Press release
SDAX receives Approval-in-Principle (“AIP”) from Monetary Authority of Singapore for Recognised Market Operator licence, set to launch digital asset exchange
(First Row, L-R) SDAX Exec Dir Jayaprakash Jagateesan, SDAX Chairman Khoo Boon Hui, SDAX Deputy Chairman Tan Chong Huat
• SDAX was built by bringing together industry leading professionals, professional services and industry partners to offer an agnostic platform serving the global market
Singapore, 1 Feb 2021 – Digiassets Exchange (Singapore) Pte. Ltd. (“SDAX”) has received an Approval-in-Principle (“AIP”) from the Monetary Authority of Singapore (“MAS”) to operate a digital asset exchange.
SDAX is an institutional grade digital asset trading platform which uses superior blockchain technology to simplify and speed up traditional exchange processes, opening new fundraising and investment opportunities.
Backed by a strong team with a proven track record, SDAX is guided by an experienced Board of Directors with the support of an Advisory Panel. The team behind SDAX has deep expertise and experience across regulatory, legal, capital markets, blockchain and exchange operations.
SDAX Chairman, Mr Khoo Boon Hui, said, “With the AIP from MAS, SDAX is now in a strong position to attract asset owners, accredited investors and institutional investors from around the world to our Singapore-based platform. SDAX will contribute to Singapore’s fintech sector by offering innovative solutions to raise funds and trade fractionalised and digitised assets like real estate.”
SDAX will serve a global market offering digitised debt, equity and hybrid instruments with high quality real estate as the underlying asset class.
SDAX Advisory Panel Chairman, Mr Mah Bow Tan, said, “Singapore is a globally trusted financial hub with strong government support for fintech and blockchain technology, backed by a forward looking and comprehensive regulatory framework to govern digital finance. These factors will give the global market significant confidence in home-grown digital asset exchanges like SDAX.”
Global investors will be required to meet the highest Know-Your-Customers (“KYC”) and Anti Money-Laundering (“AML”) standards to access SDAX’s 16-hour daily trading covering all major markets with T+0 settlement. Leveraging the Ethereum protocol with an integrated custody solution, SDAX offers easy, reliable and secure access to liquidity pools and new investment products.
SDAX is backed by RHT Group of Companies and has been developed by leveraging the RHT ecosystem of legal, fintech and professional services. RHTLaw Asia’s Financial Services (Regulatory) practice advised on SDAX’s RMO licence application while RHT Compliance Solutions is SDAX’s compliance partner.
Non-Executive Chairman of RHT Group of Companies and Non-Executive Deputy Chairman of SDAX, Mr Tan Chong Huat, said, “The synergies between SDAX and our network of RHT professionals have enabled us to obtain the AIP within good time as well as strengthen our pipeline of projects to be listed and traded on SDAX in 2021.”
“As an agnostic platform, SDAX can attract a wider net of investors from across all financial institutions to its exchange,” he added.
Issued on behalf of SDAX
By RHT Communications and Investor Relations Pte Ltd
For media enquiries, please contact:
El Lee
Director
RHT Communications & Investor Relations Pte. Ltd.
DID: +65 6381 6349
Email: el.lee@rhtgoc.com
Elliot Siow
Communications Manager
RHT Communications & Investor Relations Pte. Ltd.
DID: +65 6381 6347
Email: elliot.siow@rhtgoc.com
About SDAX
Based in Singapore, SDAX is a regulated digital asset exchange which uses blockchain technology to simplify and speed up traditional exchange processes. SDAX enables the listing and trading of asset-backed securities with a platform tailored for global asset owners, accredited investors and institutional investors.
SDAX unlocks access to unique investment opportunities and new sources of liquidity. Backed by a strong team with a proven track record, SDAX has a network of partners to deliver a seamless experience for issuers and investors on the platform.
SDAX aims to be the platform of choice for accredited and institutional investors by maintaining the highest security, compliance, reliability and resiliency standards with longer trading hours and faster settlement.
www.sdax.co
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