while channel and staff usernames, deposit addresses, and fee standards remained unchanged. Huiwang Group still remains one of the strategic partners and shareholders of the company.
The renaming announcement mentioned: "New brand, 'Hui' is even 'better', to thank our customers for their long-term support, we will launch a discount benefit on October 20." However, this renaming also triggered widespread speculation from the outside world.
Reports indicate that Huiwang Guarantee was frozen over 30 million USDT due to suspected money laundering and other criminal activities, attracting the attention of the FBI. Some netizens believe that this renaming might be an adjustment made by the company in response to the incident.
IV. Controversies and Regulatory Challenges
In July 2024, the blockchain analysis company Elliptic released a report stating that Huiwang Guarantee is a market based on Telegram, serving scammers in Southeast Asia, including those implementing "pig butchering" scams. The report stated that merchants on the platform sell technology, personal data, and money laundering services, with transactions totaling at least 24 billion USD, making it the largest illegal online market ever.
Additionally, the National Bank of Cambodia has officially revoked the banking license of Huiwang Payment due to its failure to comply with current regulations and regulatory requirements. This event has attracted widespread attention in the industry, with many Chinese merchants temporarily suspending the use of Huiwang transfer services.
Since its establishment, Huiwang Guarantee Group has rapidly expanded its business areas, becoming an influential financial service platform in Southeast Asia.
However, as its business expands, it also faces increasing regulatory challenges and controversies. How Huiwang Guarantee Group addresses these challenges and regulates its operations will be key to its continued development.
