SGX-Backed ADDX Taps Ex-UBS Investment Banker

SGX building signage in SingaporeSGX building signage in Singapore

This item was originally published on finews.asia.

Private market platform ADDX, backed by Singapore Exchange, has named Oi-Yee Choo, the former head of investment banking for Singapore at UBS, as its new CEO.

The appointment is subject to approval from the Monetary Authority of Singapore, the city-state’s central bank, the company said in a press release Monday.

Previously, Choo has also had roles at Morgan Stanley, Nomura and Citigroup, working on deals including the listing of Suntec REIT and Parkway Life REIT on SGX, the release said. Choo had joined ADDX in January 2020 as chief commercial officer, the release said.

Other New Appointments

Choo will lead ADDX Pte. Ltd., a newly formed entity to operate the ADDX platform, while Danny Toe, who has been helming the platform via parent company, ICHX Tech, will remain CEO of ICHX Tech, the release said.  

In addition, Darius Liu, who was chief operating officer will become group chief strategy officer of ICHX Tech, while Inmoo Hwang, who was head of business strategy and growth, will take over as chief operating officer of ADDX, the release said.

The company is planning for growth, projecting its headcount will rise to 120 this year, from 90 at the end of 2021, the release said.

Projecting Growth

Choo has projected the ADDX platform will post US$1 billion in transactions by 2023, compared with 2021 total transactions of more than US$150 million, the release said. Most of the activity if from individual accredited investors from 27 countries across Asia, Europe and the Americas, the release said, noting individual account openings are rising 120 percent a year.

ADDX said the pace of growth is expected to accelerate over this year and next, as institutional and corporate investor accounts are opened, projecting the number of deals to rise to 100 by 2023, up around four times from 24 deals by the end of 2021.

The multi-asset exchange offers funds, bonds and equities, with products representing private equity and venture capital, private debt, real estate, hedge funds and crypto funds, the release said, adding it uses blockchain and smart contracts to automate issuance, custody, distribution and secondary trading. Investments can be fractionalized to US$10,000 from US$1 million, the release said.

Temasek Backing

ADDX said it expects to onboard more global general partners this year, after last year’s deals from Partners Group, UOB, Investcorp, Mapletree, Azalea, SeaTown and CGS-CIMB.

Mapletree, SeaTown and Azalea are all subsidiaries of Singapore state-owned investment company Temasek Holdings.

In January 2021, parent ICHX Tech raised a US$50 million series A round of capital, with backing from Singapore Exchange, Temasek subsidiary Heliconia Capital and Japan state-backed investors JIC Venture Growth Investments and the Development Bank of Japan, the statement said.