Singaporean Exchange Aims to Tokenise Popular Stocks like Airbnbby Fintechnews Singapore January 25, 2019
Hg Exchange announced today that it seeks to launch Southeast Asia’s first member-driven exchange to support the issuance and trading of private company shares, including security tokens.
The exchange represents a collaborative industry effort between established capital markets intermediaries and emerging innovators from the fintech sector. It has signed a memorandum of intent with Phillip Securities, PrimePartners, RHT Capital and Fundnel, which will become the first four members of the exchange.
Hg Exchange has submitted a Fintech Regulatory Sandbox application to the Monetary Authority of Singapore (MAS).
According to the press release this provides investors access to invest into high-growth companies such as Airbnb, Deliveroo, Didi Chuxing, GoJek, Grab, Pinterest, SpaceX and Uber. Hg Exchange also claims to solve the perennial problem many shareholders of private companies face by presenting a single destination to help monetise their stake.
Powered by MaiCoin and Zilliqa, the blockchain layer of enables ease of trading and settlement, and the potential to verifiably secure stored assets. With its mainnet launch imminent, Zilliqa employs sharding as an on-chain solution to preserve decentralization and enable scalability.
Hg Exchange will be accessible only to institutional and accredited investors and will operate on a membership only basis for licensed or registered market participants.
This seems to be in line with MAS’ earlier announcement stating their ambition to position Singapore as Asia’s hub for raising capital. It is reported that a sum of SGD$75 million in grants will be made available next month