ADDX To Appoint Investment Banking Veteran Oi-Yee Choo as New CEO

Private market platform ADDX has announced that Oi-Yee Choo will be appointed its Chief Executive Officer, subject to the Monetary Authority of Singapore's (MAS) approval.

The ADDX platform was founded in 2017 and began full commercial operations in 2020 after becoming one of the first digital securities exchanges to graduate from the MAS Fintech Regulatory Sandbox. Leading the company into its next phase of growth, Ms Choo projects that the ADDX platform will record US$1 billion in transactions by 2023, entrenching its position as Asia's largest private market exchange.

Ms Choo joined the company as Chief Commercial Officer in January 2020, moving from UBS, where she was Head of Investment Banking for Singapore. MAS approval is being sought for ADDX Pte Ltd, a newly established entity which Ms Choo will lead as CEO, to operate the ADDX platform. ADDX Pte Ltd is fully owned by parent company ICHX Tech, which will continue to operate the ADDX platform under existing licenses until new MAS approvals are obtained for ADDX Pte Ltd. Following Ms Choo's appointment, Mr Danny Toe, who has been at the helm of the ADDX platform via ICHX Tech, will remain CEO of ICHX Tech. With more than 20 years of capital markets experience at banks – including Morgan Stanley, Nomura and Citigroup – Ms Choo has worked on notable M&A and IPO deals.

Other new appointments include Darius Liu and Inmoo Hwang. Mr Liu, who had been Chief Operating Officer, is now Group Chief Strategy Officer of ICHX Tech. Mr Hwang, who was previously Head of Business Strategy and Growth, will take over as COO of ADDX Pte Ltd. The company forecasts that its permanent headcount will rise to 120 this year, up from 90 at the end of 2021.