The regulated exchange turning skyscrapers, private credit and gold bars into digital securities anyone can trade.
SDAX - Singapore's Digital Asset Exchange. The brand mark of a fintech built to make private markets liquid, fractional and regulated.
For most of financial history, the best private-market deals - the office tower, the pre-IPO fund, the private-credit book - came with a locked door. Minimum tickets ran into six or seven figures, holding periods stretched for years, and there was rarely a way out before the deal matured. SDAX, a Singapore fintech founded in 2019, was built to pick that lock.
SDAX operates a digital asset exchange regulated by the Monetary Authority of Singapore. Its method is straightforward to describe and hard to build: take an institutional-grade real-world asset, wrap it in a properly structured security, tokenise and fractionalise it on a blockchain, and list it so investors can buy a slice - from as little as SGD1,000 - and trade it on a secondary market. Real estate, private equity, private credit, commercial paper, ESG and impact funds, fine art, even collectible cars have moved across the platform.
What separates SDAX from the wider "tokenise everything" crowd is what sits behind the token. The company holds both a Capital Markets Services (CMS) licence and a Recognised Market Operator (RMO) licence from MAS. In a sector where many projects lead with technology and hope the regulation follows, SDAX leads with the licence. The blockchain is plumbing; the regulatory wrapper is the product.
"SDAX connects investors with uniquely curated opportunities in the private markets to drive sustainable growth for future generations."
— SDAX, on its stated missionThe customers fall into two camps. On one side are accredited and eligible investors, family offices and institutions across Asia looking for access to alternative assets that were previously out of reach or hard to exit. On the other are the asset owners and issuers - developers, fund managers, refiners - who want to digitise and distribute their assets to a broader base of capital. SDAX sits in the middle as the regulated marketplace, earning fees from issuance and listing on one side and from trading on the other, with newer lines in wealth and fund management.
A MAS-regulated venue for the primary issuance and secondary trading of tokenised, institutional-grade securities across real estate, private equity and private credit.
Fractional, tradeable tokens backed by physical bullion vaulted at Le Freeport in Singapore, launched with Muscat Precious Metals Refining Company.
Web and mobile onboarding, investing and portfolio tools, letting eligible investors access curated private-market deals from as low as SGD1,000.
For asset owners to digitise, fractionalise and list real estate, funds, private credit and commercial paper as compliant digital securities.
Expanded services announced alongside the Series B2 raise, extending SDAX beyond exchange operations into managed wealth and funds.
Deals have spanned Asian data-centre funds, UK social housing, ESG and impact vehicles, fine art and collectible cars.
The Series B2 lead was unusual: an Omani gold refiner that didn't just invest but became a product partner, powering SDAX's securitised gold tokens. The proceeds were earmarked for client acquisition and new business lines in wealth and fund management.
Co-founders including Jayaprakash Jagateesan and Raymond Poh set out to build a regulated digital-securities exchange.
SDAX pursued CMS and RMO approvals from MAS to operate a regulated digital asset exchange.
Backed by Singapore institutions including PSA International and The Straits Trading Company.
Launched physically-backed gold tokens and closed a Series B2 led by Muscat Precious Metals.
Sunil Mascarenhas became CEO, bringing three decades of international banking, risk and governance experience.
SDAX's expertise sits at the intersection of two worlds that rarely share a room: capital-markets regulation and blockchain engineering. When it appointed Sunil Mascarenhas as CEO in 2025 - a veteran of Barclays, Deutsche Bank, Morgan Stanley and ANZ with a background in risk and product governance - the signal was clear. The next phase of digital assets is being handed to people who understand compliance, not just code.
In the market, SDAX competes with other MAS-regulated private-market platforms such as ADDX, InvestaX and Alta, and, more broadly, with the alternative-investment desks of traditional private banks. Its wager is that "alternative assets" is a category defined by exclusion - and that fractional, tokenised, regulated access slowly deletes the exclusion. It is a bet on tokenisation as infrastructure rather than spectacle: the boring, regulated pipes that let a private asset flow to a smaller investor and back out again.
"Illiquidity is the tax on private assets. SDAX's answer is a secondary market where tokenised fund units can change hands."
— The core thesis, in one lineSDAX is a Singapore-based, MAS-regulated digital asset exchange that tokenises and fractionalises institutional-grade real-world assets - such as real estate, private credit and gold - and lets investors buy and trade them as digital securities.
Yes. SDAX holds both a Capital Markets Services (CMS) licence and a Recognised Market Operator (RMO) licence from the Monetary Authority of Singapore.
SDAX enables fractional ownership, with investors able to access certain curated private-market deals from as low as SGD1,000, subject to eligibility and product terms.
They are digital tokens backed by physical gold bullion vaulted at Le Freeport in Singapore, launched with Muscat Precious Metals Refining Company, allowing fractional gold investment and trading.
SDAX raised a US$24 million Series B and a US$50 million Series B2 (led by Muscat Precious Metals Refining Company in September 2024), with backers including PSA International and The Straits Trading Company.