Singapore, 4 May 2022 – Hydra X, a Singapore-based fintech startup that provides blockchain-enabled market technology to financial institutions, and WIR Group, an Indonesia Stock Exchange-listed company focusing on augmented reality (AR) and virtual reality (VR)-based technology, have entered into a memorandum of understanding (MoU) for strategic cooperation in Indonesia. The two parties aim to jointly develop and promote an integrated digital banking service, exchange and custody platform in Indonesia, to provide users access to digital assets.

As leading corporations in the digital industry, the strategic cooperation will leverage their competencies and allow the companies to collaborate on innovations including the application of regulatory-compliant financial technology to Indonesian clients. The digital banking platform will be accessible via the WIR metaverse. As part of its blueprint to build a digital financial services ecosystem, WIR Group has also recently announced MoUs for cross-sector collaboration to join the WIR metaverse, including Bank Rakyat Indonesia, Bank Mandiri, and Bank Negara Indonesia. The MoU was signed by Daryl Low, Hydra X CEO, and Michael Budi, WIR Group President Director.

“Hydra X is delighted to team up with WIR Group, and to collaborate to further the evolution of the digital financial markets. We look forward to playing a role in bringing traditional financial institutions and products forward into an increasingly digital future. The WIR ecosystem has the vision of eliminating barriers to the provision of digital banking and capital markets services, and we look forward to providing our expertise and solutions to facilitate this advancement,” said Daryl Low. 

Michael Budi from WIR Group said “We are excited to work with Hydra X on one of our key strategic areas, and to power our opportunities in the rising digital banking and financial sector. The application of their solutions for the digital assets space, in combination with WIR Group’s capability and credentials in developing AR/VR technologies, will give us a first mover advantage in the metaverse space.” 

Hydra X offers end-to-end, integrated infrastructure for the trading of tokenised assets, enabling businesses and institutional clients to adopt and scale within the digital capital markets. It recently received a capital markets services licence from the Monetary Authority of Singapore which allows it to deal in and provide custodial services for capital market products, including tokenised securities.