A new private securities exchange, Hg Exchange, has joined the Monetary Authority of Singapore’s (MAS) Fintech Sandbox. Hg Exchange’s tenure at the Fintech Sandbox begins on June 22, 2020, and is scheduled to last until December of this year.
Hg Exchange will offer 24/7 trading in both digital and non-digital capital markets. The platform is powered by speedy blockchain Zilliqa – based in Singapore as well.
Founding members of the exchange include PhillipCapital, Prime Partners, and securities crowdfunding platform Fundnel.
PhillipCapital currently holds assets under custody/management of around $35 billion. Prime Partners is a Singapore based investment firm that has listed 60 different companies on the Singapore Exchange. Fundnel is an online capital formation platform raising capital for early stage firm in Asia. The investment crowdfunding platform reports total deal value to date of $1.8 billion.
To quote the exchange:
“Self-regulated and wholly-owned alliance built by members-for members. We aspire to revitalise private capital markets of tomorrow.”
The exchange claims to provide “unprecedented liquidity.”
Of note, Hg Exchange will also be providing custodial services.
Singapore has firmly established its jurisdiction as a top Fintech hub. This has been accomplished by forward thinking policy and regulatory participation seeking to boost the country’s leading position as an Asian financial centre.