UOB and the Stock Exchange of Thailand (SET) – through its subsidiary SET Venture Holding – are shareholders in Singapore’s private market exchange ADDX, which has secured US $58 million in a pre-series B fundraising round.
The fundraising round also included private markets services provider Hamilton Lane and Krungsri Finnovate, the Bank of Ayudhya (Krungsricorporate)’s venture capital arm. This brings the total cash raised by the firm to $120 million.
The Monetary Authority of Singapore (MAS) regulates ADDX as a digital securities exchange, and its existing owners include Temasek-owned Heliconia Capital and the Development Bank of Japan.
The fintech startup breaks down private market choices like private equity and hedge funds using blockchain and smart-contract technologies, decreasing minimum investment levels from $1 million to $10,000.
Individuals can now participate in the private market, while issuers benefit from fewer expenses and fundraising requirements.
The funds will be used to expand the private market exchange’s activities. The new investors in ADDX will also work with the company on projects that will expand its reach. With the round, SET has joined the Singapore Market as the second stock exchange to support ADDX.
