Summary
Hong Kong-listed HashKey Holdings signed a non-binding agreement to acquire 100% of Singapore's Asia Pacific Exchange (APEX), which holds both an Approved Exchange licence and an Approved Clearing House licence from the Monetary Authority of Singapore — a combination held by only three market participants in Singapore. The deal would give HashKey a comprehensive financial market infrastructure in Singapore spanning trading, custody, payment, clearing, and settlement. HashKey's Singapore unit HKDAG signed the framework agreement on July 22 with APEX and its major shareholder Zhu Yuchen. The deal is subject to due diligence, final negotiations, and MAS approval.
Key Facts
- HashKey Holdings (HKEX: 3887) signed non-binding framework agreement to acquire 100% of APEX
- APEX holds MAS Approved Exchange (AE) licence
- APEX Clear holds MAS Approved Clearing House (ACH) licence
- Only 3 market participants in Singapore hold both licences concurrently
- HashKey's Singapore unit: HKDAG (Singapore) Pte. Ltd.
- Framework agreement signed July 22, 2026 with APEX and major shareholder Zhu Yuchen
- Subject to: legal/financial/business due diligence, final negotiations, MAS approval
- No definitive document signed yet; no purchase price or payment terms decided
- HashKey: building "next-generation financial infrastructure" for institutional market
- HashKey provides digital asset trading, on-chain services, and asset management
- HashKey also has partnerships with Kbank, BPMG ("Asia Connect" ecosystem), and Shanghai Commercial Bank/Visa for co-branded crypto credit cards
Why It Matters
HashKey's proposed acquisition of APEX represents a significant step in the convergence of traditional and digital asset financial infrastructure. By acquiring a licensed derivatives exchange and clearing house in Singapore, HashKey would gain regulated market infrastructure that few digital asset firms possess. The dual AE/ACH licence combination (only 3 holders in Singapore) is particularly valuable — it gives HashKey the ability to operate an exchange and clear trades under one regulatory umbrella. If approved, this would position HashKey as one of the most comprehensively regulated digital asset platforms in Asia, spanning Hong Kong and Singapore.