SDAX

What SDAX does

SDAX is a Singapore-headquartered, MAS-regulated digital asset exchange platform operating a dual-licence ecosystem: SDAX Capital Markets holds a Capital Markets Services licence (CMS100573) for arranging tokenised investment products, while SDAX Exchange operates as a Recognised Market Operator for listing and trading tokenised asset-backed digital securities. Founded in 2016 (originally as Minterest Pte Ltd, rebranded in 2022), the platform tokenises real-world assets including private equity, private credit, commercial papers, real estate, funds, and fine art, built on a Hyperledger Besu private blockchain framework. Its flagship product innovation is the MPMT Gold Token — the world's first securitised gold token issued by an independent trust and backed by physical bullion held at Le Freeport Singapore, structured with Clifford Chance and APEX Group.

SDAX serves a horizontal mix of customer segments: accredited and institutional investors accessing private market deals on the exchange; retail investors enabled since November 2024 via tokenised commercial papers with S$1,000 minimums; corporate issuers (e.g., ValueMax, Straits Trading, Vin's Holdings) raising capital through digital securities; and family offices receiving bespoke services including art financing, crypto lending, and CIO-led managed accounts. Revenue is generated through transaction and trading fees, listing/issuance/tokenisation fees, annual custody fees, and commercial paper financing fees. To date, the platform has facilitated over S$1.5 billion in cumulative listing volume across more than 1,000 transactions, including over S$1 billion in 2024 alone.

The company is venture-backed with a strategic shareholder base that includes ESR, PSA International, Straits Trading Company, RHT Group, and Muscat Precious Metals Refining Company (which led the US$50M Series B2 in September 2024). Following a leadership transition in August 2025, Sunil Mascarenhas (ex-Barclays, Deutsche Bank, Morgan Stanley, ANZ) is CEO, and the company is executing a regional expansion strategy anchored by a planned digital asset exchange in Oman targeting GCC and African markets. SDAX is ISO/IEC 27001 certified and serves markets across Asia Pacific, the Middle East, Europe, and North America, with US persons excluded by geographic restriction.

Name

SDAX

Legal name

SDAX Capital Markets Pte. Ltd.

Website

https://sdax.co

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

SDAX is a Singapore-based, MAS-regulated digital asset exchange (RMO + CMS dual-licensed) that tokenises private market investments including private equity, private credit, commercial papers, and securitised gold for accredited, retail, and institutional investors.

Ownership category

akta.pro rank

Product category

Digital Asset Exchange & Tokenised Securities

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (523160)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)

akta.pro secondary industries

RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Corporate Bond Trading Platforms (FSAFACAB), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ)

Keywords

• Digital asset exchange
• Tokenized securities
• Private market investments
• Commercial paper financing
• Securitized gold tokens

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Transaction and Trading Fees: Fees earned from trading activities on the SDAX Exchange platform for digital securities and tokenised assets.
2. Listing and Issuance Fees: One-off listing application fees, tokenisation fees for issuers, and annual listing fees for securities issued on the platform. Supports corporate issuers raising capital through digital securities.
3. Custody Fees: Annual custody fees charged for holding digital assets and securities on behalf of investors.
4. Commercial Paper Financing: Platform facilitates short-term commercial paper issuance for corporate financing, generating fees from originators and investors.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

SDAX operates a dual-licensed, blockchain-based digital asset exchange and capital markets platform that tokenises real-world assets — including private equity, private credit, commercial papers, real estate, funds, and physical gold — into tradable digital securities. Its SDAX Exchange (MAS Recognised Market Operator) lists and trades these securities, while SDAX Capital Markets (MAS Capital Markets Services licence) distributes tokenised investment products to retail, accredited, and institutional investors.

Product overview

SDAX is Singapore's Digital Asset Exchange operating as a dual-platform ecosystem comprising SDAX Capital Markets (CMS100573 license) and SDAX Exchange (Recognised Market Operator license). The platform offers tokenised digital securities including private equity, private credit, commercial papers, and the world's first securitised gold tokens (MPMT Gold Token). Services extend to family offices (art financing, crypto lending, portfolio financing) and the ESG-focused SDAX Launchpad programme. The ecosystem connects institutional, accredited, and retail investors to private market opportunities through web and mobile portals, with all investments arranged under Singapore's small offers, private placement, and accredited investor exemptions under the SFA.

Differentiator

Problem solved

Functional benefit

Products and services

• SDAX Capital Markets MAS Capital Markets Services-licensed platform offering tokenised private market investment products (private credit, commercial papers, gold tokens, private equity, funds, real estate) to retail and accredited investors.
• SDAX Exchange MAS Recognised Market Operator-licensed digital asset exchange for listing and secondary trading of tokenised asset-backed digital securities; available to accredited and institutional investors.
• MPMT Gold Token Securitised gold tokens representing fractional ownership of physical gold bullion held in trust; available to accredited and institutional investors on the SDAX Exchange.
• Commercial Paper Short-term unsecured tokenised debt instruments for corporate financing, distributed via SDAX to both accredited and retail investors (minimum investment from S$1,000).
• Private Credit Tokenised lending and debt investment products providing institutional-grade private credit exposure to accredited investors.
• Private Equity Tokenised fractional ownership of institutional-grade private equity opportunities, offered via SDAX Capital Markets to accredited investors.
• Family Office Services Bespoke wealth management solutions for family offices including art financing, aircraft and yacht leasing, collateralised crypto lending, margin loans, portfolio financing, co-investments, secondaries, and CIO-led managed accounts.
• SDAX Launchpad (ESG Programme) ESG-focused programme providing resources, advisory, and financing services to startups and companies with environmental solutions; includes partnership with Singapore's A*STAR R&D agency.

Quantifiable outcome

• Over S$1.5 billion total listing volume with 1,000+ transactions since inception
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Vin's HoldingsminorOthers · 13 January 2026Launched S$20 million multicurrency commercial paper facility programme issued as digital securities on SDAX Exchange platform with inaugural issuance targeting S$3-5 million.
• The Straits Trading Company (Partnership Expansion)coreGTM or Marketing Partner · 10 October 2024Straits Trading Company partnered with SDAX to offer clients from both sides access to their respective investment opportunities. Members of Straits Trading's Shareholders' Club gain access to private markets and alternative investments on SDAX.
• Clifford Chance LLPcoreImplementation/ SI/ Consulting Partner · 18 April 2024Global law firm London provided legal assistance for creation of MPMT Gold Token securitisation structure.
• APEX GroupcoreOthers · 18 April 2024Served as global trustee for the MPMT Gold Token structure, providing independent trust services for the securitised gold tokens.
• Jin Huang BullioncoreOthers · 18 April 2024Bullion agents providing expertise in gold tokenisation process for MPMT Gold Token.
• Hydra XcoreTechnology or Integration · 18 April 2024Provided custodial services and technology solutions to facilitate tokenisation of real-world assets such as gold. Partnership reflects commitment to making investment opportunities more accessible.
• Hyperledger FoundationcoreTechnology or Integration · 15 December 2023SDAX joined as general member of Hyperledger Foundation, the open global ecosystem for enterprise-grade blockchain technologies. Steven Yeo, CTO, stated commitment to pushing boundaries of blockchain with like-minded organisations.

Scale indicators10 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• ADDX: Singapore-headquartered private-market exchange for fractionalised, regulated digital securities and funds — directly overlaps SDAX in serving accredited and institutional investors with tokenised private equity, private credit, and structured products under MAS supervision.
• InvestaX: Singapore-based digital-securities platform (formerly iSTOX) offering issuance, listing, and trading infrastructure for tokenised securities on a MAS-regulated venue — a near-direct competitor to SDAX Exchange and SDAX Capital Markets for tokenised capital-markets products.
• Securitize: US-based tokenisation platform that issues and manages digital asset securities for funds, private credit, and equities, with deep institutional adoption — competes with SDAX's tokenisation stack and is an active counterparty in the RWA capital-markets space.
• Archax: FCA-regulated UK digital asset exchange and broker for tokenised securities, funds, and digital assets — directly comparable as a regulated institutional venue for tokenised real-world assets, though with a European rather than APAC footprint.

Emerging players

• Tokeny: Luxembourg-based tokenisation infrastructure provider for issuing and managing compliant digital securities — overlaps with SDAX's issuer-side tokenisation workflow rather than the exchange layer itself.
• DigiShares: White-label tokenisation platform for issuing and managing digital securities such as real estate, funds, and private equity — comparable to SDAX's issuer-facing tokenisation services and a potential technology alternative for issuers.
• Polymath: Security-token platform providing issuer tooling for compliant tokenised securities — overlaps with SDAX's tokenisation layer (KYC/AML, on-chain cap-table, issuance) but operates more as infrastructure than a full exchange.
• Taurus: Swiss-based digital-asset infrastructure platform offering custody, tokenisation, and trading services to banks and issuers — comparable to SDAX's combined exchange plus tokenisation stack, focused on European institutional clients.

Broad incumbents

• Tradeweb: Nasdaq-listed global electronic marketplace operator across rates, credit, equities, and money markets — overlaps with SDAX Exchange on electronic fixed-income and credit trading, with broader product breadth and global reach.
• MarketAxess: NYSE-listed electronic trading platform for fixed income and credit — competes at the institutional electronic-trading layer that SDAX's commercial-paper and private-credit products target, but as a much larger, broad-market incumbent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SDAX.co
• Xx.com/sdax_co
• LinkedInlinkedin.com/company/sdax

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries3 records

Funding overview

Funding rounds2 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SDAX