Hg Exchange, a new securities exchange platform, has been welcomed into the Monetary Authority of Singapore’s (MAS) Fintech Sandbox.
Based on reports, the Hg exchange platform is privately owned and is backed by the renowned blockchain, Zilliqa. Zilliqa is also based in Singapore.
About the Exchange
Hg Exchange was established under founding members, amongst them are platforms like Prime Partners, PhillipCapital, and Fundnel.
Prime Partners is an investment firm that is known for listing different companies. As a Singapore based investment firm, Prime Partners has also listed up to 60 different companies on the Singapore Exchange.
PhillipCapital is renowned in Singapore, for holding assets under custody and management. Currently, PhillipCapital holds assets worth $35 billion under custody/management.
Fundnel is an online securities crowdfunding platform. As a capital formation platform, Fundnel is known for raising capital for the early stages of many startups in Asia. Fundnel as an investment crowdfunding platform reportedly has a total deal value of $1.8 billion to date.
Offerings of Hg Exchange
Powered by Zilliqa, Hg Exchange will be able to offer several trading operations. These trading operations will be available both in digital and non-digital capital markets. Such trading operations will be available 24 hours a day, 7 days a week.
According to Hg Exchange, they are a self-regulated and wholly-owned alliance built by members for members. “We aspire to revitalize private capital markets of tomorrow. The exchange provides custodial services and they also claim to offer “unprecedented liquidity,” reports revealed.
The tenure for Hg Exchange at the Monetary Authority of Singapore’s (MAS) Fintech Sandbox began on 22 June 2020. Based on the schedule, the tenure will last until December this year.
Fintech in Singapore
In the FinTech space, Singapore has established a firm standing as a high-ranking Fintech hub. Through progressive policy and regulatory participation, Singapore seeks to promote its first place as an Asian financial hub.
A notable step towards achieving this stand is the Singapore Blockchain Week 2020. Besides, this event is being hosted by Blockchain Association of Singapore (BAS), in partnership with the NexChange Group.
This event will be held from 21 July to 23 July 2020. Additionally, the event will begin with a virtual summit known as the Singapore Blockchain Week Virtual Summit. This virtual summit will be held on 21 July. This would then be followed by a series of workshops, seminars, and events from the 22 to 23 July 2020.
Previously, Ripple Labs, Coinbase, Binance, Gemini received permits to operate in the country without obtaining a license by The Monetary Authority of Singapore (MAS). However, the exemption was applicable for a limited period of time.