Singapore’s Hg Exchange for Security Tokens Seeks Approval

    Brokerage firms Phillip Securities, PrimePartners and RHT Capital have joined with Fundnel, a startup securities platform, and two tech firms, Zilliqa and MaiCoin to launch the Hg Exchange for security tokens in Singapore.

    The move was announced on Wednesday, as the consortium filed for approval with the Monetary Authority of Singapore.

    Hg Exchange has asked to participate in the MAS regulatory ‘sandbox,’ which allows the exchange to test its operations on a limited scale under the close eye of the regulator. Should tests prove positive, Hg Exchange would be ready for launch.

    The ‘sandbox’ period should last 120 days. After that, the exchange will seek to sign up 20 members.

    The exchange has a double-pronged mission: To fund blockchain startups which can offer equity shares to investors on the exchange, and to list major high-tech companies, like Uber and Airbnb, making equity in these giants available to  the ordinary investor, according to Xinshu Dong, CEO of Zilliqa.

    “Rather than blockchain for blockchain’s sake, it’s important to look at how blockchain technology can solve existing challenges holding industries back. Within the private investment industry, blockchain can provide greater standardization, fractionalization, and enables trading on a regulated venue at lower costs. Hg Exchange is a prime example of how Zilliqa is collaborating with leading industry partners to enable new and innovative use cases that disrupt and advance traditional sectors, adding value to users,” he comments.

    Dong added that the exchange would, at first, seek investors in the South Asian markets. But global investors, eager for opportunities to invest in STOs with solid backing, will undoubtedly seek out the exchange. 


Andrew Rosenbaum

Andrew Rosenbaum

Andrew Rosenbaum has been a financial journalist and writer for 15 years.

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