IT Brief Asia - Technology news for CIOs & IT decision-makers
Story image
Former SGX Senior Managing Director appointed ADDX Chairman
Thu, 15th Jun 2023

Singapore-based global private market exchange ADDX has announced the appointment of Mr Chew Sutat as its new Chairman. Sutat, a former senior managing director at the Singapore Exchange (SGX), has been involved with ADDX's parent company ICHX Tech since 2018, serving on its board and chairing the ADDX platform’s listing committee since 2019.

Mr Chew will provide strategic leadership to ADDX, focusing on the company's growth and innovation, and steer the company towards regional expansion. His wealth of expertise from a 25-year career in the financial services industry, including leading roles at Standard Chartered Bank, OCBC Securities, and DBS Bank, and a transformative stint at SGX, will undoubtedly bolster the mission of ADDX.

ADDX has been engaged in regulated activities since September 2022, after approval by the Monetary Authority of Singapore. The firm leverages blockchain and smart contract technology to democratise private markets, reducing minimum investment sizes from US$1 million to US$1,000, thereby broadening investor access to private markets.

As of now, ADDX has listed over 70 deals and collaborated with prominent names such as Hamilton Lane, Partners Group, Singtel, and Temasek-owned entities like Mapletree and Azalea. The platform offers a range of asset classes including private equity, hedge funds, real estate, and venture capital.

Danny Toe, CEO of ICHX Tech, expressed confidence in Mr Chew's ability to drive growth and innovation, saying, “Sutat has demonstrated his ability to drive innovation and growth in a highly competitive and regulated industry. His regulatory know-how, experience and expertise will be invaluable as we set our sights on regional expansion. Sutat will play a critical role in ensuring ADDX is well-governed and positioned for long-term success.”

Responding to his appointment, Mr Chew Sutat says, "I am delighted to join ADDX as chairman and to work with the team on strategies to increase liquidity and scale in the private market sector. ADDX has already made significant strides in this area, and I am excited to work with the team to build on this success and bridge the gulf between public and private markets. Together, we will continue to drive growth and innovation to democratise private markets and unlock opportunities for investors.”