Digiassets Exchange Singapore (SDAX) has, on Feb 2, received an approval-in-principle from the Monetary Authority of Singapore (MAS) to operate a digital asset exchange.

SDAX is an institutional grade digital asset trading platform which uses superior blockchain technology to break down and speed up traditional exchange processes, as well as opening new fundraising and investment opportunities.

The exchange is backed by a team with strong experience, and counts names such as former Minister for National Development Mah Bow Tan in its board of directors and advisory panel.

SEE: Global Yellow Pages’ stock runs after proposed placement to former minister Mah Bow Tan

According to SDAX, it will serve a global market offering digitised debt, equity and hybrid instruments with high quality real estate as the underlying asset class.

Get the latest Singapore corporate news stories for FREE

“With the AIP from MAS, SDAX is now in a strong position to attract asset owners, accredited investors and institutional investors from around the world to our Singapore-based platform. SDAX will contribute to Singapore’s fintech sector by offering innovative solutions to raise funds and trade fractionalised and digitised assets like real estate,” says SDAX chairman Khoo Boon Hui.

“Singapore is a globally trusted financial hub with strong government support for fintech and blockchain technology, backed by a forward-looking and comprehensive regulatory framework to govern digital finance. These factors will give the global market significant confidence in home-grown digital asset exchanges like SDAX,” adds Mah, the chairman of the advisory panel.

SDAX is backed by RHT Group of Companies and has been developed by leveraging the RHT ecosystem of legal, fintech and professional services.