• Hg Exchange is now regulated by the Monetary Authority of Singapore  (“MAS”) as a Recognised Market Operator (RMO) to operate as Asia’s first  member-driven exchange to support the issuance and trading of both digital  and non-digital capital market products 

• Hg Exchange strengthens its leadership team with internal promotions and  strategic new hires as it moves into its new phase of operations to expand the number of products listed as well as Member Firms 

• PhillipCapital, a Member Firm, to be a designated market maker to boost  exchange liquidity 

Hg Exchange (HGX), a private securities exchange formed by an alliance of leading capital market intermediaries, announced today its milestone graduation  from the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox with a  Recognised Market Operator (RMO) license awarded by the MAS. With this RMO license,  HGX can now fully operate as Asia’s first member-driven private exchange to support the  issuance and trading of both digital and non-digital capital market products. The exchange has also appointed Eric Neo Say Wei as President and promoted Willie Chang from Chief  Operating Officer (COO) to Chief Executive Officer (CEO) to drive HGX’s business growth in  Asia. 

Graduation from the MAS Sandbox 

“Hg Exchange’s graduation from the MAS Fintech Regulatory Sandbox is a crucial step in our development and we are confident in attracting more global companies and investors to the platform. We want to build a strong marketplace where investors can access everything from equities in high-growth companies, funds, and loan products to more unconventional financial products such as high-end luxury goods like art, wines and whiskies,” said Willie Chang, CEO  of HGX. “Hg Exchange is a venue designed to make these financial products accessible to a  broad investor base. I am excited to lead Hg Exchange to greater heights and nurture an  ecosystem that will help build the exchange of the future.” 

HGX’s graduation from the MAS Fintech Regulatory Sandbox indicates that HGX has  demonstrated compliance with rigorous regulatory requirements and ensured its structure and  operations are in accordance with local and international standards and best practices. Activity on the exchange has been robust since September 2020, when HGX announced its first trades. Thirteen different products have been successfully listed with a total average monthly trading volume exceeding US$500,000 in the last six months.

A designated market maker 

PhillipCapital, a Member Firm, will be a designated market maker to boost exchange liquidity  and facilitate trading at competitive bid and offer prices. 

“We are excited to be HGX’s Member Firm. Our clients can now access and invest in a wider  universe of alternative assets to assist in their financial planning. At the same time, we see  the HGX marketplace as a great place to bring alternative assets into the market through  listing.” said Luke Lim, Managing Director of Phillip Securities Pte. Ltd. 

Established by four distinct industry-leading firms, Fundnel, PhillipCapital, PrimePartners and  Zilliqa, HGX is Asia’s first member-driven private exchange. Powered by leading blockchain  platform provider Zilliqa, HGX technology allows for digitised securities issuance and  secondary trading of digital securities. Digital securities can also be fractionalised, allowing  investors to transact securities at more accessible price points. The goal of HGX is to provide  an equitable trading platform by bringing operational transparency, fair competition, and cost 

efficiency to the private capital markets. 

Three of the four HGX founders – Fundnel, PhillipCapital, and PrimePartners – are also  Member Firms, each individually licensed and regulated by MAS. Currently, participation and  trading in HGX is open to professional, expert and accredited clients of Member Firms, which  currently includes over 500,000 investors globally. This unique platform ecosystem will  continue to grow as more Member Firms are added, enhancing access to invest in companies  and private assets with high growth potential. 

Strengthening leadership 

“The financial landscape has evolved at a rapid pace in the last decade as we now look to  democratising private fundraising and investments for companies. Family offices, high-net worth individuals, investment managers, pension funds, sovereign wealth funds and wealth  managers are seeking inroads into alternative investments,” said Eric Neo Say Wei,  President of HGX. “This has positioned HGX squarely in the centre of this exciting revolution.  Harnessing technology and financial innovation for the betterment of society has always  fascinated me and I am proud to be a part of the HGX team that embodies these goals.” 

Eric will bring two decades of experience in capital markets, fintech and entrepreneurship to  lead HGX’s strategic fundraising and build its membership ecosystem. He previously founded  the Trading Atrium, Asia’s first award-winning multi-asset low latency trading ecosystem, at  Neo & Partners Global and co-founded RF International Holdings, an investment holding  company. Eric was also awarded Executive of the Year, Financial Services at the SBR  Management Excellence Awards 2020. He will be reporting to Willie, who will focus on strategy  and operations as CEO, leveraging his twenty years of experience in fintech, investment  banking and management consulting to steer HGX forward. Willie has previously launched a  digital asset exchange platform for cryptocurrencies and held multiple strategic and  management roles at several banks and consulting companies.

Since its inception, HGX has recorded many milestones, including closing its first trade in  September 2020 and launching Asia’s first digital whiskey-based asset-backed security in  January 2021. Thirteen different financial instruments have been successfully listed with a total average monthly trading volume exceeding US$500,000 in the last six months. Looking to the future, HGX has built a strong product pipeline of capital market products, with funds, loans, luxury assets, and real estate under evaluation for future listing. HGX also plans to onboard more Member Firms, expanding the overall marketplace and ecosystem.