ECXX Global, a pioneer in operating digital asset exchange using blockchain technology, says it has secured admission from the Monetary Authority of Singapore (MAS) to the FinTech Sandbox Express under a Recognised Market Operator (RMO) regime on Thursday (August 4).
The Sandbox Express enables firms with a faster option to test certain innovative financial products and services in the market.
With the approval, ECXX says it intends to launch a blockchain-based digital securities exchange platform, ecxx.co, that offers various asset-based digital securities, including real estate, private equity, venture capital and investment funds, to institutional and accredited non-individual investors.
With its own in-house proprietary system, ECXX has been operating a digital asset exchange that allows both professional traders and retail investors to buy, sell and store digital assets.
Its digital exchange platform is integrated with MyInfo, the one-stop Singapore government identity platform.
ECXX Global recently sold a 20% stake to property developer Hatten Land on June 29 for a consideration of US$6 million ($8.3 million).
“There is a multitude of applications of blockchain technology within the financial industry and the tokenisation of assets has the potential to fundamentally change how we invest in assets,” says Branson Lee, CEO of ECXX.
“With $3.4 trillion of assets under management in Singapore, we aim to utilise the Recognised Market Sandbox admission to develop our securities exchange platform and create asset-based securitised tokens that can be regulated and traded, paving the way for mainstream adoption,” he adds.
