Hg Exchange Graduates From MAS Fintech Regulatory Sandbox With RMO Licenseby Fintech News Singapore June 24, 2021
Hg Exchange (HGX), a private securities exchange formed by an alliance of leading capital market intermediaries, announced its graduation from the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox with a Recognised Market Operator (RMO) license.
With this RMO license, HGX can now fully operate as a member-driven private exchange to support the issuance and trading of both digital and non-digital capital market products.
According to HGX, the member-driven private exchange was established by four firms; Fundnel, PhillipCapital, PrimePartners and Zilliqa.
Powered by blockchain platform provider Zilliqa, HGX technology allows for digitised securities issuance and secondary trading of digital securities. Digital securities can also be fractionalised, allowing investors to transact securities at more accessible price points.
Meanwhile, PhillipCapital, a member firm, will be a designated market maker to boost exchange liquidity and facilitate trading at competitive bid and offer prices.
The goal of HGX is to provide an equitable trading platform by bringing operational transparency, fair competition, and cost efficiency to the private capital markets.
Currently, participation and trading in HGX are open to professional, expert and accredited clients of member firms, which currently includes over 500,000 investors globally.
This platform ecosystem will continue to grow as more member firms are added, enhancing access to invest in companies and private assets with high growth potential.
They said that thirteen different financial instruments have been successfully listed with a total average monthly trading volume exceeding US$500,000 in the last six months.
Looking to the future, HGX has built a product pipeline of capital market products, with funds, loans, luxury assets, and real estate under evaluation for future listing.
HGX also plans to onboard more member firms, expanding the overall marketplace and ecosystem.
The exchange has also appointed Eric Neo Say Wei as President and promoted Willie Chang from Chief Operating Officer (COO) to Chief Executive Officer (CEO) to drive HGX’s business growth in Asia.
“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.
Hg Exchange is a venue designed to make these financial products accessible to a broad investor base.”
said Willie Chang, CEO of HGX.
“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. This has positioned HGX squarely in the center of this exciting revolution. ”
said Eric Neo Say Wei, President of HGX.
Featured image: (From left) Willie Chang, CEO of HGX and Eric Neo Say Wei, President of HGX