MALAYSIA / HONG KONG / SINGAPORE, 28 FEBRUARY 2019 — Fusang Group is pleased to announce it has received approval for a Securities Exchange licence in Labuan, Malaysia under Part IX, Section 134 of the Labuan Financial Services and Securities Act 2010 (LFSSA). Once launched, Fusang Exchange will be the first fully-licensed securities exchange focused on digital assets in Asia.
As a licensed Securities Exchange, Fusang Exchange will be able to offer primary listings of public companies, and will support the trading of tokenized securities, cryptocurrencies, and fiat currencies. Running similarly to traditional securities exchanges around the world, Fusang Exchange will run a network of licensed and regulated exchange members who will be allowed to trade directly on the platform.
“We’re honoured to be working with the Labuan Financial Services Authority and taking the market into the digital asset era. We’ve always seen Labuan as a fantastic option for businesses to work in, and this licence reiterates Labuan FSA’s dedication to making Labuan a pro-business environment. We look forward to working with them to bring a whole new range of companies and industries into the digital asset space,” said Henry Chong, CEO of Fusang.
Fusang Exchange will be offering its listing services not only to crypto companies, but is also seeking to demystify the digital asset space for traditional companies with real assets.
Chong believes that the market provides an opportunity for companies that were once overlooked by traditional exchanges as a result of higher operational costs.
“With higher costs, it’s natural that the focus of traditional exchanges has always been on larger companies,” says Chong. “But companies that want liquidity in their stock, along with owners of real assets such as real estate, can consider the benefits of listing on our exchange. While we’re working on the infrastructure of the exchange, we’re also focusing on how we can develop innovative business models and capital raisings for issuers.”
Fusang Exchange is expected to launch in the latter half of 2019. It is currently working to fulfill the operational and prudential conditions of its licence, while working with investors to scale business operations teams in the region.
In the startup world, a unicorn refers to any startup with a valuation of over US$1 billion. Companies like Airbnb and Netflix fall under the unicorn category. As of 2021, there are 650 unicorns in the world with a cumulative valuation of US$2,173 billion.