Global private market exchange ADDX has announced the appointment of Chew Sutat, former senior managing director at the Singapore Exchange (SGX), as its chairman. Chew, who has been serving as the chairman of the ADDX platform's listing committee since 2019 and as a board member of ICHX Tech since 2018, brings extensive experience and strategic thinking to ADDX.
ADDX Pte Ltd, the regulated entity, took over the operations of the ADDX platform from ICHX Tech in September 2022 after receiving approval from the Monetary Authority of Singapore. In his new role, Chew will serve as the chairman of ADDX Pte Ltd and as a board member of ICHX Tech concurrently. Meanwhile, Danny Toe will remain chairman and CEO of ICHX Tech, and Oi-Yee Choo will continue as CEO of ADDX.
As chairman, Chew will provide high-level guidance and leadership to reinforce ADDX's position in the global private market space. Working closely with the executive team, he will set the company's strategic direction, drive growth and innovation, and spearhead regional expansion.
Chew brings 25 years of experience in the financial services industry, having held leadership roles at organizations such as SGX, Standard Chartered Bank, OCBC Securities, and DBS Bank. He currently serves as a lead independent director at Yangzijiang Financial Holding and as a board member at Income Insurance. Additionally, Chew actively contributes to the social sector through various National Council of Social Service committees.
Headquartered in Singapore, ADDX aims to democratize private markets by making investing fairer. Utilizing blockchain and smart contract technology, ADDX streamlines the issuance, custody, and distribution of private market products, reducing manual interventions. This digital securities approach enables fractionalized investments, lowering the minimum investment sizes from US$1 million to as low as US$1,000, expanding investor access to private markets.
To date, ADDX has listed over 70 deals on its platform and collaborated with reputable institutions such as Hamilton Lane, Partners Group, Investcorp, Singtel, UOB, CGS-CIMB, and Temasek-owned entities Mapletree, Azalea, SeaTown, and Fullerton Fund Management. Asset classes available on ADDX include private equity, hedge funds, venture capital, private credit, real estate, debt, and structured products.
Danny Toe, CEO of ICHX Tech, expressed confidence in Chew's ability to drive innovation and growth based on his track record at SGX. Toe highlighted Chew's regulatory know-how and experience, emphasizing his crucial role in ensuring ADDX's governance and long-term success during the company's regional expansion.
Chew Sutat expressed his delight in joining ADDX as chairman and his commitment to increasing liquidity and scale in the private market sector. He acknowledged ADDX's progress thus far and emphasized the team's dedication to bridging the gap between public and private markets, driving growth, innovation, and democratizing private markets for investors.
