Hg Exchange (HGX), a private securities exchange formed by an alliance of leading capital market intermediaries, has graduated from the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox.
This means that the exchange has complied with the regulatory requirements put out by MAS and has ensured that its structure and operations comply with local and international standards.
The private exchange has also been awarded the Recognised Market Operator (RMO) license awarded by the MAS, which allows HGX to operate fully as Asia’s first member-driven private exchange to support the issuance and trading of both digital and non-digital capital market products.
The exchange is established by four firms: Fundnel, PhillipCapital, PrimePartners and Zilliqa. All of the four firms, except Zilliqa, are member firms.
The exchange has also appointed Eric Neo Say Wei as president of the exchange.
Neo is the founder and chairman of Neo & Partners Global.
Willie Chang has been promoted to the CEO of the exchange, from COO.
Chang will drive HGX’s business growth in Asia.
HGX has seen robust activity since September 2020 when it announced its first trades.
It has listed 13 different products with a total average monthly trading volume exceeding US$500,000 in the last six months.
The exchange has also launched Asia’s first digital whiskey-based asset-backed security in January 2021.
“Hg Exchange’s graduation from the MAS Fintech Regulatory Sandbox is a crucial step in our development and we are confident in attracting more global companies and investors to the platform. We want to build a strong marketplace where investors can access everything from equities in high-growth companies, funds, and loan products to more unconventional financial products such as high-end luxury goods like art, wines and whiskies,” says Chang.
“Hg Exchange is a venue designed to make these financial products accessible to a broad investor base. I am excited to lead Hg Exchange to greater heights and nurture an ecosystem that will help build the exchange of the future,” he adds.
PhillipCapital will be a designated market maker to boost exchange liquidity and faciliate trading at competitive bid and offer prices.
“We are excited to be HGX’s Member Firm. Our clients can now access and invest in a wider universe of alternative assets to assist in their financial planning. At the same time, we see the HGX marketplace as a great place to bring alternative assets into the market through listing,” says Luke Lim, managing director of Phillip Securities.
“The financial landscape has evolved at a rapid pace in the last decade as we now look to democratising private fundraising and investments for companies. Family offices, high-net-worth individuals, investment managers, pension funds, sovereign wealth funds and wealth managers are seeking inroads into alternative investments,” says Neo.
“This has positioned HGX squarely in the centre of this exciting revolution.
Harnessing technology and financial innovation for the betterment of society has always fascinated me and I am proud to be a part of the HGX team that embodies these goals.”
Photo: Hg Exchange
