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Binance Asia acquires minority stake in Singapore-licensed private securities exchange HGX

Written by Stephanie Pearl Li Published on     2 mins read

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The investment will give Binance Asia Services access to a regulated private exchange.

Binance Asia Services, the Singapore business division of crypto exchange Binance, acquired an 18% stake in HG Exchange (HGX), a trading platform where shares in private companies and tokenized assets are bought and sold. HGX was founded by Singapore-headquartered financial institutions, including PhillipCapital, PrimePartners, and Fundnel.

The investment took place six months after HGX received a Recognized Market Operator (RMO) license from the Monetary Authority of Singapore (MAS), which enables the firm to issue and trade both digital and non-digital capital market products, including security tokens for alternative assets like wine, art, and real estate.

“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” said Richard Teng, CEO of Binance Singapore, an affiliate of Binance Asia Services.

The minority stake will give Binance Asia access to a regulated exchange platform, while its crypto exchange license application remains under review by the MAS. The firm is currently exempt from operating with a license under Singapore’s Payment Services Act (PSA), meaning its Singapore-based business division is not licensed under PSA but can continue to provide services.

As of July 26, MAS has received more than 480 applications under the Payment Services Act. Among the batch, 35% of the applicants plan to offer digital payment token services that would enable them to operate crypto exchanges, according to information from the MAS.

So far, the central bank has granted approval to crypto payment firm TripleA; DBS Vickers (DBSV), the brokerage arm of DBS Bank; Independent Reserve, an Australian crypto exchange; as well as local fintech startup Fomo Pay.

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