The blockchain ecosystem and cryptocurrency provider behind, Binance Asia Services, today announced its post-money stake of 18 per cent in Hg Exchange (HGX). The deal is subject to regulatory requirements.

In a press statement, Binance Singapore CEO Richard Teng explains that the two companies aim to collaborate to “enhance the blockchain ecosystem in Singapore.”

“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” Teng said.

He also added further details of their plans in the country.

“In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed,” he said.

Also Read: How Binance acquired 35 per cent market share in a year with its new crypto derivatives line

HGX is Southeast Asia’s member-driven private securities exchange, founded by financial institutions PhillipCapital, PrimePartners, and Fundnel. It runs on Ziliqa’s blockchain technology.

In addition to shares in private companies, HGX is working to list alternative assets including wines, art, and real estate.

Earlier this year, it was granted a Recognised Market Operator license by the Monetary Authority of Singapore (MAS).

In a opinion piece published on e27, Deon Tan observed that Singapore “has switched sides and is finally ready to be seen as a global cryptocurrency hub.”

“In Singapore, despite the lack of ‘flashy’ announcements, local government-linked organisations have been secretly working behind the scenes with crypto companies to improve their offerings,” Tan wrote.

“For example, at the beginning of this year, we saw how ShuttleOne helped finance the first batch of electric vehicles to replace the entire taxi fleet for commercial use in Singapore by 2026 — an early indication of Singapore’s careful but eager adoption of decentralised finance to fund public projects,” she continued.

The author also stressed that the ever-changing nature of the global fintech ecosystem spells massive opportunities for the relatively nascent universe of blockchain.

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