Fintech companies SDAX and Minterest to merge, build digital asset exchange ecosystem

BLOCKCHAIN platform Digiassets Exchange (Singapore) (SDAX) and fintech company Minterest Holdings have agreed to merge to build a global digital asset exchange ecosystem amid growing demand for alternative investments.

The ecosystem will offer fully integrated solutions across deal origination, fundraising, digital securities offering and secondary trading.

Singapore-based Minterest Holdings connects borrowers with global investors and has helped raise over S$190 million. It is backed by ARA Asset Management. (see Amendment note)

ARA Asset Management's co-founder John Lim will be the chairman of the merged entity, SDAX Financial.

Minterest Holdings' digital investment platform Minterest provides corporates with access to private capital markets. Investors can access alternative investment opportunities across various asset classes including institutional-grade real estate, and private corporate and consumer debt.

The company also owns consumer financing platform, Minterest Money.

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SDAX is a blockchain-powered technology platform that has full trading functionalities and on-chain settlement. It is backed by RHT Fintech Holdings and was developed by leveraging the RHT network of legal and professional services.

SDAX Financial will be led by seasoned professionals with expertise in banking, capital markets, fintech and exchange technology, SDAX and Minterest Holdings said in a joint statement.

SDAX will remain as an independently-managed agnostic platform, with oversight by an independent board of directors and supported by a panel of advisers chaired by businessman and former politician Mah Bow Tan.

The merger of SDAX and Minterest Holdings is subject to the approval of the Monetary Authority of Singapore (MAS) and will constitute part of the review by MAS in SDAX's application to be a recognised market operator.

Minterest holds a capital markets service licence and Minterest Money holds the licence to provide personal loans. SDAX has received in-principle approval from MAS to operate a digital asset exchange.

Mr Lim said: "We are able to deliver a winning global digital asset ecosystem through the merger by bringing together SDAX's comprehensive and robust exchange technology capabilities with our well-established distribution network and deep expertise in deal origination."

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Amendment note: Due to a source error, an earlier version of the article stated that John Lim is a backer of Minterest Holdings through his family office. Mr Lim does not in fact hold any interest in Minterest via his family office.