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Hong Kong fintech firm moves ahead with coin offering despite warning

Octo3 to raise unspecified sum for building payment network

Octo3's Chief Executive Tyrone Lynch, left, and Chairman Ajmal Samuel (Photo by Joyce Ho)

HONG KONG -- Shrugging off the financial regulator's caution against cryptocurrency investing, Hong Kong-based technology company Octo3 announced Thursday a public token sale to finance the upgrade of its existing payment processing network into a blockchain-enabled system.

The envisioned omni-channel transaction network, known as HAZZA, is intended to cut through layers of parties involved in the payment process -- such as issuers, payment method providers, acquirers and payment device makers -- so that can merchants access multifarious payment systems, including credit cards and mobile wallets, with lower costs.

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