Hg Exchange

Hg Exchange (HGX) was a private securities exchange based in Singapore, established in 2019. The firm was founded by an alliance of financial intermediaries, including PhillipCapital, PrimePartners, and Fundnel, with the goal of facilitating cross-border issuance and trading of securities. Its establishment was a move to revitalize private capital markets, offering a platform for trading both digital and non-digital capital market products. The exchange's technological backbone was powered by Zilliqa's high-performance blockchain, with MaiCoin developing front-end features, aiming to enhance efficiency and reduce trading costs.

A significant milestone for Hg Exchange was its graduation from the Monetary Authority of Singapore (MAS) Fintech Regulatory Sandbox, securing a Recognised Market Operator (RMO) license. This enabled the exchange to fully operate and support the trading of a diverse range of assets, including shares in private companies, funds, and alternative assets like wine, art, and real estate. In December 2021, the company received a strategic investment from Binance, which acquired an 18% stake.

The exchange's business model centered on a member-driven approach, providing a marketplace for accredited and institutional investors to access private market opportunities. It aimed to provide liquidity for traditionally illiquid assets, such as shares in high-growth startups and private equity funds. The use of blockchain technology was a key feature, allowing for the tokenization and fractionalization of assets, which in turn lowered investment barriers and made trading more efficient.

In October 2022, Hg Exchange was acquired by Alta, a digital marketplace for alternative investments formerly known as Fundnel. Following the acquisition, Hg Exchange became a wholly-owned subsidiary of Alta and was rebranded as Alta Exchange. Willie Chang, who was appointed CEO of Hg Exchange in June 2021, continued to lead the rebranded Alta Exchange. Chang brought extensive experience from previous roles in fintech and investment banking at firms like Mizuho Securities and Lehman Brothers. The acquisition integrated Hg Exchange's capabilities into Alta's broader platform, creating an end-to-end solution for private market investment, tokenization, digital custody, and trading of alternative assets.

Keywords: private securities exchange, digital assets, tokenization, alternative investments, blockchain trading, capital markets, private equity, venture capital, fintech, Singapore, asset-backed securities, liquidity solutions, Recognised Market Operator, Alta Exchange, Fundnel, PhillipCapital, Willie Chang, cross-border trading, securities token offering, private market liquidity