Binance Asia Services, the blockchain ecosystem and cryptocurrency provider behind Binance.sg, today announced they have taken a post-money stake of 18 per cent in Hg Exchange (HGX), subject to regulatory requirements.
HGX is a Southeast Asian member-driven private securities exchange, founded by financial institutions PhillipCapital, PrimePartners, and Fundnel, and powered by the Zilliqa high-performance blockchain. Earlier this year, HGX was granted a Recognised Market Operator license by the Monetary Authority of Singapore. In addition to shares in private companies, HGX is working to list alternative assets including wines, 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. “We aim to work collaboratively with HGX to enhance the blockchain ecosystem in Singapore.”
Binance Asia Services said it continues to drive collaboration with local partners, government agencies and talent, to support the sustainable growth of the blockchain ecosystem globally.
“In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed,” Teng concluded.
Binance.sg is a fiat-to-cryptocurrency platform designed to meet the needs of Singapore users who buy and sell cryptocurrencies with Singapore dollars (SGD). The platform offers real-time, 24/7 Singapore dollar deposit and withdrawal functionality, along with a focus on security and regulatory compliance.
One HGX founding member is PhillipCapital, an integrated Asian financial house with a presence in 15 countries, more than one million clients, and assets under management exceeding $35 billion. They are joined by PrimePartners, which is an advisory firm focused on providing advisory and capital raising services for private- and public-listed small and medium-sized enterprises operating in Asia. Fundnel bills itself as Southeast Asia’s largest private investment platform. It leverages a proprietary AI/ML deal engine to syndicate sell-side opportunities to the buy-side.
