Singapore-based private exchange 1exchange (1X) successfully launched on 10 July with Equiom Singapore as its trust administrator.
Douglas Lee, Compliance Director at Equiom Singapore commented:
‘Trusts were once known as one of the greatest innovations under the English legal system and it has been constantly evolving for the past 500 years into a very flexible legal planning tool. Over the years, though tremendously transformed from its origin, trusts are still very relevant to the needs of modern businesses. At the other end of the spectrum, blockchain or distributed ledger technology (DLT) is among the latest innovative technologies that seek to solve the problem of ‘trusts’ between communication points. The former is a fiduciary concept and the latter is a ‘network communication protocol’, a striking contrast of the evolution and combination of the old and the new.
‘However, today’s business needs often require innovation and that’s where Equiom and 1X have come together in a strategic partnership to create Singapore’s first regulated private securities exchange using blockchain, or DLT.’
‘Today’s world is more integrated with instantaneous communication networks. Private placement activities can benefit tremendously from tapping into new technology such as DLT. Having been in the trust and fiduciary sector for more than 40 years, and believing in businesses built on partnerships and innovation, Equiom embraced the opportunity to partake in the development of a platform for the future. That decision has now transformed into the world’s first licensed and regulated private securities exchange built on the public blockchain - 1exchange.’
‘What seemed impossible is now operational with Equiom Singapore’s specialisation in trusts and 1X’s expertise in capital market services, as well as both firms’ willingness to innovate the private exchange by working with blockchain technology leader ConsenSys. Equiom Singapore is proud to be part of this innovative partnership that marks another milestone in challenging the traditional business landscape with the latest technology.’