What FUSANG does

Fusang is a B2B, member-driven digital securities and cryptocurrency exchange operating across IOSCO-recognised jurisdictions, founded in 2015 by Henry Chong. It is headquartered in Labuan, Malaysia (Licensed Securities Exchange under LFSA s134 LFSSA 2010) with additional operating presence in Kuala Lumpur (marketing office) and Hong Kong (Fusang Custody Limited, TCSP-licensed). The platform is purpose-built for regulated financial intermediaries — institutional brokers, family offices, listing sponsors, and fintech builders — and does not serve retail or US/Canada/EU-restricted customers directly.

The underlying technology stack is anchored by the Fusang Chain, an institutional blockchain powering borderless transfers of tokenised assets, complemented by the proprietary Fusang Depository Receipt (FDR) standard (a tokenised wrapper analogous to ADRs/HDRs), the Fusang Vault custody platform, the Fusang Members Portal, and a planned migration in May 2026 to Fusang Swap, an AMM-based decentralised swap engine. Product lines include tokenised Sukuk (USD 507M issued across 32 instruments at a 4.68% average profit rate), digital shares, tokenised funds (e.g., Protos crypto hedge fund), and major cryptocurrencies (BTC, ETH, LINK, UNI, USDC).

Fusang monetises through a layered fee architecture: transaction-based fees on listing, trading, settlement, depository, and tokenisation, plus subscription/recurring revenue from custody, membership tiers (Types 1, 2, 3), FinTech-in-a-Box white-label services, and node services. Distribution is indirect via a network of Type 2 Trading Agents and Type 3 Listing Sponsors, including Baxian and Portcullis-affiliated entities connected through Chairman David Chong. The company is privately held (BVI-incorporated Fusang Corp), deferred a planned IPO in March 2022, and has not publicly disclosed funding beyond a 2020 round.

Name

FUSANG

Legal name

Fusang Corp

Website

https://fusang.co

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

Fusang is a B2B, member-driven digital securities and cryptocurrency exchange licensed in Labuan, BVI, and Hong Kong, serving institutional brokers, listing sponsors, and fintech builders with tokenised sukuk, shares, funds, and crypto on its proprietary FDR/Chain stack.

Ownership category

akta.pro rank

Product category

Digital Securities Exchange

NAICS

Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD)

akta.pro secondary industry

Institutional API Connectivity, OMS/EMS & FIX Gateways (FSADAJAJ)

Keywords

• Digital securities exchange
• Tokenized asset platform
• Institutional blockchain infrastructure
• Shariah-compliant tokenized sukuk
• Digital asset custody

Headquarters

HQ city

Hong Kong

HQ country

Hong Kong SAR China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Exchange Listing Fees: Fees charged for listing securities, sukuk, funds, and other financial instruments on the Fusang Exchange.
2. Exchange Trading Fees: Fees charged for trading activities on the exchange platform.
3. Exchange Settlement Fees: Fees for settlement services on the Fusang platform.
4. Exchange Depository Fees: Fees for depository services including FDR management.
5. Custody Fees: Fees for institutional-grade custody services for digital assets, fiat currencies, and securities.
6. Tokenisation Fees: Fees for transforming traditional assets into digital tokens.
7. Member Fees: Fees for membership categories tailored to institutional members' needs.
8. FinTech-in-a-Box: Subscription and service fees for fintech entrepreneurs building digital exchanges and mobile applications using Fusang's platform.
9. Node Services: Fees for blockchain node services within the Fusang Network.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Fusang operates a fully-regulated, B2B member-driven digital securities and cryptocurrency exchange serving regulated financial intermediaries across IOSCO-recognised jurisdictions. Its platform enables listing and trading of tokenised securities, sukuk, funds, shares, and cryptocurrencies, supported by proprietary infrastructure including the Fusang Chain blockchain, Fusang Vault institutional custody, the Fusang Depository Receipts (FDR) standard, and the Fusang Members Portal. The group also offers FinTech-in-a-Box, a white-label solution enabling fintech entrepreneurs to build digital exchanges and applications using Fusang's infrastructure.

Product overview

Fusang operates as a platform-plus-modules architecture centred on Fusang Exchange, a fully regulated digital securities exchange enabling trading of tokenised securities, cryptocurrencies, and digital assets. The ecosystem comprises core infrastructure products (Fusang Exchange, Fusang Vault, Fusang Depository Receipts, Fusang Members Portal, Fusang Swap), platform components (Fusang Network, Fusang Chain), and value-added services (FinTech-in-a-Box, Broker Services, Issuer Services, Custody Services). Block Tree serves as a sub-brand digital wealth manager. The product portfolio supports listing and trading of Sukuk, Cryptocurrencies, Funds, and Shares through a network of regulated financial intermediaries.

Differentiator

Problem solved

Functional benefit

Brands

• Fusang Depository Receipts (FDR): Digital depository receipts similar to ADRs and HDRs, representing beneficial interests in underlying assets such as shares or bonds. Issued by Fusang Exchange Ltd as Depository and tradable on the Fusang Exchange.
• Fusang Vault
• FinTech-in-a-Box
• Fusang Members Portal
• Fusang Swap
• Fusang Chain
• Fusang Network

Products and services

• Fusang Exchange Fully regulated B2B digital securities and cryptocurrency exchange enabling listing, trading, clearing, and settlement of tokenised securities, sukuk, funds, derivatives, and cryptocurrencies on Main Board, Private Market, and Virtual Asset Market. Serves regulated financial intermediaries across IOSCO-recognised jurisdictions.
• Fusang Vault

Quantifiable outcome

• Security Token Offerings can reduce costs of shareholder onboarding by 10X
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

14 partnerships are on record, tiered minor and core.

• BrincminorStrategic or Co-development Partner · 18 October 2022Brinc, a venture capital and accelerator platform, announced partnership with Fusang to support fintech entrepreneurs and startups in accessing digital asset infrastructure and tokenisation services.
• International Islamic Liquidity Management Corporation (IILM)coreStrategic or Co-development PartnerIILM is the underlying sukuk issuer for the world's first institutional tokenised sukuk listed on Fusang Exchange. Fusang tokenises IILM's A1-rated shariah-compliant sukuk using the Fusang Depository Receipt standard.
• FIX Trading CommunityminorOthersFusang participates in the FIX Trading Community, an industry body for electronic trading in the Asia Pacific region.
• FBN AsiaminorOthersFamily Business Network Asia - Fusang engages with this association serving family offices and high-net-worth investor networks.
• Oxford Digital Assets ProjectminorOthersFusang is part of the Oxford Digital Assets Project at the University of Oxford's Commercial Law Centre, contributing to academic research and industry standards in digital assets.
• CFA Society Hong KongminorOthersFusang maintains association membership with CFA Society Hong Kong, connecting with investment professionals in the Hong Kong financial community.
• Fintech Association of Malaysia (FAOM)minorOthersFusang participates in Malaysia's fintech ecosystem through membership in the Fintech Association of Malaysia.
• Women in Blockchain AsiaminorOthersFusang supports and participates in Women in Blockchain Asia, an initiative promoting diversity in the blockchain and digital assets space.
• Fintech Association of Hong KongminorOthersFusang maintains membership in the Fintech Association of Hong Kong, contributing to the local fintech ecosystem.
• Labuan Fintech AssociationminorOthersFusang participates in the Labuan Fintech Association supporting digital financial services in the Labuan International Business and Financial Centre.
• Access Malaysia Blockchain AssociationminorOthersFusang engages with Access Malaysia Blockchain Association to support blockchain adoption and innovation in Malaysia.
• Portcullis GroupcoreStrategic or Co-development PartnerPortcullis Group is a related company network providing trust, fund, and family office services. David Chong is Founder and President of Portcullis Group and Chairman of Fusang. Portcullis entities serve as Type 2 Trading Agents and Type 3 Listing Sponsors on the Fusang network.
• BaxiancoreStrategic or Co-development PartnerBaxian specialises in trust and wealth management, providing comprehensive business support services. Baxian Bank Ltd. and Baxian Trust (Labuan) Ltd. serve as Type 2 Trading Agents and Type 3 Listing Sponsors on Fusang.
• David Chong Law CorporationminorStrategic or Co-development PartnerRelated company providing bespoke legal services to family offices and permanent capital institutions, connected through David Chong's shared leadership across Fusang and the law corporation.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Regional players

• OSL: Hong Kong SFC-licensed digital asset platform offering brokerage, custody and exchange services to institutions. Comparable to Fusang's regulated institutional digital-asset services and custody business in the Hong Kong market.
• HashKey Exchange: Hong Kong-licensed virtual asset trading platform serving professional and institutional investors. Comparable to Fusang's Hong Kong operations as a regulated crypto and digital-asset venue serving institutional clients in the same geography.

Direct peers

• ADDX: Singapore-based regulated digital exchange for private market securities, offering fractionalised access and secondary trading to professional investors. Directly comparable to Fusang as an Asia-focused, regulated tokenised-securities venue targeting institutional and accredited investors.
• INX: Blockchain-enabled regulated exchange that completed a SEC-registered token offering and operates trading in digital securities. Directly comparable to Fusang as a regulated digital securities exchange with tokenised-asset listings.
• SIX Digital Exchange: Swiss-regulated digital asset and security token exchange operated by SIX Group. Comparable to Fusang as a fully-regulated institutional venue for tokenised securities, though anchored in the European market.
• tZERO: US-based security token exchange and tokenisation platform with an ATS-regulated marketplace for digital securities. Comparable to Fusang as a regulated venue focused on tokenised securities trading and issuer services.
• Archax: FCA-regulated digital securities exchange and broker in the UK for institutional tokenised assets. Comparable to Fusang as a regulated venue for trading tokenised securities and digital assets, with a similar institutional-only B2B distribution model.

Emerging players

• Securitize: Tokenisation and on-chain capital markets infrastructure provider offering issuance, transfer agent and secondary trading services. Comparable to Fusang's tokenisation and FDR infrastructure layer as a competitor for digital securities issuance.

Broad incumbents

• SGX (Singapore Exchange): Singapore's incumbent exchange operator with digital asset and fixed-income tokenisation initiatives. Comparable as the regional incumbent that licensed venues like ADDX and Fusang must compete against for institutional issuer relationships.
• HKEX (Hong Kong Exchanges and Clearing): Asia's leading incumbent exchange operator, actively exploring tokenisation and digital asset initiatives. Relevant as the dominant licensed venue in Fusang's home market of Hong Kong with vastly deeper liquidity and issuer access.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@FusangTV
• Xx.com/TeamFusang
• Facebookfacebook.com/TeamFusang

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

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 FUSANG