ADDX Appoints CEO to Pave the Way for US$1 Billion Ambitions by 2023by Fintech News Singapore March 7, 2022
Singapore Exchange-backed private market platform ADDX announced that Oi-Yee Choo will be appointed its Chief Executive Officer.
Choo joined ADDX as Chief Commercial Officer in January 2020, moving from UBS, where she was Head of Investment Banking for Singapore.
With more than 20 years of capital markets experience at banks – including Morgan Stanley, Nomura and Citigroup – Choo has worked on notable M&A and IPO deals, including the listing of Suntec REIT and Parkway Life REIT on Singapore Exchange (SGX).
ADDX is a newly established entity that is currently seeking approvals from the Monetary Authority of Singapore (MAS).
It is fully owned by the parent company ICHX Tech, which will continue to operate the ADDX platform under existing licenses until new MAS approvals are obtained.
Following Choo’s appointment, Danny Toe, who has been at the helm of the ADDX platform via ICHX Tech, will remain as the CEO of ICHX Tech.
Other new appointments include Darius Liu who had been Chief Operating Officer, is now Group Chief Strategy Officer of ICHX Tech.
Meanwhile, Inmoo Hwang who was previously Head of Business Strategy and Growth, will take over as COO of ADDX.
The ADDX platform was founded in 2017 and began full commercial operations in 2020 after becoming one of the first digital securities exchanges to graduate from the MAS Fintech Regulatory Sandbox.
Total transactions on the ADDX platform exceeded US$150 million in 2021, and the lion’s share came from individual accredited investors from 27 countries spanning Asia Pacific, Europe and the Americas (excluding the US).
Leading the company into its next phase of growth, Choo projects that the ADDX platform will record US$1 billion in transactions by 2023.
Oi-Yee Choo, CEO of ADDX said,
“Reaching a critical mass will signal that we are the primary venue for any issuer or investor looking to deal in private market investments. It will strengthen our ability to achieve our mission of ensuring fair and equal access to the private markets for all – including, ultimately, retail investors,”
“The end game is a much better world than the one we live in – truly diversified portfolios not just for sovereign wealth funds and pensions funds, but every person on the street. Barriers to capital flows will be reduced significantly, allowing funds to reach the worthiest projects. This generates innovation, economic growth, jobs and government revenue.”