HashKey of Hong Kong proposing to purchase all of Singapore’s APEX’s equity
The major shareholder of Asia Pacific Exchange Pte. Ltd. (APEX) and APEX, as well as the Hong Kong digital asset financial services group HashKey Holdings Limited, announced on Wednesday that its wholly-owned subsidiary, HKDAG (Singapore) Pte. Ltd., has entered into a non-binding framework agreement regarding the potential acquisition of all equity interests in APEX.
According to a statement from HashKey, APEX and its group run a complete and independent financial market infrastructure in Singapore.
The Monetary Authority of Singapore (MAS) has granted APEX the “Approved Exchange (AE)” license, making it a licensed derivatives exchange in Singapore. The “Approved Clearing House (ACH)” license, which enables integrated issuance and settlement capabilities, is held by Asia Pacific Clear Pte. Ltd., an APEX member.
Only three market participants presently hold both licenses concurrently due to Singapore’s strict regulatory system.
HashKey is anticipated to further improve its execution and clearing infrastructure layout for the institutional market following the successful completion of the proposed acquisition, propelling the creation of a next-generation financial infrastructure that includes trading, custody, payment, clearing, and settlement.
This would improve its ability to provide financial institutions and market players at the institutional level with comprehensive services.
Singapore, a significant global financial hub in Asia, continues to be at the forefront of fintech innovation and the development of financial market infrastructure.
In keeping with its overarching plan to create a diverse, multi-jurisdictional fintech platform that operates under strong regulatory frameworks, the proposed purchase will also help the Group establish a more scalable regulated presence in Asia’s key financial markets.
The Monetary Authority of Singapore (MAS) clearance and the signing of the final paperwork are prerequisites for the proposed acquisition.
